XML 25 R7.htm IDEA: XBRL DOCUMENT v2.4.0.6
Consolidated Statements Of Cash Flows (USD $)
12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2009
Operating Activities      
Net loss $ (1,489,148) $ (497,767) $ (1,361,274)
Adjustments to reconcile net loss to net cash provided by (used for) operating activities      
Depreciation and net amortization 538,477 484,081 351,303
Deferred income tax expense (benefit) 908,441 (132,306) (37,863)
Provision for loan losses 670,000 1,260,000 2,955,000
Impairment of foreclosed property 430,513 709,751  
Gain on sale of available-for-sale investments   (325,656) (299,063)
Loss on sale of repossessed collateral 193,693 180,397 228,547
(Gain) loss on sale/disposal of property and equipment 3,539 1,881 (625)
Non-cash option expense 49,676 61,220 72,464
(Increase) decrease in other assets 164,868 1,508,383 (2,459,514)
Increase in other liabilities 53,844 101 145,474
Net cash provided by (used for) operating activities 1,523,903 3,250,085 (405,551)
Investing Activities      
Proceeds from maturities and principal paydowns of investment securities 8,932,818 8,277,549 5,901,304
Proceeds from sale of investment securities   8,120,975 10,752,749
Proceeds from sale of foreclosed property 4,389,988 3,947,388 2,498,705
Purchase of investment securities (12,532,290) (11,385,110) (25,495,248)
(Purchase) sale of FHLB and Federal Reserve stock, net 179,500 78,700 (27,900)
(Increase) decrease in loans, net 14,112,651 8,558,681 (17,167,459)
Proceeds from sale of property and equipment 425   625
Capitalization of improvements to foreclosed property (191,889) (364,989) (63,943)
Purchase of property and equipment (32,942) (169,697) (5,448)
Net cash provided by (used for) investing activities 14,858,261 17,063,497 (23,606,615)
Financing Activities      
Net (decrease) increase in deposits (1,783,798) (11,734,882) 29,799,700
Net decrease in customer repurchase agreements (1,178,387) (311,065) (1,325,617)
Net decrease Federal funds purchased     (1,810,000)
Borrowings from Federal Home Loan Bank of Atlanta     4,500,000
Repayments to Federal Home Loan Bank of Atlanta (4,150,833) (3,150,834) (5,150,833)
Proceeds from sale of preferred stock, net of expenses   998,538  
Repayments of broker repurchase agreements (2,000,000)    
Proceeds from exercise of stock options     80,000
Cash paid in lieu of fractional shares   (1,024) (1,715)
Net cash (used for) provided by financing activities (9,113,018) (14,199,267) 26,091,535
Net increase in cash and cash equivalents 7,269,146 6,114,315 2,079,369
Cash and cash equivalents, beginning of year 12,153,911 6,039,596 3,960,227
Cash and cash equivalents, end of year 19,423,057 12,153,911 6,039,596
Cash paid for:      
Interest 1,860,780 2,776,547 3,457,004
Income taxes (refunds, received) (208,897) (892,557) 54,946
Non-cash Supplemental information:      
Loans transferred to foreclosed property 11,089,194 8,038,463 8,922,517
Loans charged-off, net $ 1,330,990 $ 1,251,907 $ 1,958,726