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Consolidated Statements of Cash Flows
12 Months Ended
Dec. 31, 2017
USD ($)
Dec. 31, 2016
USD ($)
Dec. 31, 2015
USD ($)
Cash Flows from Operating Activities:      
Net income $ 35,706,507 $ 27,686,787 $ 16,927,881
Adjustments to reconcile net income to net cash provided by operating activities      
Depreciation 3,948,934 3,424,140 3,065,031
Provision for loan/lease losses 8,469,919 7,478,166 6,870,900
Deferred income taxes (6,029,555) (3,066,407) (2,004,532)
Stock-based compensation expense 1,187,036 947,174 941,469
Deferred compensation expense accrued 1,425,717 1,171,406 1,023,827
Losses (gains) on sale of other real estate owned, net (151,211) 243,858 (1,021,242)
Amortization of premiums on securities, net 1,839,196 1,302,962 1,040,275
Securities (gains) losses, net 87,885 (4,592,398) (798,983)
Loans originated for sale (49,578,773) (74,329,667) (38,748,100)
Proceeds on sales of loans 51,641,668 77,850,553 40,362,697
Gains on sales of residential real estate loans, net (408,655) (431,313) (322,872)
Gains on sales of government guaranteed portions of loans, net (1,163,741) (3,159,073) (1,304,575)
Losses on debt extinguishment, net 4,577,668 7,185,601
Amortization of core deposit intangible 1,000,561 442,849 199,512
Accretion of acquisition fair value adjustments, net (5,040,873) (3,718,160) (367,009)
Increase in cash value of bank-owned life insurance (1,802,443) (1,771,396) (1,762,107)
(Increase) decrease in other assets 826,449 (943,891) (3,910,486)
Increase (decrease) in other liabilities (8,245,340) 10,269,563 2,721,335
Net cash provided by operating activities 33,713,281 43,382,821 30,098,622
Cash Flows from Investing Activities:      
Net decrease (increase) in federal funds sold (7,940,000) (1,709,000) 26,930,000
Net decrease (increase) in interest-bearing deposits at financial institutions 12,137,820 (12,904,803) (979,283)
Proceeds from sales of other real estate owned 1,138,520 2,084,696 7,696,026
Activity in securities portfolio:      
Purchases (179,785,944) (179,598,630) (232,092,732)
Calls, maturities and redemptions 43,010,478 117,876,284 211,942,737
Paydowns 38,495,801 33,169,638 15,476,369
Sales 71,091,580 134,188,737 81,410,368
Activity in restricted investment securities:      
Purchases (4,824,000) (1,098,200) (3,752,450)
Redemptions 515,000 2,450,000 4,476,100
Net increase in loans/leases originated and held for investment (375,226,301) (187,496,180) (172,786,032)
Purchase of premises and equipment (5,760,802) (6,032,416) (4,394,255)
Net cash paid for acquisitions (3,368,909) (69,905,355)
Net cash used in investing activities (410,516,757) (168,975,229) (66,073,152)
Cash Flows from Financing Activities:      
Net increase in deposits 385,082,234 302,390,928 200,988,645
Net decrease in short-term borrowings (39,080,308) (104,691,329) (123,688,954)
Activity in Federal Home Loan Bank advances:      
Term advances 1,600,000 5,000,000
Calls and maturities (8,000,000) (24,000,000) (26,000,000)
Net change in short-term and overnight advances 60,900,000 20,500,000 47,000,000
Prepayments (4,108,027) (31,008,668) (84,401,601)
Activity in other borrowings:      
Proceeds from other borrowings 7,000,000 35,000,000
Calls, maturities and scheduled principal payments (21,000,000) (7,350,000)
Prepayments (69,769,000) (34,559,000)
Retirement of junior subordinated debentures (3,955,000) (1,762,000)
Payment of cash dividends on common and preferred stock (2,494,260) (1,981,541) (782,054)
Net cash provided by financing activities 381,955,146 154,420,080 39,481,832
Net increase in cash and due from banks 5,151,670 28,827,672 3,507,302
Cash and due from banks, beginning 70,569,993 41,742,321 38,235,019
Cash and due from banks, ending 75,721,663 70,569,993 41,742,321
Supplemental Disclosures of Cash Flow Information, cash payments for:      
Interest 19,053,645 11,926,012 14,027,512
Income and franchise taxes 13,039,516 10,758,611 2,619,288
Supplemental Schedule of Noncash Investing and Financing Activities:      
Change in accumulated other comprehensive income, unrealized gains (losses) on securities available for sale and derivative instruments, net 1,092,153 (335,760) (188,613)
Exchange of shares of common stock in connection with payroll taxes for restricted stock and options exercised (1,009,797) (568,875) (68,706)
Tax benefit of nonqualified stock options exercised 394,149 93,096
Transfers of loans to other real estate owned 9,022,514 51,000 1,577,060
Due to broker for purchases of securities 2,655,492
Tax basis adjustment related to the acquisition of noncontrolling interest in m2 Lease Funds   2,132,415  
Increase (decrease) in the fair market value of interest rate swap assets and liabilities 2,058,957 (706,244) 1,568,548
Dividends payable 692,874 522,573 468,583
Fair value of assets acquired:      
Cash and due from banks 4,434,511 [1] 10,094,645 [1] [1]
Federal funds sold 698,000
Interest-bearing deposits at financial institutions 3,953,907 14,730,157
Securities 49,703,419 102,640,029
Loans receivable, net 192,517,677 419,029,277
Premises and equipment, net 4,808,343 20,684,880
Restricted investment securities 476,500 1,512,900
Other real estate owned 650,000
Core deposit intangible 2,698,301 6,352,653
Other assets 997,810 5,283,937
Total assets acquired 259,590,468 581,676,478
Fair value of liabilities assumed:      
Deposits 212,467,514 486,298,262
Short-term borrowings 13,102,043
FHLB advances 4,108,027 20,368,877
Junior subordinated debentures 3,857,275
Other liabilities 2,595,883 4,897,564
Total liabilities assumed 236,130,742 511,564,703
Net assets acquired 23,459,726 70,111,775
Consideration paid:      
Cash paid 7,803,420 [2] 80,000,000 [2] [2]
Common stock 30,879,485
Total consideration paid 38,682,905 80,000,000
Goodwill 15,223,179 9,888,225
Common Stock Offering 1 [Member]      
Activity in other borrowings:      
Net proceeds from common stock offering 29,828,916 63,484,123
Common Stock Offering 2 [Member]      
Activity in other borrowings:      
Net proceeds from common stock offering $ 2,055,507 $ 2,105,774 $ 1,552,673
[1] Net cash paid at closing totaled $69,905,355
[2] Net cash paid at closing totaled $69,905,355 for acquisition of CSB in 2016.