Page 9 - Annual Report 2017

TEXAS GULF BANCSHARES, INC. AND SUBSIDIARY

Consolidated Balance Sheets
December 31, 2016 and 2015

ASSETS 2016 2015

Cash and noninterest-bearing due from banks $ 7,903,677 $ 7,338,540
Interest-bearing deposits in financial institutions 3,141,588 279,510

Total cash and cash equivalents 11,045,265 7,618,050

Securities available for sale 158,346,655 172,852,169

Loans, net of unearned fees and unearned discount 387,816,670 347,610,799
Less allowance for possible credit losses (4,025,368) (3,451,894)
Loans, net 383,791,302 344,158,905

Premises and equipment, net 12,250,734 12,600,446
Accrued interest receivable 2,312,889 2,247,729
Federal Home Loan Bank stock 1,344,700 1,151,700
Federal Reserve Bank stock 375,450 375,450
Goodwill, net 892,700 892,700
Prepaid expenses and other assets 909,548 770,165

$ 571,269,243 $ 542,667,314

LIABILITIES AND SHAREHOLDERS' EQUITY

Liabilities
Deposits:
Noninterest-bearing $ 148,801,859 $ 142,385,404
Interest-bearing 336,866,557 323,970,788
Total Deposits 485,668,416 466,356,192
Federal Home Loan Bank advances 24,500,000 16,600,000
Distributions payable 454,442 454,442
Accrued interest payable 95,586 75,835
Other liabilities 1,349,099 1,183,766

Total Liabilities 512,067,543 484,670,235
Commitments and Contingencies

Shareholders' Equity
Common stock, $5 par value, 1,000,000 shares authorized,
694,357 shares issued and 504,936 shares
outstanding at December 31, 2016 and 2015. 3,471,785 3,471,785
Treasury stock, at cost, 189,421 shares (11,459,628) (11,459,628)
Capital surplus 11,147,375 11,046,983
Retained earnings 57,395,139 53,304,440
Accumulated other comprehensive (loss) income (1,352,971) 1,633,499

Total Shareholders' Equity 59,201,700 57,997,079

$ 571,269,243 $ 542,667,314

See accompanying notes to consolidated financial statements.
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