XML 19 R8.htm IDEA: XBRL DOCUMENT v3.8.0.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 10,549,961 $ 9,184,965
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 1,020,975 896,952
Provision for loan/lease losses 2,539,839 2,105,109
Stock-based compensation expense 495,493 388,753
Deferred compensation expense accrued 511,502 404,723
Losses on other real estate owned, net 118,159
Amortization of premiums on securities, net 438,641 347,178
Loans originated for sale (12,939,466) (21,416,325)
Proceeds on sales of loans 13,763,966 22,547,789
Gains on sales of residential real estate loans (100,815) (96,323)
Gains on sales of government guaranteed portions of loans (358,434) (950,641)
Amortization of core deposit intangible 304,551 230,867
Accretion of acquisition fair value adjustments, net (732,689) (1,915,001)
Increase in cash value of bank-owned life insurance (417,987) (469,687)
Decrease (increase) in other assets (4,403,592) 5,427,798
Decrease in other liabilities (2,886,830) (5,852,341)
Net cash provided by operating activities 7,903,274 10,833,816
CASH FLOWS FROM INVESTING ACTIVITIES    
Net decrease in federal funds sold 15,692,000 6,459,000
Net decrease (increase) in interest-bearing deposits at financial institutions 10,713,457 (93,471,781)
Proceeds from sales of other real estate owned 736,370 34,191
Activity in securities portfolio:    
Purchases (7,100,109) (12,138,040)
Calls, maturities and redemptions 4,540,000 17,385,968
Paydowns 9,085,377 8,486,628
Activity in restricted investment securities:    
Purchases (4,450,550) (7,600)
Redemptions 1,820,000 1,315,500
Net increase in loans/leases originated and held for investment (90,378,382) (29,236,438)
Purchase of premises and equipment (704,413) (1,396,902)
Net cash used in investing activities (60,046,250) (102,569,474)
CASH FLOWS FROM FINANCING ACTIVITIES    
Net increase in deposit accounts 13,377,517 136,704,261
Net increase (decrease) in short-term borrowings 2,866,631 (20,501,291)
Activity in Federal Home Loan Bank advances:    
Calls and maturities (4,000,000)
Net change in short-term and overnight advances 24,345,000 (26,950,000)
Activity in other borrowings:    
Calls, maturities and scheduled principal payments (1,937,500) (8,000,000)
Payment of cash dividends on common stock (692,874) (522,574)
Net cash provided by financing activities 38,267,301 77,491,634
Net decrease in cash and due from banks (13,875,675) (14,244,024)
Cash and due from banks, beginning 75,721,663 70,569,993
Cash and due from banks, ending 61,845,988 56,325,969
Supplemental disclosure of cash flow information, cash payments for:    
Interest 3,654,713 3,747,218
Income/franchise taxes 74,604 4,842
Supplemental schedule of noncash investing activities:    
Change in accumulated other comprehensive income, unrealized gains on securities available for sale and derivative instruments, net (3,201,540) 410,739
Exchange of shares of common stock in connection with payroll taxes for restricted stock and in connection with stock options exercised (177,923) (290,290)
Transfers of loans to other real estate owned 46,244 136,450
Dividends payable 833,730 656,574
Increase in the fair value of interest rate swap assets and liabilities 103,080 303,383
Transfer of equity securities from securities available for sale to other assets at fair value 2,614,261
Common Stock Offering 2 [Member]    
Activity in other borrowings:    
Net proceeds from common stock offering $ 308,527 $ 761,238