XML 19 R8.htm IDEA: XBRL DOCUMENT v3.4.0.3
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 6,373,489 $ 4,177,889
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 766,069 745,268
Provision for loan/lease losses 2,072,985 1,710,456
Stock-based compensation expense 382,761 367,775
Deferred compensation expense accrued 318,796 437,600
Losses (gains) on other real estate owned, net (7,740) 28,953
Amortization of premiums on securities, net 294,286 214,427
Securities gains, net (358,480) (421,066)
Loans originated for sale (18,901,618) (6,647,937)
Proceeds on sales of loans 19,640,997 6,569,050
Gains on sales of residential real estate loans (60,386) (86,140)
Gains on sales of government guaranteed portions of loans (878,528) (70,973)
Losses on debt extinguishment, net 83,197  
Amortization of core deposit intangible 49,878 49,878
Accretion of acquisition fair value adjustments, net (44,169) (178,380)
Increase in cash value of bank-owned life insurance (393,609) (478,739)
Decrease (increase) in other assets (9,295,660) 486,879
Increase (decrease) in other liabilities 5,079,831 (1,840,279)
Net cash provided by operating activities 5,122,099 5,064,661
CASH FLOWS FROM INVESTING ACTIVITIES    
Net decrease in federal funds sold 4,110,000 32,745,000
Net decrease (increase) in interest-bearing deposits at financial institutions (5,175,206) 18,215,699
Proceeds from sales of other real estate owned 494,115 331,151
Activity in securities portfolio:    
Purchases (45,070,780) (124,568,138)
Calls, maturities and redemptions 47,573,001 83,794,967
Paydowns 6,428,508 4,073,422
Sales 55,526,851 54,971,056
Activity in restricted investment securities:    
Purchases (485,250) (146,300)
Redemptions   3,800
Net increase in loans/leases originated and held for investment (76,346,066) (25,689,344)
Purchase of premises and equipment (1,558,171) (3,197,547)
Net cash provided by (used in) investing activities (14,502,998) 40,533,766
CASH FLOWS FROM FINANCING ACTIVITIES    
Net increase in deposit accounts 108,903,515 54,603,339
Net decrease in short-term borrowings (80,639,905) (85,015,951)
Activity in Federal Home Loan Bank advances:    
Term advances   5,000,000
Maturities (7,000,000) (5,000,000)
Net change in short-term and overnight advances 16,500,000 (7,000,000)
Prepayments (10,524,197)  
Activity in other borrowings:    
Maturities and scheduled principal payments   (1,175,000)
Prepayments (10,759,000)  
Retirement of junior subordinated debentures (3,955,000)  
Payment of cash dividends on common stock (468,583) (315,955)
Cash and due from banks, beginning 41,742,321 38,235,019
Cash and due from banks, ending 44,930,836 45,138,266
Supplemental disclosure of cash flow information, cash payments for:    
Interest 2,944,839 4,103,459
Income/franchise taxes 2,464,300 1,618,064
Supplemental schedule of noncash investing activities:    
Change in accumulated other comprehensive income, unrealized gains on securities available for sale and derivative instruments, net 2,525,411 2,220,865
Exchange of shares of common stock in connection with payroll taxes for restricted stock and in connection with stock options exercised (88,911) (57,460)
Tax benefit of nonqualified stock options exercised 22,508 15,651
Transfers of loans to other real estate owned 16,000 837,782
Due to broker for purchases of securities (20,104,340)  
Common Stock Offering 2 [Member]    
Activity in other borrowings:    
Proceeds from issuance of common stock, net 512,584 208,387
Net cash provided by (used in) financing activities 12,569,414 (38,695,180)
Net increase in cash and due from banks $ 3,188,515 $ 6,903,247