NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE 6. SERVICING Ta nhde C2o0m2 4p ,a noyn es -etlol s- flooua rn sf at omtihl ye Fr ee sdiedreanl tHi aol mme oLrot ga angMe olrotagnasg ehCeol dr -pf oo rr a- st ai ol en (wF er er ed d$i e1 2M, 8a9c )7. , 9A8t4D ea cnedm$b1e2r , 36 11 ,72, 202225, respectively. Lb oa laannsc sees rov fi cme do rf ot graogteh ae nr sdaor tehneor tl oi nacnl us ds ee dr vi inc et hd ef oa rc coot mh epras nwy ienr ge c$o6n1s3o, l6i d5 a8 t, 4e d9 0b aa lnadn c$e6 s2h2e, 3e 9t s2. , T9 6h 0e ua nt pDaeicde pmr bi necri p3 a1l, 2o n0 2l o5aannsds 2o 0l d2 4w, irt ehs rpeeccot ui vresley .t oLtoaal ends s$o1l9d7f ,o9r0t8h ea tyDe aerc ee mn dbeedr D3 e1 c, e2m0 2b5e .r S3e1r ,v2i c0i 2n 5g , rt iogtha tl se da r$e5 m5 , 5e 2a s8u, 8r 9e d8 . aTt hf ea ibr avl aa lnucee. T 7 T . h h 3 e e 1 f % f a a i i , r r d v v e a a p lu l e u e n e s d o o in f f g s s e e u r r p v v i o i c c n i i n n t g g h r e r i i g g s h t h t r t s a s t w i w f e ic a r a s e t $ i d o 6 e n , t 8 e o 7 r f m 3 , t 5 i h n 8 e e 9 d s a p u n e s d c i i n $ fi g 7 c , d 4 r i 7 i s g 1 c h , o 3 t u , 7 n a 8 n t , d r r e a a s te p w s e c e o t i f i g v 1 h e 2 t l e y % d , a , a t p v D r e e e r p c a e a g m y e m b d e e e r n f a t 3 u 1 s l p , t 2 e r 0 e a 2 d te 5 s a a o 0 g 8 i 2 4 g . . SyeeravrsiceinngdefedeDs eecaermnebderan3d1,r2e0co2r5daenddin20o2th4e, rresseprevcictievechlya.rges and fees totaled $1,530,726 and $1,572,085 for the The following summarizes the activity pertaining to mortgage servicing rights: 2025 2024 Mortgage servicing rights: Balance at beginning of year $ 7,471,378 $ 7,383,461 Mortgage servicing rights capitalized 417,800 676,219 Mortgage servicing rights amortized (275,637) (938,545) Fair value adjustments (739,952) 350,243 Balance at end of year $ 6,873,589 $ 7,471,378 NOTE 7. BANK PREMISES AND EQUIPMENT Major classes of bank premises and equipment and the total accumulated depreciation as of December 31, 2025 and 2024, are as follows: 2025 2024 Land $ 11,922,408 $ 11,680,567 Buildings and improvements 40,325,590 38,469,423 Furniture and equipment 26,052,757 24,636,192 78,300,755 74,786,182 Less accumulated depreciation n v f e d 0 r 2 . a 8 % n (33,616,631) (31,042,605) $ 44,684,124 $ 43,743,577 Depreciation expense for the years ended December 31, 2025 and 2024 amounted to $2,425,350 and $2,282,171, r$e4s, 0p 5e 1c t, 2i v3e8l y, .r eSs opfet cwt iavreel yc. o sAt ms ionrct li uz adtei do ni ne xopt he ne rs ea os sne tsso fat twDa er ec ecmo sbtes r f o3r1 ,t h2e0 2y e5 aar ns de n2d0e2d4 Dt oe ct ae lme db e$r4 3, 614, 52, 50 42 95 aa nn dd 2024 amounted to $473,188 and $365,654, respectively.
2025 Annual Report | 43
Made with FlippingBook - PDF hosting