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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income (loss) $ 4,151,385 $ 327,585
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 1,624,809 1,299,931
Provision for loan losses 616,543 356,325
Stock compensation expense 99,635 111,184
Gains from sale of securities (199,587) (52,255)
Net gains from sale of loans and other assets (706,371) (161,896)
Net gains from sale of foreclosed assets (184,626) 426,168
Changes in other assets and liabilities:    
Accrued interest receivable 355,796 145,316
Accrued interest payable (23,177) 11,495
Other assets and liabilities 6,480,504 (264,618)
Net cash provided by operating activities 12,214,911 2,199,235
CASH FLOWS FROM INVESTING ACTIVITIES    
Proceeds from security sales, maturities, and paydowns 50,055,118 21,561,120
Purchase of securities (21,351,789) (3,000,000)
Purchase of restricted investments (200) (38,000)
Loan originations and principal collections, net (66,811,239) (33,220,666)
Purchase of bank premises and equipment (3,932,566) (772,357)
Proceeds from sale of foreclosed assets 1,152,775 1,282,966
Cash and cash equivalents received in merger 0 33,501,510
Net cash (used in) provided by investing activities (40,887,901) 19,314,573
CASH FLOWS FROM FINANCING ACTIVITIES    
Net increase in deposits 2,359,290 42,723,491
Net increase (decrease) in securities sold under agreements to repurchase (3,866,120) 8,684,178
Issuance of common stock 693,092 3,016,304
Payment of dividends on preferred stock (752,000) (90,000)
Proceeds from Federal Home Loan Bank advances and other borrowings 38,100,000 0
Repayment of Federal Home Loan Bank advances and other borrowings (29,239,039) (32,651,502)
Net cash provided by financing activities 7,295,223 21,682,471
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (21,377,767) 43,196,279
CASH AND CASH EQUIVALENTS, beginning of year 79,964,633 46,739,376
CASH AND CASH EQUIVALENTS, end of period 58,586,866 89,935,655
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION    
Cash paid during the period for interest 3,202,288 1,725,076
Cash paid during the period for taxes 1,570,558 806,000
NONCASH INVESTING AND FINANCING ACTIVITIES    
Change in unrealized losses on securities available for sale (1,298,161) 687,732
Acquisition of real estate through foreclosure 1,431,857 1,706,063
Financed sales of foreclosed assets $ 3,286,138 $ 1,005,000