XML 73 R54.htm IDEA: XBRL DOCUMENT
v3.3.1.900

Note 20 - Parent Company Only Financial Statements (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2015
Condensed Financial Information of Parent Company Only Disclosure [Abstract] |
Condensed Balance Sheet [Table Text Block] |
Assets |  | 2015 |  |  | 2014 |
Cash and due from banks |  | $ | 3,650,133 |  |  | $ | 4,499,139 |
Interest-bearing deposits at financial institutions |  |  | 701 |  |  |  | 190,127 |
Securities available for sale, at fair value |  |  | 1,398,255 |  |  |  | 1,724,353 |
Investment in bank subsidiaries |  |  | 256,709,890 |  |  |  | 198,881,739 |
Investment in nonbank subsidiaries |  |  | 1,318,227 |  |  |  | 1,388,361 |
Premises and equipment, net |  |  | 4,502,435 |  |  |  | 3,160,035 |
Other assets |  |  | 12,797,292 |  |  |  | 6,765,109 |
Total assets |  | $ | 280,376,933 |  |  | $ | 216,608,863 |
Liabilities and Stockholders' Equity |  |  |  |  |  |  |  |
Liabilities: |  |  |  |  |  |  |  |
Other borrowings |  | $ | - |  |  | $ | 21,745,116 |
Junior subordinated debentures |  |  | 38,499,052 |  |  |  | 40,423,735 |
Other liabilities |  |  | 15,992,131 |  |  |  | 10,361,503 |
Total liabilities |  |  | 54,491,183 |  |  |  | 72,530,354 |
Stockholders' Equity: |  |  |  |  |  |  |  |
Common stock |  |  | 11,761,083 |  |  |  | 8,074,443 |
Additional paid-in capital |  |  | 123,282,851 |  |  |  | 61,668,968 |
Retained earnings |  |  | 92,965,645 |  |  |  | 77,876,824 |
Accumulated other comprehensive loss |  |  | (2,123,829 | ) |  |  | (1,935,216 | )
Treasury stock |  |  | - |  |  |  | (1,606,510 | )
Total stockholders' equity |  |  | 225,885,750 |  |  |  | 144,078,509 |
Total liabilities and stockholders' equity |  | $ | 280,376,933 |  |  | $ | 216,608,863 |
Condensed Income Statement [Table Text Block] |
|  | 2015 |  |  | 2014 |  |  | 2013 |
Total interest income |  | $ | 69,774 |  |  | $ | 40,815 |  |  | $ | 43,476 |
Equity in net income of bank subsidiaries |  |  | 22,059,086 |  |  |  | 20,333,194 |  |  |  | 20,499,070 |
Equity in net income of nonbank subsidiaries |  |  | 32,823 |  |  |  | 32,675 |  |  |  | 31,540 |
Securities gains |  |  | 262,800 |  |  |  | - |  |  |  | - |
Gain on debt extinguishment |  |  | 300,000 |  |  |  | - |  |  |  | - |
Bargain purchase gain on Community National acquisition |  |  | - |  |  |  | - |  |  |  | 1,841,385 |
Other |  |  | (4,436 | ) |  |  | 7,486 |  |  |  | 7,942 |
Total income |  |  | 22,720,047 |  |  |  | 20,414,170 |  |  |  | 22,423,413 |
Interest expense |  |  | 1,679,909 |  |  |  | 1,986,752 |  |  |  | 1,714,814 |
Salaries and employee benefits |  |  | 4,847,507 |  |  |  | 4,671,719 |  |  |  | 4,765,762 |
Professional fees |  |  | 1,121,094 |  |  |  | 1,100,714 |  |  |  | 977,571 |
Acquisition and data conversion costs |  |  | - |  |  |  | - |  |  |  | 2,037,684 |
Other |  |  | 949,041 |  |  |  | 635,081 |  |  |  | 642,044 |
Total expenses |  |  | 8,597,551 |  |  |  | 8,394,266 |  |  |  | 10,137,875 |
Income before income tax benefit |  |  | 14,122,496 |  |  |  | 12,019,904 |  |  |  | 12,285,538 |
Income tax benefit |  |  | 2,805,385 |  |  |  | 2,932,633 |  |  |  | 2,652,707 |
Net income |  | $ | 16,927,881 |  |  | $ | 14,952,537 |  |  | $ | 14,938,245 |
Condensed Cash Flow Statement [Table Text Block] |
|  | 2015 |  |  | 2014 |  |  | 2013 |
Cash Flows from Operating Activities: |  |  |  |  |  |  |  |  |  |  |  |
Net income |  | $ | 16,927,881 |  |  | $ | 14,952,537 |  |  | $ | 14,938,245 |
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |  |  |  |  |  |  |  |  |
Distributions in excess of (less than) earnings of: |  |  |  |  |  |  |  |  |  |  |  |
Bank subsidiaries |  |  | (12,359,086 | ) |  |  | 166,806 |  |  |  | 5,500,930 |
Nonbank subsidiaries |  |  | (128 | ) |  |  | 9 |  |  |  | (103 | )
Bargain purchase gain on Community National acquisition |  |  | - |  |  |  | - |  |  |  | (1,841,385 | )
Accretion of acquisition fair value adjustments |  |  | 137,317 |  |  |  | 133,905 |  |  |  | 79,655 |
