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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Cash flows from operating activities:    
Net income $ 1,047,645 $ 808,726
Adjustments to reconcile net income to net cash provided by operating activities:    
Provision for loan losses 30,000 45,000
Depreciation 233,166 237,284
Net amortization of investment securities 37,715 82,434
Income on cash surrender value of bank owned life insurance (31,731) (36,543)
Amortization of intangibles 3,906 3,906
Gain on sale/writedown of foreclosed assets (366) (1,738)
Net gain on sale of securities (27,906) 0
Net gain on disposal of other assets 0 (17,000)
Change in:    
Other assets (259,477) 96,171
Other liabilities 422,079 (206,672)
Net cash provided by operating activities 1,455,031 1,011,568
Cash flows from investing activities:    
Proceeds from calls, paydowns and maturities of securities HTM 894,425 778,106
Proceeds from calls, paydowns and maturities of securities AFS 5,909,000 292,321
Proceeds from sale of securities available for sale 5,302,031 0
Proceeds from sale of securities held to maturity 576,834 0
Proceeds from maturities of certificates of deposit in other banks 245,000 0
Purchase of securities held to maturity 0 (2,662,649)
Purchase of securities available for sale 0 (1,094,645)
Purchase of Federal Home Loan Bank Stock (36,200) (300)
Net change in loans (19,978,000) (5,785,109)
Proceeds from bank owned life insurance 0 30,011
Purchase of premises and equipment (220,926) (134,364)
Proceeds from sales of other assets 0 106,000
Net cash used by investing activities (7,307,836) (8,470,629)
Cash flows from financing activities:    
Net change in deposits (7,611,170) 24,808,966
Cash dividends paid (254,784) (254,784)
Net cash (used) provided by financing activities (7,865,954) 24,554,182
Increase (decrease) in cash and cash equivalents (13,718,759) 17,095,121
Cash and cash equivalents - beginning of period 31,080,273 12,558,697
Cash and cash equivalents - end of period 17,361,514 29,653,818
NONCASH ITEMS:    
Unrealized gain on securities available for sale $ 954,807 $ 679,169