The bank's overall deposit base has grown over 34% in the twelve months ended June 30, 2009, from $41.6 million as of June 30, 2008, to $55.6 million as of June 30, 2009. Non-interest bearing deposits continue to form a substantial part of the deposit base (34%), growing from $14.5 million to $19.0 million as of June 30, 2009. During the same time period interest bearing deposits grew from $27.1 million to $36.6 million on June 30, 2009. The bank has no deposits which were sourced through brokers or originated on the basis of above market rate programs.

The bank's loan portfolio, net of an allowance for loan losses, grew 48% from $29.5 million as of June 30, 2008, to $43.5 million as of June 30, 2009. The portfolio remains diversified with $11.7 million or 27% in Commercial & Industrial Loans to local businesses and $18.5 million or 42% in Commercial Real Estate Loans. Owner Occupied properties represent the largest component of the Commercial Real Estate Portfolio (22%) with $9.6 million outstanding. The bank has an additional $21.7 million in unfunded loan commitments.

While the bank's loan portfolio is 48% larger than it was a year ago, net interest income increased by 13% from $1.1 million in the six months ended June 30, 2008, to $1.3 million in the six months ended June 30, 2009. Net interest income is the bank's primary source of income and the lower rate of growth is reflective of the significant drop in interest rates in comparison to the same time period a year ago.

For the most recent six month period ending June 30, 2009, the bank reported a net loss of $736,074, or ($0.46) per diluted share of common stock. This figure includes a loan loss provision of $333,495 for the six months ended June 30, 2009, which was 135% higher than the $142,199 provision for the same period one year earlier. The bank reported a net loss of $438,919, or ($0.27) per diluted share of common stock for the six months ended June 30, 2008. The increase in reserves reflects the growth in the loan portfolio and an increased provision reflective of management's cautionary position towards potential risks associated with current economic conditions.