XML 29 R7.htm IDEA: XBRL DOCUMENT v2.3.0.15
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
9 Months Ended
Sep. 30, 2011
Sep. 30, 2010
CASH FLOWS FROM OPERATING ACTIVITIES:  
Net Income$ 2,511,256$ 1,332,302
Depreciation, amortization and accretion:  
Premises and equipment238,976272,952
Amortization of investment premiums and discounts, net323,001603,050
Accretion of loan discounts(4,351)(1,932)
Net realized gains on sales of available-for-sale securities(138,291)(424,470)
PROVISION FOR LOAN LOSSES475,0001,500,000
Mortgage banking operations, net(167,496)(345,463)
Loss (gain) on sale of real estate owned(27,495)14,167
Impairment on mortgage servicing rights asset48,386165,651
Shares held by ESOP commited to be released19,9728,586
Tax benefit related to stock options exercised4,609 
Changes in income taxes payable(220,062)(255,129)
Changes in assets and liabilities(696,909)(834,035)
Net cash provided by operations before loan sales2,366,5962,035,679
Origination of loans for sale to secondary market(18,354,636)(29,714,297)
Proceeds from sales of loans to secondary market17,995,74729,619,053
Net cash provided by operating activities2,007,7071,940,435
CASH FLOWS FROM INVESTING ACTIVITIES:  
Purchases of investment and mortgage-backed securities(36,192,203)(56,098,581)
Maturity or call of investment securities available-for-sale6,255,00013,740,000
Sale of investment securities available-for-sale22,745,05524,325,429
Principal payments on mortgage-backed and investment securities5,405,9588,385,293
Proceeds from sale of real estate owned295,052303,340
Net (increase) decrease in loans3,649,895(6,679,963)
Additions to premises and equipment(129,044)(34,452)
Net cash provided by (used in) investing activities2,029,713(16,058,934)
CASH FLOWS FROM FINANCING ACTIVITIES:  
Net increase (decrease) in deposits(889,258)3,679,426
Net increase (decrease) in other borrowings1,161,065(318,171)
Decrease in advance payments by borrowers for taxes and insurance(199,044)(177,594)
Exercise of stock options211,568 
Purchase and retirement of treasury stock related to stock options(181,941) 
Merger of Jacksonville Bancorp, MHC 789,092
Cash paid for fractional shares in exchange (1,529)
Net proceeds from stock offering 9,226,207
Purchase of shares for ESOP (416,140)
Dividends paid - common stock(421,949)(276,591)
Net cash provided by financing activities(319,559)12,504,700
NET DECREASE IN CASH AND CASH EQUIVALENTS3,717,861(1,613,799)
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR8,943,40015,696,474
CASH AND CASH EQUIVALENTS, END OF PERIOD12,661,26114,082,675
Cash paid during the year for:  
Interest on deposits2,395,1133,198,134
Interest on other borrowings13,80110,662
Income taxes paid1,197,500403,000
NONCASH INVESTING AND FINANCING ACTIVITIES:  
Real estate acquired in settlement of loans449,396637,699
Loans to facilitate sales of real estate owned$ 131,834$ 75,280