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CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net income $ 8,731,056 $ 11,022,240 $ 10,537,755
Adjustments to reconcile net income to net cash provided by operating activities:      
Amortization of intangible assets 921,413 1,046,720 1,041,193
Deferred income tax (benefit) expense (120,590) 646,899 3,416,135
Provision for loan losses 2,754,726 827,567 958,333
Depreciation and amortization of fixed assets 3,236,034 2,946,499 2,861,644
Amortization of premiums on securities, net 2,279,939 1,827,055 1,394,115
Gains on sales of loans held for sale, net (502,718) (484,006) (179,096)
Proceeds from sales of loans held for sale 20,075,670 15,684,266 7,778,633
Loans originated and held for sale (19,210,483) (15,862,142) (7,507,967)
Gain on bargain purchase (469,929) 0 0
Net (gains) losses on sale of other real estate owned (27,695) 44,648 (91,533)
Net gains on trading assets (42,756) (26,880) (2,506)
Net gains on securities transactions (16,379) (300,516) (1,108,091)
Net impairment loss recognized on investment securities 29,025 0 67,400
Proceeds from sales of trading assets 111,541 96,498 19,938
Purchase of trading assets (86,799) (123,478) (311,813)
(Increase) decrease in other assets (6,213,191) 6,083,953 (9,890,546)
Decrease in prepaid FDIC Assessment 1,969,526 732,777 164,744
Decrease in accrued interest payable (107,535) (347,519) (287,822)
Expense related to restricted stock units for directors' deferred compensation plan 98,815 86,717 80,083
Expense related to employee stock compensation 112,154 80,000 55,000
Expense related to employee restricted stock awards 130,920 79,510 28,141
Increase in other liabilities 9,403,504 587,817 231,811
Income from bank owned life insurance (83,931) (86,577) (88,389)
Net cash provided by operating activities 22,972,317 24,562,048 9,167,162
CASH FLOWS FROM INVESTING ACTIVITIES:      
Proceeds from sales and calls of securities available for sale 18,149,995 90,870,086 88,741,210
Proceeds from maturities and principal collected on securities available for sale 44,045,818 29,341,503 31,200,076
Proceeds from maturities and principal collected on securities held to maturity 5,702,678 4,295,975 3,965,483
Purchases of securities available for sale (174,034,193) (80,443,763) (127,405,986)
Purchases of securities held to maturity (6,449,149) (1,732,507) (4,562,281)
Purchase of Federal Home Loan Bank and Federal Reserve Bank stock (16,124,350) (26,250) (1,002,500)
Redemption of Federal Home Loan Bank and Federal Reserve Bank stock 16,352,900 825,300 400,350
Purchases of premises and equipment (3,709,531) (3,668,479) (2,551,969)
Cash paid Fort Orange Financial Corp. acquisition 0 0 (8,137,816)
Cash received Fort Orange Financial Corp. acquisition 0 0 33,284,995
Cash received acquisition of Bank of America branches 173,672,561 0 0
Cash paid Bank of America branches (2,768,276) 0 0
Proceeds from sale of other real estate owned 155,116 796,446 327,087
Net increase in loans (101,481,327) (97,115,130) (19,322,219)
Net cash used by investing activities (46,487,758) (56,856,819) (5,063,570)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Net increase in demand deposits, interest-bearing demand accounts, savings accounts, and insured money market accounts 67,565,921 86,541,575 55,243,997
Net decrease in time deposits (27,084,698) (40,300,400) (43,578,345)
Net decrease in securities sold under agreements to repurchase (9,427) (4,396,192) (18,236,546)
Repayments of Federal Home Loan Bank long term advances (1,982,735) (16,118,555) (910,246)
Purchase of treasury stock (92,630) (635,800) (501,299)
Sale of treasury stock 70,880 257,550 217,520
Cash dividends paid (3,583,627) (5,714,039) (4,056,597)
Net cash provided (used) by financing activities 34,883,684 19,634,139 (11,821,516)
Net increase (decrease) in cash and cash equivalents 11,368,243 (12,660,632) (7,717,924)
Cash and cash equivalents, beginning of period 40,241,221 52,901,853 60,619,777
Cash and cash equivalents, end of period 51,609,464 40,241,221 52,901,853
Cash paid during the year for:      
Interest 4,162,532 5,642,945 6,782,999
Income Taxes 5,303,670 1,732,411 5,110,847
Supplemental disclosure of non-cash activity:      
Transfer of loans to other real estate owned 102,970 618,302 533,976
Dividends declared, not yet paid $ 1,194,522 $ 0 $ 0