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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 2,540,493 $ 404,494
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Depreciation and amortization 1,063,117 1,056,518
Provision for loan losses 355,976 323,928
Stock compensation expense 66,635 7,314
Gains from sale of securities (181,363) (52,255)
Net gains from sale of loans and other assets (419,405) (3,317)
Net gains from sale of foreclosed assets (54,243) (112,351)
Changes in other assets and liabilities:    
Accrued interest receivable 280,727 15,046
Accrued interest payable 4,315 7,333
Other assets and liabilities 5,330,459 (1,681,576)
Net cash provided by (used in) operating activities 8,986,711 (34,866)
CASH FLOWS FROM INVESTING ACTIVITIES    
Proceeds from security sales, maturities, and paydowns 29,349,635 17,342,290
Purchase of securities (5,000,000) (3,000,000)
Purchase of restricted investments (200) (38,000)
Loan originations and principal collections, net (45,399,008) (27,610,151)
Purchase of bank premises and equipment (1,454,765) (882,771)
Proceeds from sale of foreclosed assets 652,364 2,449,806
Net cash used in investing activities (21,851,974) (11,738,826)
CASH FLOWS FROM FINANCING ACTIVITIES    
Net increase in deposits 30,266,395 27,938,120
Net decrease in securities sold under agreements to repurchase (1,185,467) (7,030,537)
Issuance of common stock 135,079 0
Payment of dividends on preferred stock (482,000) (60,000)
Proceeds from Federal Home Loan Bank advances and other borrowings 100,000 0
Repayment of Federal Home Loan Bank advances and other borrowings (24,196,260) (12,000,000)
Net cash provided by financing activities 4,637,747 8,847,583
NET DECREASE IN CASH AND CASH EQUIVALENTS (8,227,516) (2,926,109)
CASH AND CASH EQUIVALENTS, beginning of year 79,964,633 46,736,414
CASH AND CASH EQUIVALENTS, end of year 71,737,117 43,810,305
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION    
Cash paid during the period for interest 2,075,924 1,017,193
Cash paid during the period for taxes 726,528 1,614,979
NONCASH INVESTING AND FINANCING ACTIVITIES    
Change in unrealized losses on securities available for sale (1,016,100) (197,367)
Acquisition of real estate through foreclosure 1,296,077 17,960
Financed sales of foreclosed assets $ 1,120,138 $ 0