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Consolidated Statements of Cash Flows
3 Months Ended 9 Months Ended
Sep. 30, 2018
USD ($)
Sep. 30, 2018
USD ($)
Sep. 30, 2017
USD ($)
CASH FLOWS FROM OPERATING ACTIVITIES      
Net income   $ 29,804,181 $ 25,804,917
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation   3,256,799 2,810,971
Provision for loan/lease losses $ 6,205,828 11,046,402 6,214,538
Stock-based compensation expense   1,106,311 857,666
Deferred compensation expense accrued   1,453,042 1,098,741
Losses (gains) on other real estate owned, net   48,598 (154,743)
Amortization of premiums on securities, net   1,201,320 1,330,946
Securities losses, net     25,124
Loans originated for sale   (39,923,078) (40,423,117)
Proceeds on sales of loans   38,954,289 42,705,325
Gains on sales of residential real estate loans (336,679) (539,266) (307,360)
Gains on sales of government guaranteed portions of loans (46,417) (404,851) (1,129,668)
Amortization of core deposit intangible 541,665 1,150,767 692,600
Accretion of acquisition fair value adjustments, net   (2,951,021) (4,063,435)
Increase in cash value of bank-owned life insurance   (1,291,686) (1,357,049)
Increase (decrease) in other assets   (8,292,864) 1,666,921
Decrease (increase) in other liabilities   2,252,939 (8,610,333)
Net cash provided by operating activities   36,871,882 27,162,044
CASH FLOWS FROM INVESTING ACTIVITIES      
Net decrease (increase) in federal funds sold   (2,873,000) 1,689,000
Net decrease in interest-bearing deposits at financial institutions   22,099,041 22,727,542
Proceeds from sales of other real estate owned   1,288,208 829,213
Activity in securities portfolio:      
Purchases   (66,419,802) (103,509,208)
Calls, maturities and redemptions   22,915,126 40,435,714
Paydowns   36,279,229 30,123,674
Sales 1,938,043 1,938,043 21,969,870
Activity in restricted investment securities:      
Purchases   (5,351,875) (3,788,275)
Redemptions   109,200 199,900
Net increase in loans/leases originated and held for investment   (208,737,932) (269,891,345)
Purchase of premises and equipment   (7,112,494) (4,045,217)
Net cash paid for Bank acquisition   3,747,209  
Net cash used in investing activities   (209,613,465) (271,062,552)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Net increase in deposit accounts   82,308,885 225,109,315
Net decrease in short-term borrowings   (2,207,101) (23,960,582)
Activity in Federal Home Loan Bank advances:      
Term advances     1,600,000
Calls and maturities   (27,000,000) (6,000,000)
Net change in short-term and overnight advances   120,330,000 35,955,000
Activity in other borrowings:      
Proceeds from other borrowings   9,000,000 7,000,000
Calls, maturities and scheduled principal payments   (10,612,500) (9,500,000)
Payment of cash dividends on common stock   (2,362,486) (1,836,150)
Proceeds from issuance of common stock, net   969,779 1,237,492
Net cash provided by financing activities   170,426,577 229,605,075
Net increase in cash and due from banks   (2,315,006) (14,295,433)
Cash and due from banks, beginning   75,721,663 70,569,993
Cash and due from banks, ending 73,406,657 73,406,657 56,274,560
Supplemental Disclosures of Cash Flow Information, cash payments for:      
Interest   23,102,221 13,140,273
Income/franchise taxes   (1,099,902) 10,881,610
Supplemental schedule of noncash investing activities:      
Change in accumulated other comprehensive income, unrealized gains on securities available for sale and derivative instruments, net   (5,148,048) 1,387,055
Exchange of shares of common stock in connection with payroll taxes for restricted stock and in connection with stock options exercised   (661,939) (314,614)
Transfers of loans to other real estate owned   46,243 286,212
Due to broker for purchases of securities     1,300,000
Dividends payable   937,606 658,110
Decrease in the fair value of interest rate swap assets and liabilities   2,440,649 264,721
Transfer of equity securities from securities available for sale to other assets at fair value   2,614,261  
Fair value of assets acquired:      
Cash and due from banks 4,586,326 4,586,326  
Interest-bearing deposits at financial institutions 62,924,396 62,924,396  
Securities 4,845,441 4,845,441  
Loans receivable, net 477,336,699 477,336,699  
Bank-owned life insurance 7,091,883 7,091,883  
Premises and equipment, net 6,091,978 6,091,978  
Restricted investment securities 3,654,200 3,654,200  
Core deposit intangible 8,208,728 8,208,728  
Other assets 989,056 989,056  
Total assets acquired 575,728,707 575,728,707  
Fair value of liabilities assumed:      
Deposits 439,579,328 439,579,328  
Short-term borrowings 1,143,478 1,143,478  
FHLB advances 73,610,427 73,610,427  
Other borrowings 9,543,810 9,543,810  
Other liabilities 8,408,464 8,408,464  
Total liabilities assumed 532,285,507 532,285,507  
Net assets acquired $ 43,443,200 43,443,200  
Consideration paid:      
Cash paid   8,333,535 [1]  
Common stock   80,637,194  
Total consideration paid   88,970,729  
Goodwill   45,527,529  
Springfield Bancshares      
Activity in restricted investment securities:      
Net cash paid for Bank acquisition   $ (3,747,209)  
Guaranty Bank [Member]      
Activity in restricted investment securities:      
Net cash paid for Bank acquisition     $ (7,803,420)
[1] Net cash paid at closing totalted $3,747,209