XML 26 R8.htm IDEA: XBRL DOCUMENT v3.8.0.1
Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Cash flows from operating activities:      
Net income $ 3,807,492 $ 4,033,977 $ 3,373,635
Adjustments to reconcile net income to net cash provided by operating activities:      
Provision for loan losses 300,000 160,000 141,300
Depreciation 881,000 923,578 961,964
Net amortization of investment securities 396,899 309,185 307,861
Income on cash surrender value of bank owned life insurance (133,398) (125,290) (147,601)
Disposal of fixed assets to charitable expense 13,045 0 0
Amortization of intangibles 15,625 15,625 15,625
Loss (gain) on sale/writedown of foreclosed assets 8,892 0 (13,077)
Net gain on sale of securities (186,610) (168,919) (3,587)
Net loss (gain) on disposal of other assets 1,594 (36,701) (9,305)
Change in:      
Other assets 489,903 (253,894) 52,322
Other liabilities 288,505 324,142 (208,670)
Net cash provided by operating activities 5,882,947 5,181,703 4,470,467
Cash flows from investing activities:      
Proceeds from calls, paydowns and maturities of securities HTM 10,070,453 5,952,271 5,115,703
Proceeds from calls, paydowns and maturities of securities AFS 635,818 10,354,337 4,143,139
Proceeds from Federal Home Loan Bank Stock repurchase 705,100 413,700 141,600
Proceeds from sale of securities available for sale 5,741,211 11,933,634 4,044,500
Proceeds from sale of securities held to maturity 0 576,834 516,746
Proceeds from maturity of  certificates of deposit in other banks 0 245,000 1,225,000
Purchase of securities held to maturity (265,000) (478,559) (5,207,650)
Purchase of securities available for sale (7,039,139) (25,129,827) (5,709,379)
Purchase of Federal Home Loan Bank Stock (1,269,100) (418,700) (450,800)
Purchase certificates of deposit in other banks (1,985,000) 0 0
Net change in loans (38,895,975) (41,850,494) (26,517,707)
Purchase bank owned life insurance (1,063,237) 0 0
Proceeds from bank owned life insurance 0 0 30,011
Purchase of premises and equipment (1,955,067) (1,455,043) (370,837)
Proceeds from sales of fixed assets and foreclosed assets 233,553 304,825 201,000
Net cash used by investing activities (35,086,383) (39,552,022) (22,838,674)
Cash flows from financing activities:      
Net change in deposits 25,512,772 32,477,143 29,042,251
Payment of short-term portion of long-term debt (13,447,619) (7,590,476) (5,133,333)
Proceeds from issuance of short-term debt 7,857,143 857,143 2,457,143
Proceeds from issuance of long-term debt 18,142,857 5,142,857 11,542,857
Cash dividends paid (1,120,872) (1,070,047) (1,019,135)
Payment for treasury stock (122,340) (6,658) 0
Net cash provided by financing activities 36,821,941 29,809,962 36,889,783
Increase (decrease) in cash and cash equivalents 7,618,505 (4,560,357) 18,521,576
Cash and cash equivalents - beginning of period 26,519,916 31,080,273 12,558,697
Cash and cash equivalents - end of period 34,138,421 26,519,916 31,080,273
Cash paid during the year for:      
Income taxes 895,000 964,000 725,000
Interest paid 1,881,924 1,600,593 1,314,156
NONCASH ITEMS:      
Increase in foreclosed properties and decrease in loans 903,842 44,963 241,980
Unrealized gain (loss) on securities AFS 140,074 (848,222) 134,774
Unrealized gain (loss) on pension plan benefits 503,167 (110,306) (1,032,035)
Net reclass between short and long-term debt 15,114,286 7,590,476 5,133,333
Sale of foreclosed properties through loans 38,000 0 334,000
Property moved from fixed assets to property held for sale $ 0 $ 211,500 $ 0