XML 20 R8.htm IDEA: XBRL DOCUMENT v3.7.0.1
Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 5,798,808 $ 1,509,712
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 2,189,088 1,085,685
Provision for loan losses 787,545 922,955
Stock compensation expense 132,635 140,077
Gains from sale of securities (199,587) (52,255)
Net (gains) losses from sale of loans and other assets (948,080) 112,319
Gains from sale of foreclosed assets (191,050) (266,487)
Changes in other assets and liabilities:    
Accrued interest receivable 110,952 101,189
Accrued interest payable (8,373) (11,218)
Other assets and liabilities 3,918,803 (1,200,552)
Net cash provided by operating activities 11,590,741 2,341,425
CASH FLOWS FROM INVESTING ACTIVITIES, net of acquisition    
Purchase of securities available for sale (22,111,781) (23,180,643)
Proceeds from security sales, maturities, and paydowns 57,495,436 27,334,550
Purchase of restricted investments (1,176,900) (38,000)
Loan originations and principal collections, net (82,804,921) (50,003,157)
Purchase of bank premises and equipment (6,994,729) (1,081,811)
Proceeds from sale of foreclosed assets 1,279,554 5,529,640
Cash and cash equivalents received in merger 0 33,501,510
Net cash used in investing activities (54,313,341) (7,937,911)
CASH FLOWS FROM FINANCING ACTIVITIES, net of acquisition    
Net increase in deposits 48,582,620 54,213,883
Net increase (decrease) in securities sold under agreements to repurchase (1,446,231) 687,811
Issuance of common stock 803,957 4,043,011
Payment of dividends on preferred stock (752,000) (120,000)
Repayment of Federal Home Loan Bank advances and other borrowings (67,282,071) (20,000,000)
Proceeds from Federal Home Loan Bank advances and other borrowings 51,600,000 0
Net cash provided by financing activities 31,506,275 38,824,705
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (11,216,325) 33,228,219
CASH AND CASH EQUIVALENTS, beginning of year 79,964,633 46,736,414
CASH AND CASH EQUIVALENTS, end of year 68,748,308 79,964,633
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION    
Cash paid during the period for interest 4,308,055 2,610,476
Cash paid during the period for taxes 3,754,784 1,977,958
Cash received during the period from tax refunds 1,592,224 0
NONCASH INVESTING AND FINANCING ACTIVITIES    
Change in unrealized losses on securities available for sale 1,053,238 79,542
Acquisition of real estate through foreclosure 1,431,857 864,669
Financed sales of foreclosed assets $ 3,315,064 $ 898,186