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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 3,292,138 $ 2,540,493
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 1,165,930 1,063,117
Provision for loan losses 310,482 355,976
Stock compensation expense 50,530 66,635
Gains from sale of securities 0 (181,363)
Net gains from sale of loans and other assets (680,583) (419,405)
Net losses (gains) from sale of foreclosed assets 15,064 (54,243)
Changes in other assets and liabilities:    
Accrued interest receivable 18,144 280,727
Accrued interest payable 13,117 4,315
Other assets and liabilities 1,457,176 5,330,459
Net cash provided by operating activities 5,641,998 8,986,711
CASH FLOWS FROM INVESTING ACTIVITIES    
Proceeds from security sales, maturities, and paydowns 10,062,386 29,349,635
Purchase of securities (12,507,860) (5,000,000)
Purchase of bank owned life insurance (10,070,914) 0
Purchase of restricted investments (452,750) (200)
Net cash for purchase of branch acquisition (1,049,878) 0
Loan originations and principal collections, net (27,248,001) (45,399,008)
Purchase of bank premises and equipment (1,226,898) (1,454,765)
Proceeds from sale of foreclosed assets 41,636 652,364
Net cash used in investing activities (42,452,279) (21,851,974)
CASH FLOWS FROM FINANCING ACTIVITIES    
Net increase in deposits 47,682,310 30,266,395
Net decrease in securities sold under agreements to repurchase (3,676,000) (1,185,467)
Issuance of common stock 37,591,479 135,079
Redemption of preferred stock (12,000,000) 0
Payment of dividends on preferred stock (195,000) (482,000)
Proceeds from Federal Home Loan Bank advances and other borrowings 79,268,072 100,000
Repayment of Federal Home Loan Bank advances and other borrowings (97,773,462) (24,196,260)
Net cash provided by financing activities 50,897,399 4,637,747
NET INCREASE IN CASH AND CASH EQUIVALENTS 14,087,118 (8,227,516)
CASH AND CASH EQUIVALENTS, beginning of year 68,748,308 79,964,633
CASH AND CASH EQUIVALENTS, end of period 82,835,426 71,737,117
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION    
Cash paid during the period for interest 2,374,250 2,075,924
Cash paid during the period for taxes 1,366,172 726,528
NONCASH INVESTING AND FINANCING ACTIVITIES    
Change in unrealized losses on securities available for sale (1,223,017) (1,016,100)
Acquisition of real estate through foreclosure 39,517 1,296,077
Financed sales of foreclosed assets $ 0 $ 1,120,138