XML 64 R5.htm IDEA: XBRL DOCUMENT v2.4.0.8
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (USD $)
6 Months Ended
Jun. 30, 2013
Jun. 30, 2012
Cash flows from operating activities:    
Net loss $ (242,810) $ (474,705)
Adjustments to reconcile net loss to net cash used in operating activities:    
Provision for loan losses 15,137 60,000
Loss on sale of other real estate 13,880   
Amortization of premiums on investments 44,346 63,512
Amortization of core deposit intangible 89,039 89,039
Depreciation on fixed assets 73,650 114,259
Gain on sale of investment securities (378,248)   
Write-down of other real estate owned 142,506 26,248
Increase in accrued interest receivable and other assets 35,488 11,184
Decrease in accrued interest payable and other liabilities (141,943) (105,496)
Net cash used in operating activities (348,955) (215,959)
Cash flows from investing activities:    
Purchase of held-to-maturity investment securities    (3,249,311)
Purchase of available-for-sale investment securities (6,972,202)   
Proceeds from sale of available-for-sale investment securities 7,731,841   
Proceeds from maturity and principal reductions of available-for-sale investment securities 2,904,044 117,594
Proceeds from maturity and principal reductions of held-to-maturity investment securities    7,316,585
Proceeds from the sale of other real estate owned 92,484   
Net increase in loans (792,325) (1,418,792)
Purchase of bank premises and equipment (164,652) (16,135)
Net cash provided by investing activities 2,799,190 2,749,941
Cash flows from financing activities:    
Net decrease in deposits (3,409,638) (8,971,562)
Net cash used in financing activities (3,409,638) (8,971,562)
Net decrease in cash and cash equivalents (959,403) (6,437,580)
Cash and cash equivalents at beginning of period 10,236,199 14,497,329
Cash and cash equivalents at end of period 9,276,796 8,059,749
Supplemental disclosure of cash flow information:    
Cash paid during the period for interest 60,761 111,552
Noncash transfer of investment securities from held-to-maturity to available-for sale 11,895,037   
Noncash transfer of loans to other real estate owned    $ 74,800