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CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (USD $)
6 Months Ended
Jun. 30, 2011
Jun. 30, 2010
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 4,285,119 $ 4,503,196
Adjustments to reconcile net income to net cash provided by operating activities:    
Amortization of intangible assets 465,192 370,168
Provision for loan losses 250,000 750,000
Depreciation and amortization of fixed assets 1,450,227 1,395,291
Amortization of premiums on securities, net 557,177 329,895
Gains on sales of loans held for sale, net (79,332) (133,565)
Proceeds from sales of loans held for sale 3,480,239 4,503,070
Loans originated and held for sale (3,264,965) (4,267,369)
Net gain on sale of other real estate owned (87,290) (7,993)
Net gains on securities transactions (679,209) (451,094)
Net impairment loss recognized on investment securities 0 336,625
Decrease (increase) in other assets 3,654,987 (500,904)
(Increase) decrease in prepaid FDIC assessment (323,836) 561,758
Decrease in accrued interest payable (160,511) (167,114)
Expense related to restricted stock units for directors' deferred compensation plan 42,924 55,782
Expense related to employee stock compensation 55,000 55,000
Expense related to employee stock awards 12,660 0
Decrease in other liabilities (2,255,146) (2,276,730)
Income from bank owned life insurance (43,611) (43,138)
Proceeds from sales of student loans 0 137,509
Net cash provided by operating activities 7,359,625 5,150,387
CASH FLOWS FROM INVESTING ACTIVITIES:    
Proceeds from sales and calls of securities available for sale 56,656,054 30,440,459
Proceeds from maturities and principal collected on securities available for sale 14,554,015 40,300,934
Proceeds from maturities and principal collected on securities held to maturity 2,579,275 7,712,800
Purchases of securities available for sale (80,994,140) (99,052,056)
Purchases of securities held to maturity (2,905,024) (4,865,041)
Purchase of Federal Home Loan Bank and Federal Reserve Bank stock (45,000) (58,200)
Redemption of Federal Home Loan Bank and Federal Reserve Bank stock 228,450 0
Purchases of premises and equipment (722,734) (704,672)
Cash paid Fort Orange Financial Corp acquisition (8,137,816) 0
Cash received Fort Orange Financial Corp acquisition 33,284,995 0
Proceeds from sale of other real estate owned 323,143 228,528
Net (increase) decrease in loans (10,752,681) 6,206,890
Net cash provided (used) by investing activities 4,068,537 (19,790,358)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Net increase in demand deposits, NOW accounts, savings accounts, and insured money market accounts 29,819,077 39,673,352
Net decrease in time deposits and individual retirement accounts (2,684,163) (8,299,471)
Net decrease in securities sold under agreements to repurchase (13,124,903) (8,975,159)
Net decrease in Federal Home Loan Bank long term advances (157,983) 0
Purchase of treasury stock (183,542) (323,885)
Cash dividends paid (1,772,606) (1,761,812)
Net cash provided by financing activities 11,895,880 20,313,025
Net increase in cash and cash equivalents 23,324,042 5,673,054
Cash and cash equivalents, beginning of period 60,619,777 79,738,396
Cash and cash equivalents, end of period 83,943,819 85,411,450
Cash paid during the year for:    
Interest 3,272,153 4,629,810
Income Taxes 2,204,866 3,225,675
Supplemental disclosure of non-cash activity:    
Transfer of loans to other real estate owned $ 32,621 $ 517,646