XML 18 R6.htm IDEA: XBRL DOCUMENT v3.5.0.2
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Cash flows from operating activities:    
Net income $ 3,031,974 $ 2,530,596
Adjustments to reconcile net income to net cash provided by operating activities:    
Provision for loan losses 115,000 141,300
Depreciation 688,790 711,978
Net amortization of investment securities 205,981 236,511
Income on cash surrender value of bank owned life insurance (94,169) (110,281)
Amortization of intangibles 11,719 11,719
Gain on sale/writedown of foreclosed assets 0 (12,787)
Net gain on sale of securities (168,919) (3,587)
Net loss (gain) on disposal of other assets 1,275 (9,305)
Change in:    
Other assets (381,169) (88,838)
Other liabilities 674,355 49,210
Net cash provided by operating activities 4,084,837 3,456,516
Cash flows from investing activities:    
Proceeds from calls, paydowns and maturities of securities HTM 4,227,615 3,115,158
Proceeds from calls, paydowns and maturities of securities AFS 10,160,070 1,892,662
Proceeds from Federal Home Loan Bank Stock repurchase 413,700 141,600
Proceeds from sale of securities available for sale 11,933,634 4,044,500
Proceeds from sale of securities held to maturity 576,834 516,746
Proceeds from maturities of certificates of deposit in other banks 245,000 245,000
Purchase of securities held to maturity (478,559) (3,583,857)
Purchase of securities available for sale (14,680,561) (1,094,645)
Purchase of Federal Home Loan Bank Stock (418,700) (195,800)
Net change in loans (36,538,675) (14,761,304)
Proceeds from bank owned life insurance 0 30,011
Purchase of premises and equipment (1,304,463) (319,416)
Proceeds from sales of other assets 0 351,000
Net cash used by investing activities (25,864,105) (9,618,345)
Cash flows from financing activities:    
Net change in deposits 25,240,406 12,798,589
Payment of short-term portion of long-term debt (6,733,333) (5,133,333)
Proceeds from issuance of short-term debt 857,143 1,600,000
Proceeds from issuance of long-term debt 5,142,857 6,400,000
Cash dividends paid (789,829) (764,351)
Net cash provided by financing activities 23,717,244 14,900,905
Increase (decrease) in cash and cash equivalents 1,937,976 8,739,076
Cash and cash equivalents - beginning of period 31,080,273 12,558,697
Cash and cash equivalents - end of period 33,018,249 21,297,773
NONCASH ITEMS:    
Increase in foreclosed properties and decrease in loans 44,963 0
Unrealized gain on securities available for sale 1,137,723 611,106
Net reclass between short and long-term debt 6,733,333 5,133,333
Sale of foreclosed properties through loans $ 0 $ 150,000