XML 28 R8.htm IDEA: XBRL DOCUMENT v2.4.0.6
Consolidated Statements of Cash Flows (Unaudited) (USD $)
6 Months Ended
Jun. 30, 2012
Jun. 30, 2011
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 6,676,228 $ 5,004,698
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 1,198,809 1,285,282
Provision for loan/lease losses 1,828,915 2,739,885
Amortization of offering costs on subordinated debentures 7,158 7,158
Stock-based compensation expense 503,514 397,927
Losses on sales of other real estate owned, net 578,669 132,754
Amortization of premiums on securities, net 2,050,358 1,704,629
Securities gains (104,600) (1,028,914)
Other-than-temporary impairment losses on securities 62,400 118,847
Loans originated for sale (51,881,417) (43,161,215)
Proceeds on sales of loans 52,645,621 56,509,458
Gains on sales of loans, net (1,281,411) (1,514,821)
Prepayment fees on Federal Home Loan Bank advances   832,099
Increase in accrued interest receivable (225,305) (119,254)
Increase in cash value of bank-owned life insurance (797,062) (701,053)
Increase (decrease) in other assets (5,932,610) 3,010,526
Decrease in other liabilities (738,366) (537,175)
Net cash provided by operating activities 4,590,901 24,680,831
CASH FLOWS FROM INVESTING ACTIVITIES    
Net decrease in federal funds sold 17,160,000 53,960,000
Net (increase) decrease in interest-bearing deposits at financial institutions (1,701,827) 12,452,616
Proceeds from sales of other real estate owned 814,071 2,618,237
Activity in securities portfolio:    
Purchases (311,369,517) (299,119,217)
Calls, maturities and redemptions 201,683,047 162,834,446
Paydowns 14,403,547 2,430,154
Sales 19,215,075 45,725,084
Activity in restricted investment securities:    
Purchases (1,003,850) (57,300)
Redemptions 1,033,100 1,266,800
Purchases of bank-owned life insurance   (7,000,000)
Net increase in loans/leases originated and held for investment (16,077,756) (31,137,089)
Purchase of premises and equipment (898,464) (700,230)
Net cash used in investing activities (76,742,574) (56,726,499)
CASH FLOWS FROM FINANCING ACTIVITIES    
Net increase in deposit accounts 110,012,711 99,498,515
Net decrease in short-term borrowings (28,137,412) (18,759,955)
Activity in Federal Home Loan Bank advances:    
Advances 14,000,000  
Calls and maturities (15,000,000) (19,000,000)
Prepayments   (15,832,099)
Net increase (decrease) in other borrowings 2,004,050 (9,154,734)
Payment of cash dividends on common and preferred stock (2,278,183) (2,014,345)
Redemption of 10,223 shares of Series F Noncumulative Perpetual Preferred Stock (10,223,000)  
Proceeds from issuance of common stock, net 276,471 358,153
Net cash provided by financing activities 70,654,637 35,095,535
Net increase (decrease) in cash and due from banks (1,497,036) 3,049,867
Cash and due from banks, beginning 53,136,710 42,030,806
Cash and due from banks, ending 51,639,674 45,080,673
Supplemental disclosure of cash flow information, cash payments for:    
Interest 10,343,656 12,824,212
Income/franchise taxes 881,000 1,162,609
Supplemental schedule of noncash investing activities:    
Change in accumulated other comprehensive income, unrealized gains (losses) on securities available for sale, net (276,190) 1,064,174
Transfers of loans to other real estate owned $ 2,143,017 $ 4,646,402