XML 35 R7.htm IDEA: XBRL DOCUMENT v2.4.0.6
Consolidated Statements of Cash Flows (USD $)
 3 Months Ended
Mar. 31, 2013
Mar. 31, 2012
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 452,128 $ 356,517
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 92,933 111,418
Provision for loan losses 300,000 0
Stock compensation expense 0 18,512
Net (gains) losses on sales of loans and other assets (80,357) 28,473
Changes in other operating assets and liabilities:    
Net change in loans held for sale (262,750) 37,175
Accrued interest receivable (109,721) (6,545)
Accrued interest payable (29,290) (305)
Other assets and liabilities 406,758 852,928
Net cash provided by operating activities 769,701 1,398,173
CASH FLOWS FROM INVESTING ACTIVITIES    
Securities available for sale 8,287,586 8,331,149
Securities held to maturity 2,477 5,131
Purchase of securities available for sale (23,654,937) (10,523,308)
Loan originations and principal collections, net 2,933,738 1,643,836
Purchase of bank premises and equipment (3,732) (49,077)
Proceeds from sale of other real estate and other assets 252,233 1,458,489
Net cash (used in) provided by investing activities (12,182,635) 866,220
CASH FLOWS FROM FINANCING ACTIVITIES    
Net (decrease) increase in deposits (7,977,320) 1,773,714
Net increase (decrease) in federal funds purchased and securities sold under agreements to repurchase 1,563,077 (7,945,510)
Net payments on Federal Home Loan Bank advances and other borrowings (5,435,000) (435,000)
Payment of dividends on preferred stock (308,893) (187,538)
Issuance of preferred stock 0 532,127
Issuance of common stock 77,019 0
Net cash used in financing activities (12,081,117) (6,262,207)
NET DECREASE IN CASH AND CASH EQUIVALENTS (23,494,051) (3,997,814)
CASH AND CASH EQUIVALENTS, beginning of period 59,395,238 38,882,691
CASH AND CASH EQUIVALENTS, end of period 35,901,187 34,884,877
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION    
Cash paid during the period for interest 990,995 1,314,079
Cash paid during the period for taxes 0 913,327
NONCASH INVESTING AND FINANCING ACTIVITIES    
Acquisition of real estate through foreclosure $ 1,154,400 $ 1,969,300