XML 61 R8.htm IDEA: XBRL DOCUMENT v2.4.0.8
Consolidated Statements of Cash Flows (USD $)
12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Cash flows from operating activities:      
Net income $ 2,772,344 $ 1,939,087 $ 1,461,138
Adjustments to reconcile net income to net cash provided by operating activities:      
Provision for loan losses 420,000 445,000 983,667
Provision for foreclosed asset losses 0 320,000 300,000
Depreciation 897,849 897,094 829,868
Net amortization of investment securities 361,086 329,655 375,206
Income on cash surrender value of bank owned life insurance (175,835) (173,128) (164,069)
Amortization of intangibles 215,700 219,482 219,357
Loss on sale/writedown of foreclosed assets 142,757 125,481 166,605
Net loss on the impairment of equity securities 0 0 12,265
Net gain on sale of securities (311,800) (337,804) (381,312)
Net loss on disposal of other assets (28,670) (149,453) (2,820)
Change in:      
Funds held related to mortgage banking activities 225,892 (590,699) 14,197
Other assets (6,085) (165,378) 668,061
Other liabilities (526,058) 364,712 125,464
Net cash provided by operating activities 3,987,180 3,224,049 4,607,627
Cash flows from investing activities:      
Proceeds from calls, paydowns and maturities of securities HTM 9,255,718 12,389,820 15,831,690
Proceeds from calls, paydowns and maturities of securities AFS 4,585,089 7,889,000 11,641,799
Proceeds from sale of securities available for sale 442,600 8,833,839 24,846,529
Proceeds from maturities of certificates of deposit in other banks 735,000 0 0
Purchase of securities held to maturity (9,341,009) (20,202,076) (22,193,213)
Purchase of securities available for sale (21,093,480) (9,851,401) (9,234,434)
Purchase of certificates of deposit in other banks (245,000) (2,940,000) (980,000)
Net change in loans (14,944,752) (24,447,726) (24,968,385)
Purchase of bank owned life insurance (2,278,000) 0 (1,400,002)
Proceeds from bank owned life insurance 68,505 0 0
Expenditures for improvements to other real estate owned 0 0 (42,401)
Purchase of premises and equipment (1,105,919) (1,309,346) (1,553,137)
Proceeds from sales of other assets 1,398,264 1,500,981 1,298,642
Net cash provided by investing activities (30,360,984) (28,136,909) (6,752,912)
Cash flows from financing activities:      
Net change in deposits 18,672,479 42,851,161 9,379,840
Payment of short-term debt (2,000,000) (2,000,000) (2,000,000)
Proceeds from issuance of long-term debt 9,000,000 0 0
Cash dividends paid (509,567) (407,655) (254,784)
Net cash provided for financing activities 25,162,912 40,443,506 7,125,056
Increase (decrease) in cash and cash equivalents (1,210,892) 15,530,646 4,979,771
Cash and cash equivalents - beginning of period 36,581,052 21,050,406 16,070,635
Cash and cash equivalents - end of period 35,370,160 36,581,052 21,050,406
Income taxes 510,000 454,000 0
Interest paid 1,696,525 1,911,944 2,274,698
NONCASH ITEMS:      
Increase in foreclosed properties and decrease in loans 206,518 912,927 760,420
Unrealized gain(loss) on securities AFS (1,279,018) (732,000) 813,321
Unrealized gain on pension plan benefits 191,451 417,892 48,708
Net reclass between short and long-term debt 11,800,000 2,000,000 2,000,000
Adjustment to director's deferred compensation liability $ (33,000) $ 0 $ 0