XML 23 R6.htm IDEA: XBRL DOCUMENT  v2.3.0.11
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (USD $)
6 Months Ended
Jun. 30, 2011
Jun. 30, 2010
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 1,312,504 $ 968,369
Items not requiring (providing) cash:    
Deferred income taxes (418,644) 736,778
Depreciation 338,285 418,398
Provision for loan losses 1,900,000 1,900,000
Gain on loans and investment securities (646,133) (831,427)
Loss (gain) on sale of foreclosed assets 230,803 (42,745)
Accretion of gain on termination of interest rate swaps 0 (508,746)
Amortization of deferred income, premiums and discounts 298,965 229,981
Stock award plan expense 51,411 53,972
Treasury stock re-issued 100,017 0
Origination of loans held for sale (21,501,910) (27,367,126)
Proceeds from sale of loans held for sale 22,542,767 29,843,573
Release of ESOP shares 66,746 48,405
Increase in cash surrender value of bank owned life insurance (158,415) (198,111)
Changes in:    
Accrued interest receivable 498,250 16,605
Prepaid expenses and other assets (77,925) 821,859
Accounts payable and accrued expenses 476,342 (765,363)
Net cash provided by operating activities 5,013,063 5,324,422
CASH FLOWS FROM INVESTING ACTIVITIES    
Net change in loans 1,320,664 13,286,301
Principal payments on held-to-maturity securities 24,762 75,966
Principal payments on available-for-sale securities 6,299,171 6,986,387
Proceeds from maturities of available-for-sale securities 13,150,000 15,956,500
Purchase of premises and equipment (300,697) (183,240)
Purchase of available-for-sale securities (27,576,346) (47,687,802)
Proceeds from sale of available-for-sale securities 5,402,980 8,909,648
Purchase of interest-bearing deposits 0 (12,501,000)
Proceeds from maturities of interest-bearing deposits 7,197,346 10,883,983
Redemption (purchase) of Federal Home Loan Bank stock 65,800 (72,100)
Purchase of tax credit investments (842,086) 0
Capitalized costs on foreclosed assets held for sale (102,804) (28,664)
Insurance proceeds on foreclosed assets held for sale 0 575,879
Proceeds from sale of foreclosed assets held for sale 2,256,988 2,109,717
Net cash provided by (used in) investing activities 6,895,778 (1,688,425)
CASH FLOWS FROM FINANCING ACTIVITIES    
Net increase in demand deposits, NOW and savings accounts 13,404,970 811,250
Net decrease in certificates of deposit (9,032,309) (7,928,954)
Advances from borrowers for taxes and insurance 223,151 226,791
Cash dividends paid on preferred stock (425,000) (425,000)
Treasury stock purchased (53,229) (6,540)
Net cash provided by (used in) financing activities 4,117,583 (7,322,453)
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 16,026,424 (3,686,456)
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 14,145,329 33,016,697
CASH AND CASH EQUIVALENTS, END OF PERIOD $ 30,171,753 $ 29,330,241