XML 34 R8.htm IDEA: XBRL DOCUMENT v3.3.0.814
Consolidated Statements of Cash Flows - USD ($)
 9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 327,585 $ 1,476,178
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 1,299,931 559,121
Provision for loan losses 356,325 299,385
Stock compensation expense 111,184 10,270
(Gains) losses from sale of securities (52,255) 4,174
Net gains from sale of loans and other assets (161,896) (108,070)
Net losses from sale of foreclosed assets 426,168 284,670
Changes in other assets and liabilities:    
Accrued interest receivable 145,316 (82,652)
Accrued interest payable 11,495 3,841
Other assets and liabilities (264,618) (2,368,110)
Net cash provided by operating activities 2,199,235 78,807
CASH FLOWS FROM INVESTING ACTIVITIES    
Proceeds from security sales, maturities, and paydowns 21,561,120 85,175
Purchase of securities available for sale (3,000,000) (9,881,562)
Purchase of restricted investments (38,000) (65,200)
Loan originations and principal collections, net (33,220,666) (40,167,382)
Purchase of bank premises and equipment (772,357) (2,530,840)
Net proceeds from sale of bank premise and equipment and foreclosed assets 1,282,966 172,651
Cash and cash equivalents received in merger 33,501,510 0
Net cash provided by (used in) investing activities 19,314,573 (52,387,158)
CASH FLOWS FROM FINANCING ACTIVITIES    
Net increase in deposits 42,723,491 26,701,623
Net decrease in federal funds purchased and securities sold under agreements to repurchase (20,938,208) (2,284,396)
Repayment of note payable (3,029,116) 0
Payment of dividends on preferred stock (90,000) (90,000)
Issuance of common stock 3,016,304 45,630
Net cash provided by financing activities 21,682,471 24,372,857
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 43,196,279 (27,935,494)
CASH AND CASH EQUIVALENTS, beginning of period 46,739,376 79,438,300
CASH AND CASH EQUIVALENTS, end of period 89,935,655 51,502,806
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION    
Cash paid during the period for interest 1,725,076 1,522,576
Cash paid during the period for taxes 806,000 1,569,642
NONCASH INVESTING AND FINANCING ACTIVITIES    
Change in unrealized gains on securities available for sale 687,732 1,464,488
Financed sales of foreclosed assets 1,005,000 0
Acquisition of real estate through foreclosure $ 1,706,063 $ 0