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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 4,977,007 $ 4,151,385
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 1,776,958 1,624,809
Provision for loan losses 340,482 616,543
Stock compensation expense 74,248 99,635
Restricted stock compensation expense 22,532 0
Gains from sale of securities (143,508) (199,587)
Net gains from sale of loans and other assets (910,250) (706,371)
Net losses (gains) from sale of foreclosed assets 42,314 (184,626)
Changes in other assets and liabilities:    
Accrued interest receivable (38,985) 355,796
Accrued interest payable 38,172 (23,177)
Other assets and liabilities 2,427,408 6,480,504
Net cash provided by operating activities 8,606,378 12,214,911
CASH FLOWS FROM INVESTING ACTIVITIES    
Proceeds from security sales, maturities, and paydowns 27,070,170 50,055,118
Purchase of securities (12,507,860) (21,351,789)
Purchase of bank owned life insurance (10,000,000) 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 (33,957,948) (66,811,239)
Purchase of bank premises and equipment (1,693,323) (3,932,566)
Proceeds from sale of foreclosed assets 41,636 1,152,775
Net cash used in investing activities (32,549,953) (40,887,901)
CASH FLOWS FROM FINANCING ACTIVITIES    
Net increase in deposits 26,234,084 2,359,290
Net decrease in securities sold under agreements to repurchase (80,212) (3,866,120)
Issuance of common stock 37,840,224 693,092
Redemption of preferred stock (12,000,000) 0
Payment of dividends on preferred stock (195,000) (752,000)
Proceeds from Federal Home Loan Bank advances and other borrowings 95,804,205 38,100,000
Repayment of Federal Home Loan Bank advances and other borrowings (108,309,595) (29,239,039)
Net cash provided by financing activities 39,293,706 7,295,223
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 15,350,131 (21,377,767)
CASH AND CASH EQUIVALENTS, beginning of year 68,748,308 79,964,633
CASH AND CASH EQUIVALENTS, end of period 84,098,439 58,586,866
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION    
Cash paid during the period for interest 3,742,255 3,202,288
Cash paid during the period for taxes 2,795,584 1,570,558
NONCASH INVESTING AND FINANCING ACTIVITIES    
Change in unrealized losses on securities available for sale (1,018,370) (1,298,161)
Acquisition of real estate through foreclosure 585,267 1,431,857
Financed sales of foreclosed assets $ 0 $ 3,286,138