XML 23 R6.htm IDEA: XBRL DOCUMENT v2.3.0.15
Consolidated Statements of Cash Flows (Unaudited) (USD $)
9 Months Ended
Sep. 30, 2011
Sep. 30, 2010
Cash flows from operating activities:  
Net income$ 3,877,750$ 2,698,436
Adjustments to reconcile net income to net cash provided by operating activities:  
Provision for loan losses5,643,3367,105,000
Depreciation expense1,442,9911,484,686
Net amortization of debt securities, premiums, and discounts619,756454,671
Amortization of core deposit intangible assets330,738408,451
Stock based compensation expense46,15968,009
(Gain) loss on sales and dispositions of premises and equipment(12,633)59,621
Loss on sales and dispositions of other real estate owned and repossessions218,9201,958,537
Provision for other real estate owned660,968 
Decrease in accrued interest receivable350,279605,146
Increase in cash surrender value -life insurance(43,708)(49,556)
Decrease in income tax receivable1,328,205 
Decrease in other assets309,624578,938
Decrease in accrued interest payable(641,315)(1,093,420)
Increase in other liabilities1,268,322871,960
Origination of mortgage loans for sale(44,356,425)(72,437,349)
Proceeds from the sale of mortgage loans43,784,77969,193,376
Gain on sale of mortgage loans, net(893,733)(1,533,027)
Decrease in net deferred tax asset22,998728,912
Other, net35,97335,973
Net cash provided by operating activities13,992,98411,138,364
Cash flows from investing activities:  
Net decrease in loans32,623,60542,321,380
Purchase of available-for-sale debt securities(93,071,486)(154,204,703)
Proceeds from maturities of available-for-sale debt securities26,129,495105,724,703
Proceeds from calls of available-for-sale debt securities44,184,65038,065,100
Proceeds from sales of FHLB stock1,753,000995,600
Purchases of premises and equipment(2,430,940)(320,967)
Proceeds from sales of premises and equipment47,54934,528
Proceeds from sales of other real estate owned and repossessions5,057,8949,185,427
Net cash provided in investing activities14,293,76741,801,068
Cash flows from financing activities:  
Net increase in demand deposits19,434,3688,125,557
Net (decrease) increase in interest-bearing transaction accounts(3,492,299)9,632,603
Net decrease in time deposits(9,655,591)(23,507,003)
Net decrease in federal funds purchased and securities sold under agreements to repurchase(3,871,554)(5,185,424)
Proceeds from Federal Home Loan Bank advances 10,000,000
Repayment of Federal Home Loan Bank advances(38,494,406)(22,149,255)
Cash dividends paid - preferred stock(1,134,562)(1,134,562)
Cash dividends paid - common stock(671,106)(1,161,528)
Net cash used by financing activities(37,885,150)(25,379,612)
Net (decrease) increase in cash and cash equivalents(9,598,399)27,559,820
Cash and cash equivalents, beginning of period50,979,80024,665,695
Cash and cash equivalents, end of period41,381,40152,225,515
Cash paid during the period for:  
Interest9,181,25913,409,886
Income taxes665,000200,000
Supplemental schedule of noncash investing and financing activities:  
Other real estate and repossessions acquired in settlement of loans$ 9,995,612$ 12,665,463