NOTES TO CONSOLIDATED FINANCIAL STATEMENTS NOTE 1. NATURE OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES, continued Foreclosed Assets: Foreclosed assets represent properties acquired through foreclosure or other proceedings. Fv aolrueec loofs et hdeaps sr oe tpse ar triee sh el el ds s –e fsot irm- saat el ed acnods t as roef rdeicsoprodseadl . aAt nt hy ewl or iwt ee- rd oowf tnh et or feacior rvdaeldu ea ma totuhnet toi mf tehoe f l ot raann sofre rf atior ft oh ree cr el ocsoerdd eads s ae mt s oi su nc ht ai sr gseudptpootrht ee da lbl oywi tasn cc eu rf roer npt ofsasi irb lvea ll ou ae na lnods sveas l. uPa rt ioopne ratlyl oiws ae nv ac el usa tt oe dr er edguuc lea rtlhyet oc aernr syui nr ge ao mn ot hu en t rteoc of aridr evda laume ol eusns t eos tf i md eapt er edcci aobs tl es taos sdei st sp oasf et e, ra rteh er eyc oh radveedbaese nn eoc ewsns ae rdy .f oDr eopnr ee cyi aetai or .n iDs erpe rceocridaet ido nb aasne dd additions to or reductions from valuation allowances are recorded in income. Intangible Assets: Goodwill of $1,002,216 is reviewed annually for impairment in accordance with GAAP. MI n ac nl uadgeedmi ennot t hh ea rs adses teet rs ma ri ne eodt huenr dneert itnhtias negvi ba ll eu aatsi soent st oh fa t$ 7n0o, 5i0m0paani rdm$e7n7t, 5t5o0 gaot oDdewc ei lml ob cecru3r1r e, d2 0d2u5r ai nngd 22 00 22 54 ., raemsopretcitzievdeloyv. eOrtahfeorritnyt-aynegairbpleeraisosde.ts consist of organizational costs. Organizational costs of $282,000 are being Income Taxes: Deferred taxes are provided on a liability method where deferred tax assets are recognized for dr eecdougcnt ii zb el ed t feomr pt aoxr aa br yl e dtief fme rpeonrcaer sy adni df f eorpeenrcaet si n. Tg el oms ps oa rnadr yt adx i fcfreerde int cceasr rayr feo rt hwea rddi fsf earnedn cdeesf ebr er tewd et ea nx lti ha eb i rl iet pi eosr at er de wa mh oe nu ,nitns tohfeaos ps ei nt si oann odf lmi a abni lai tgi ee smaenndt , ti ht ei si rmt aoxr eblai ks ee sl y. tDheafne rnroetdt ht aaxt saos ms eet spaorret i roendourc eadl l ob fy t ah ev adleufaetriroend at lal xo wa sasnectes owni l lt hn eo t dbaet er eoafl i ez enda .c Dt me feenrtr. eTd ht ea xoapsesreat tsi na gn dr el isaubl itlsi t ioefs tahree Pa da rj ue sntte dC of omr pt ahne ye faf encdt si tosf Sc hu abns igdeisa ri ny taarxe l ai nwcsl uadneddr ai nt e as cCoonms po lai nd ya toerd rfeecdeei vr ae ls ipnac yommeentta fxr or emt ut rhne. PTahree nS tu Cb os imd ipaar ny yptaoy tshiet se ax ltleoncta tt hi oant toafxf ebde enreaf li tisnac roemree at lai xz ee sd .t o t h e P a r e n t Treasury Stock: Common stock shares repurchased are recorded as treasury stock at cost. Earnings Per Share: Earnings per share are computed on the weighted average number of shares outstanding. Comprehensive Income: Comprehensive income consists of net income and other comprehensive income. rOetlhaeter dcotomfpacrteohresnostihveerinthcaonmcereindcitluodnedseubnt rseeacluizreitdiegsaaivnasiloanblsee-fcourr-istaieles. available-for-sale, and unrealized losses Fair Value of Instruments: Fair values of financial instruments are estimated using relevant market information ao nf jdu od tghme re na ts. s uC mh apntgi oens si ,naas sms uomr ep ft ui ol lnys doi rs ci nl o ms eadr ikne tNcootne d2i .t i Fo anisr cvoaul ul de seisgtni mi f iactaenst li yn vaof flevcet ut hn ec eersttai imn taiteess a. n d m a t t e r s Retirement Plan: The Company funds retirement costs as incurred. Advertising Costs: Advertising costs are expensed as incurred. Advertising expense totaled $1,131,526 and $1,063,171 for the years ended December 31, 2025 and 2024, respectively. Accrued Compensated Absences: Due to the timing of payment and restrictions on absence usage, the Company has determined that accruals for compensated absences are not material.
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