have served with six different Presidents of the bank and an almost complete change of shareholders. “It has been a very enjoyable and interesting journey, while at the same time demanding of time and con- tinuing education. During the years there have been many changes in how the banking industry con- ducts its business. Major regulatory changes have required directors to become knowledgeable and assume greater responsibility in the establishment and review of numerous policies. It is also their re- sponsibility to assure that the officers and employees have adequate opportunity to advance and continue their education. The great explosion in technology will require all directors to become more involved in defining strategy and setting policy in future years. “I am grateful to know that First Bank and Trust Company is still a safe and sound bank serving the needs of the people of south central Nebraska since 1883.” IN CLOSING I can never emphasize enough the value that all of our directors and staff provide to me personally, and more importantly, to all of our clients and the communities we serve. The back page of this report shows the total years of banking experience each of these individuals possess, with most of that experi- ence right here at First Bank and Trust! Our staff av- erages 23 years banking experience, with 19 of those years serving our bank. In addition, our outside di- rectors average 32 years of experience on our board! We invest heavily in the education and training of all of our staff and directors to insure your financial in- terests will be handled professionally and accurately. We know you have many options for financial ser- vices and we want to continue to provide you with the very best experience possible. On behalf of all of the directors, officers and staff, I thank you for your continued business and support. We look forward to serving you and your family in 2017 and the years to come.
STATEMENT OF CONDITION ASSETS 2016 2015 Cash & Investments $40,326,413 $41,164,757 Unrealized Gain/Loss on AFS (284,403) 40,002 Loans 34,273,501 33,128,927 Less: Loan Loss Reserve (513,822) (461,631) Net Loans 33,759,679 32,667,296 Land, Building, Furniture & Fixtures 71,046 100,445 Other Assets 803,442 836,170 Total Assets $74,676,177 $74,808,670 LIABILITIES Demand Deposits $18,333,259 $17,844,288 Time Deposits 42,083,129 41,603,267 Total Deposits $60,416,388 $59,447,555 Other Liabilities 7,459,380 8,372,116 Total Liabilties $67,875,768 $67,819,671 Capital Stock $400,000 $400,000 Surplus 5,100,000 5,100,000 Undividied Profits 1,584,812 1,448,997 Unrealized Gain/Loss on AFS (284,403) 40,002 Total Capital Accounts $6,800,409 $6,988,999 Total Liabilities & Capital $74,676,177 $74,808,670 RECONCILEMENT OF RESERVE FOR LOAN LOSSES 2016 2015 Balance at Beginning of Calendar Year $461,631 $426,667 Recoveries 3,946 11,573 Transfer to Reserve 50,000 25,000 Losses Charged to Reserve (1,755) (1,609) Transfer from Reserve - - Balance at End of Calendar Year $513,822 $461,631
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- Fall '16
- James Bakul Sarkar
- Balance Sheet, Generally Accepted Accounting Principles, Vice President of the United States