XML 46 R50.htm IDEA: XBRL DOCUMENT v2.4.0.8
Note 19 - Parent Company Only Financial Statements (Tables)
12 Months Ended
Dec. 31, 2013
Condensed Financial Information of Parent Company Only Disclosure [Abstract]  
Condensed Balance Sheet [Table Text Block]
   

2013

   

2012

 
Assets                
                 

Cash and due from banks

  $ 7,212,584     $ 1,072,434  

Interest-bearing deposits at financial institutions

    187,401       185,113  

Securities available for sale, at fair value

    1,644,663       1,406,876  

Investment in bank subsidiaries

    187,410,269       182,465,733  

Investment in nonbank subsidiaries

    1,396,632       1,202,791  

Premises and equipment, net

    3,243,575       3,318,757  

Other assets

    8,709,546       7,720,933  

Total assets

  $ 209,804,670     $ 197,372,637  
                 

Liabilities and Stockholders' Equity

               

Liabilities:

               

Other borrowings

  $ 14,104,323     $ 10,077,769  

Junior subordinated debentures

    40,289,830       36,085,000  

Other liabilities

    7,833,737       10,776,047  

Total liabilities

    62,227,890       56,938,816  
                 

Stockholders' Equity:

               

Preferred stock

    29,867       54,867  

Common stock

    8,005,708       5,039,448  

Additional paid-in capital

    90,154,528       78,912,791  

Retained earnings

    64,637,173       53,326,542  

Accumulated other comprehensive income (loss)

    (13,643,986 )     4,706,683  

Treasury stock

    (1,606,510 )     (1,606,510 )

Total stockholders' equity

    147,576,780       140,433,821  

Total liabilities and stockholders' equity

  $ 209,804,670     $ 197,372,637  
Condensed Income Statement [Table Text Block]
   

2013

   

2012

   

2011

 
                         

Total interest income

  $ 43,476     $ 57,136     $ 62,521  

Equity in net income of bank subsidiaries

    20,499,070       17,206,086       14,449,843  

Equity in net income of nonbank subsidiaries

    31,540       168,934       174,058  

Bargain purchase gain on Community National acquisition

    1,841,385       -       -  

Other *

    7,942       657,733       129,773  

Total income

    22,423,413       18,089,889       14,816,195  
                         

Interest expense

    1,714,814       1,408,948       1,562,323  

Salaries and employee benefits

    4,765,762       4,717,609       4,078,474  

Professional fees

    977,571       988,306       1,103,910  

Acquisition and data conversion costs

    2,037,684       -       -  

Other-than-temporary impairment losses on securities

    -       62,400       118,847  

Other

    642,044       760,618       783,460  

Total expenses

    10,137,875       7,937,881       7,647,014  
                         

Income before income tax benefit

    12,285,538       10,152,008       7,169,181  
                         

Income tax benefit

    2,652,707       2,465,759       2,522,467  

Net income

  $ 14,938,245     $ 12,617,767     $ 9,691,648  
Condensed Cash Flow Statement [Table Text Block]
   

2013

   

2012

   

2011

 

Cash Flows from Operating Activities:

                       

Net income

  $ 14,938,245     $ 12,617,767     $ 9,691,648  

Adjustments to reconcile net income to net cash provided by operating activities:

                       

Distributions in excess of (less than) earnings of:

                       

Bank subsidiaries

    5,500,930       (3,706,086 )     (4,449,843 )

Nonbank subsidiaries

    (103 )     (132,911 )     133,951  

Bargain purchase gain on Community National acquisition

    (1,841,385 )     -       -  

Accretion of acquisition fair value adjustments

    79,655       -       -  

Depreciation

    75,182       -       54  

Other-than-temporary impairment losses on securities

    -       62,400       118,847  

Stock-based compensation expense

    792,279       849,760       646,419  

Increase in other assets

    (725,105 )     (437,827 )     (65,205 )

(Decrease) increase in other liabilities

    (2,978,106 )     1,938,832       666,240  

Net cash provided by operating activities

    15,841,592       11,191,935       6,742,111  
                         

Cash Flows from Investing Activities:

                       

Net increase in interest-bearing deposits at financial instituions

    (2,288 )     (1,937 )     (1,227 )

Purchase of securities available for sale

    (34,040 )     (53,501 )     (58,149 )

Capital infusion, bank subsidiaries

    -       -       (1,693,679 )

Net cash paid for Community National acquisition

    (6,261,684 )     -       -  

Increase in cash from dissolution of VPHC

    -       99,645       -  

Net cash (used in) provided by' investing activities

    (6,298,012 )     44,207       (1,753,055 )
                         

Cash Flows from Financing Activities:

                       

Net (decrease) increase in other borrowings

    (373,446 )     -       -  

Proceeds from other borrowings term note

    10,000,000       -       -  

Advance (payment) on 364-day revolving note

    (5,600,000 )     2,000,000       1,100,000  

Repayment of Community National's other borrowings at acquisition

    (3,950,000 )     -       -  

Payment of cash dividends on common and preferred stock

    (4,062,726 )     (4,088,949 )     (3,712,493 )

Redemption of 10,223 shares of Series F Noncumulative Perpetual Preferred Stock, net

    -       (10,223,000 )     -  

Proceeds from issuance of 40,090 shares of Series F Noncumulative Perpetual Preferred Stock, net

    -       -       39,996,922  

Redemption of Series D Cumulative Perpetual Preferred Stock, net

    -       -       (38,237,000 )

Repurchase of 521,888 shares of common stock warrants issued in conjunction with Series D

                       

Cumulative Perpetual Preferred Stock

    -       -       (1,100,000 )

Proceeds from issuance of common stock, net

    582,742       994,174       477,339  

Purchase of noncontrolling interests

    -       (2,388,417 )     -  

Net cash used in financing activities

    (3,403,430 )     (13,706,192 )     (1,475,232 )
                         

Net increase (decrease) in cash and due from banks

    6,140,150       (2,470,050 )     3,513,824  
                         

Cash and due from banks:

                       

Beginning

    1,072,434       3,542,484       28,660  

Ending

  $ 7,212,584     $ 1,072,434     $ 3,542,484