XML 43 R8.htm IDEA: XBRL DOCUMENT v2.4.0.6
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
12 Months Ended
Dec. 31, 2012
Dec. 31, 2011
Dec. 31, 2010
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net income $ 11,022,240 $ 10,537,755 $ 10,101,873
Adjustments to reconcile net income to net cash provided by operating activities:      
Amortization of intangible assets 1,046,720 1,041,193 730,894
Deferred income tax expense 646,899 3,416,135 153,450
Provision for loan losses 827,567 958,333 1,125,000
Depreciation and amortization of fixed assets 2,946,499 2,861,644 2,778,065
Amortization of premiums on securities, net 1,827,055 1,394,115 608,257
Gains on sales of loans held for sale, net (484,006) (179,096) (241,537)
Proceeds from sales of loans held for sale 15,684,266 7,778,633 9,105,462
Loans originated and held for sale (15,862,142) (7,507,967) (9,151,419)
Net losses (gain) on sale of other real estate owned 44,648 (91,533) (24,563)
Net gains on trading assets (26,880) (2,506) 0
Net gains on securities transactions (300,516) (1,108,091) (450,666)
Net impairment loss recognized on investment securities 0 67,400 393,005
Proceeds from sales of trading assets 96,498 19,938 0
Purchase of trading assets (123,478) (311,813) 0
Decrease (increase) in other assets 6,083,953 (9,890,546) 2,708,278
Decrease in prepaid FDIC Assessment 732,777 164,744 1,074,474
Decrease in accrued interest payable (347,519) (287,822) (344,853)
Expense related to restricted stock units for directors' deferred compensation plan 86,717 80,083 111,772
Expense related to employee stock compensation 80,000 55,000 55,000
Expense related to employee restricted stock awards 79,510 28,141 1,143
Increase (decrease) in other liabilities 587,918 206,721 (959,274)
Income from bank owned life insurance (86,577) (88,389) (87,489)
Proceeds from sales of student loans 0 0 137,509
Net cash provided by operating activities 24,562,149 9,142,072 17,824,381
CASH FLOWS FROM INVESTING ACTIVITIES:      
Proceeds from sales and calls of securities available for sale 90,870,086 88,741,210 85,440,031
Proceeds from maturities and principal collected on securities available for sale 29,341,503 31,200,076 59,166,409
Proceeds from maturities and principal collected on securities held to maturity 4,295,975 3,965,483 10,057,026
Purchases of securities available for sale (80,443,763) (127,405,986) (136,077,171)
Purchases of securities held to maturity (1,732,507) (4,562,281) (5,612,297)
Purchase of Federal Home Loan Bank and Federal Reserve Bank stock (26,250) (1,002,500) (58,200)
Redemption of Federal Home Loan Bank and Federal Reserve Bank stock 825,300 400,350 9,900
Purchases of premises and equipment (3,668,479) (2,551,969) (2,084,537)
Cash paid Fort Orange Financial Corp. acquisition 0 (8,137,816) 0
Cash received Fort Orange Financial Corp. acquisition 0 33,284,995 0
Proceeds from sale of other real estate owned 796,446 327,087 317,823
Net increase in loans (97,115,130) (19,322,219) (20,117,424)
Net cash used by investing activities (56,856,819) (5,063,570) (8,958,440)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Net increase in demand deposits, NOW accounts, savings accounts, and insured money market accounts 86,541,575 55,243,997 13,959,189
Net decrease in time deposits and individual retirement accounts (40,300,400) (43,578,345) (28,663,430)
Net decrease in securities sold under agreements to repurchase (4,396,192) (18,236,546) (9,488,642)
Repayments of Federal Home Loan Bank long term advances (16,118,555) (910,246) 0
Purchase of treasury stock (635,800) (501,299) (425,567)
Sale of treasury stock 257,449 242,610 153,360
Cash dividends paid (5,714,039) (4,056,597) (3,519,470)
Net cash provided (used) by financing activities 19,634,038 (11,796,426) (27,984,560)
Net decrease in cash and cash equivalents (12,660,632) (7,717,924) (19,118,619)
Cash and cash equivalents, beginning of period 52,901,853 60,619,777 79,738,396
Cash and cash equivalents, end of period 40,241,221 52,901,853 60,619,777
Cash paid during the year for:      
Interest 5,642,946 6,782,999 8,560,664
Income Taxes 1,732,411 5,110,847 5,475,675
Supplemental disclosure of non-cash activity:      
Transfer of loans to other real estate owned $ 618,302 $ 533,976 $ 554,246