About

Peoples Bank 
Peoples Bank of North Alabama is an Independent Community Bank serving North Alabama in Cullman, Morgan and Jefferson Counties with Assets exceeding $150,000,000. The bank has maintained an ROA fo 2.25% for the last five years. The Bank has just received recognition as one of the Top 100 Large Community Banks in America for the second year in row..

The Peoples Bank is a Full Service Bank and Mortgage Center serving consumers and small and medium sized owner operated businesses. Our full range of competitive deposit services and our experienced Mortgage Lending staff will make us a leader in serving the financial needs of consumers in North Alabama.

DIRECTORS
Roy Shaw-Chairman
Tom Drake-Vice Chairman
Dwight Scott-Secretary
Robin Cummings
Dane Estes
Alan Walker
Terry Walker
Tim Walker
 
ANNUAL REPORT
OF
CONDITION
AND INCOME
 
CONDENSED STATEMENT OF 
CONDITION 
March 31, 1998 
ASSETS
Cash and due from banks $ 9,051,000
Investment securities 14,011,000
Federal funds sold and securities purchased 
under agreement to resell 
16,290,000
Loans, net of unearned income 107,229,000
Less: Allowance for possible loan losses  853,000 
Net loans 106,376,000
Bank premises and equipment 4,032,000
Other assets 4,598,000 
 
Total assets $ 154,443,000 
 
 

LIABILITIES

Deposits:
Noninterest-bearing $ 21,732,000
Interest-bearing 106,701,000 
 
Total deposits 128,433,000 
 
Federal funds purchased and securities sold 
under agreements to repurchase
Other  borrowings 8,000,000 
Other liabilities 1,064,000 
Total liabilites $ 137,851,000 
 

STOCKHOLDERS' EQUITY

Common stock $ 21,200 
Surplus 1,607,000 
Undivided profits & capital reserves 14,735,000 
Total stockholders' equity 16,592,000 
Total liabilites and 
stockholders' equity
$ 154,443,000 
 
 
CONDENSED STATEMENT OF 
EARNINGS 
March 31, 1998 
INTEREST INCOME
Interest and fees on loans $ 2,553,000
Interest on investment securities:
Taxable 45,000
Exempt from Federal income tax 125,000
Interest on Federal funds sold and securities 
purchased under agreements to resell
126,000 
_______
Total interest income $ 2,850,000 
INTEREST EXPENSE
Interest on deposits $ 1,039,000
Interest on Federal funds purchased and 
securities sold under agreements to repurchase
132,000  
Total interest expense 1,171,000 
NET INTEREST INCOME $ 1,679,000 
Provision for possible loan losses 69,000 
NET INTEREST INCOME AFTER PROVISION
FOR POSSIBLE LOAN LOSSES 1,610,000 
 
OTHER OPERATING INCOME
Service charges on deposit accounts $ 341,000 
Investment securities gains(losses) 3,000 
Other service charges, commissions & fees 55,000 
Other income 112,000 
Total other operating income $ 511,000 
OTHER OPERATING EXPENSE
Salaries and employee benefits $ 592,000 
Net occupancy expense 136,000 
Other expense 340,000 
Total other operating expense 1,068,000 
Income before taxes 355,000 
Income tax expense 1,224,671 
NET INCOME $ 2,381,496
 
 
 
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