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Consolidated Statements of Cash Flows (Unaudited) (USD $)
6 Months Ended
Jun. 30, 2011
Jun. 30, 2010
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income (loss) $ 731,001 $ (106,188)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation 220,191 265,745
Amortization of securities and other assets 202,730 139,611
Provision for loan losses 995,351 683,686
Deferred income taxes 274,964 167,318
Other gains and losses, net (68,432) (17,182)
Stock compensation expense 147,468  
Net change in:    
Cash surrender value of life insurance (150,779) (96,008)
Loans held for sale 366,900 (407,670)
Accrued interest receivable 27,012 (137,057)
Accrued interest payable (19,969) (2,681)
Prepaid FDIC assessment 125,787 145,733
Other assets and liabilities (231,129) 272,282
Net cash provided by operating activities 2,621,095 907,589
CASH FLOWS FROM INVESTING ACTIVITIES:    
Net change in interest-bearing deposits   (216,000)
Securities available for sale:    
Purchases (9,520,985) (12,944,570)
Maturities, prepayments and calls 9,620,563 2,592,467
Securities held to maturity:    
Principal repayments received 19 19
Loan originations and principal collections, net (4,533,056) (8,411,288)
Purchases of premises and equipment (165,614) (120,628)
Purchase of bank owned life insurance   (2,200,000)
Proceeds from sale of foreclosed real estate 1,053,287 653,052
Net cash used in investing activities (3,545,786) (20,646,948)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Net increase (decrease) in deposits 3,680,863 (17,036,874)
Net increase in securities sold under agreements to repurchase 970,000 1,432
Proceeds from issuance of common stock   24,285,400
Purchase of Company common stock (153,202)  
Dividends paid (256,988)  
Stock purchased by restricted stock trust (225,780)  
Repayment of Federal Home Loan Bank advances (56,808) (2,054,622)
Net cash provided by financing activities 3,958,085 5,195,336
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 3,033,394 (14,544,023)
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 14,316,299 40,707,334
CASH AND CASH EQUIVALENTS, END OF PERIOD 17,349,693 26,163,311
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:    
Interest paid on deposits and borrowed funds 1,751,253 2,302,270
Income taxes paid 504,464 327,327
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING ACTIVITIES:    
Acquisition of real estate acquired through foreclosure $ 565,049 $ 1,059,878