XML 58 R6.htm IDEA: XBRL DOCUMENT v3.2.0.727
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
12 Months Ended
Dec. 31, 2014
Dec. 31, 2013
Cash flows from operating activities:    
Net loss $ (343,067) $ (668,898)
Adjustments to reconcile net loss to net cash used in operating activities:    
Provision for loan losses 162,000 75,137
Net (gain) loss on sale of other real estate (11,321) 7,528
Gain on sale of loans (228,239)  
Gain on sale of securities (6,216) (378,248)
Amortization of premiums on investments 23,107 58,418
Amortization of core deposit intangible   135,733
Depreciation on fixed assets 175,465 152,659
Write-down of other real estate owned 13,250 157,406
Loans originated for sale (6,257,496) (1,491,873)
Proceeds from sale of loans held-for-sale 2,124,192  
Net change in fair value of financial instruments (353,035) (153,959)
Decrease in accrued interest receivable and other assets 123,201 81,671
(Decrease) increase in accrued interest payable and other liabilities (110,013) 32,548
Net cash used in operating activities (4,688,172) (1,991,878)
Cash flows from investing activities:    
Purchase of available-for-sale investment securities (48) (7,699,811)
Proceeds from maturity and principal reductions of available-for-sale investment securities 421,149 3,091,040
Proceeds from sale of available-for sale investment securities 915,918 7,731,846
Proceeds from sale of other real estate owned 107,115 177,386
Net decrease (increase) in loans 914,146 (1,649,017)
Purchase of bank premises and equipment (75,772) (239,089)
Net cash provided by investing activities 2,282,508 1,412,355
Cash flows from financing activities:    
Net decrease in deposits (147,532) (3,866,898)
Net cash used in financing activities (147,532) (3,866,898)
Net decrease in cash and cash equivalents (2,553,196) (4,446,421)
Cash and cash equivalents at beginning of year 5,789,778 10,236,199
Cash and cash equivalents at end of year 3,236,582 5,789,778
Supplemental disclosure of cash flow information:    
Cash paid during the year for interest 69,385 101,380
Noncash transfer of loans to other real estate owned $ 239,500  
Noncash transfer of investment securities held-to-maturity to available-for-sale   $ 11,895,037