Depreciation |  |  | 174,757 |  |  |  | 100,158 |  |  |  | 75,182 |
Stock-based compensation expense |  |  | 941,469 |  |  |  | 891,619 |  |  |  | 792,279 |
Securities gains, net |  |  | (262,801 | ) |  |  | - |  |  |  | - |
Gain on debt extinguishment |  |  | (300,000 | ) |  |  | - |  |  |  | - |
Decrease (increase) in other assets |  |  | (5,929,110 | ) |  |  | 1,912,597 |  |  |  | (725,105 | )
(Decrease) increase in other liabilities |  |  | 5,502,390 |  |  |  | 2,644,458 |  |  |  | (2,978,106 | )
Net cash provided by operating activities |  |  | 4,832,689 |  |  |  | 20,802,089 |  |  |  | 15,841,592 |
Cash Flows from Investing Activities: |  |  |  |  |  |  |  |  |  |  |  |
Net increase in interest-bearing deposits at financial institutions |  |  | 189,426 |  |  |  | (2,726 | ) |  |  | (2,288 | )
Activity in securities portfolio: |  |  |  |  |  |  |  |  |  |  |  |
Purchases |  |  | (1,764,137 | ) |  |  | (40,523 | ) |  |  | (34,040 | )
Calls, maturities and redemptions |  |  | 1,772,719 |  |  |  | 71,429 |  |  |  | - |
Sales |  |  | 489,828 |  |  |  | - |  |  |  | - |
Capital infusion, bank subsidiaries |  |  | (45,600,000 | ) |  |  | - |  |  |  | - |
Net cash paid for Community National acquisition |  |  | - |  |  |  | - |  |  |  | (6,261,684 | )
Purchase of premises and equipment |  |  | (1,517,157 | ) |  |  | (16,618 | ) |  |  | - |
Net cash (used in) provided by investing activities |  |  | (46,429,321 | ) |  |  | 11,562 |  |  |  | (6,298,012 | )
Cash Flows from Financing Activities: |  |  |  |  |  |  |  |  |  |  |  |
Activity in other borrowings: |  |  |  |  |  |  |  |  |  |  |  |
Proceeds from other borrowings |  |  | - |  |  |  | 10,000,000 |  |  |  | 10,000,000 |
Calls, maturities and scheduled principal payments |  |  | (2,350,000 | ) |  |  | (2,359,207 | ) |  |  | (373,446 | )
Prepayments |  |  | (19,395,116 | ) |  |  | - |  |  |  | (9,550,000 | )
Retirement of junior subordinated debentures |  |  | (1,762,000 | ) |  |  | - |  |  |  | - |
Payment of cash dividends on common and preferred stock |  |  | (782,054 | ) |  |  | (1,964,608 | ) |  |  | (4,062,726 | )
Net proceeds from common stock offering, 3,680,000 shares issued |  |  | 63,484,123 |  |  |  | - |  |  |  | - |
Redemption of 29,867 shares of Series F Noncumulative Perpetual Preferred Stock, net |  |  | - |  |  |  | (29,823,922 | ) |  |  | - |
Proceeds from issuance of common stock, net |  |  | 1,552,673 |  |  |  | 620,641 |  |  |  | 582,742 |
Net cash provided by (used in) financing activities |  |  | 40,747,626 |  |  |  | (23,527,096 | ) |  |  | (3,403,430 | )
Net increase (decrease) in cash and due from banks |  |  | (849,006 | ) |  |  | (2,713,445 | ) |  |  | 6,140,150 |
Cash and due from banks: |  |  |  |  |  |  |  |  |  |  |  |
Beginning |  |  | 4,499,139 |  |  |  | 7,212,584 |  |  |  | 1,072,434 |
Ending |  | $ | 3,650,133 |  |  | $ | 4,499,139 |  |  | $ | 7,212,584 |

X
- References No definition available. + Details
Name: | us-gaap_CondensedFinancialInformationOfParentCompanyOnlyDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of condensed balance sheet, including, but not limited to, balance sheets of consolidated entities and consolidation eliminations. + References No definition available. + Details
Name: | us-gaap_ScheduleOfCondensedBalanceSheetTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of condensed cash flow statement, including, but not limited to, cash flow statements of consolidated entities and consolidation eliminations. + References No definition available. + Details
Name: | us-gaap_ScheduleOfCondensedCashFlowStatementTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of condensed income statement, including, but not limited to, income statements of consolidated entities and consolidation eliminations. + References No definition available. + Details
Name: | us-gaap_ScheduleOfCondensedIncomeStatementTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration