CORRECTION OF IMMATERIAL ERROR

12 Months Ended

Dec. 31, 2013

CORRECTION OF IMMATERIAL ERROR [Abstract]

(28) CORRECTION OF IMMATERIAL ERROR

During 2013, the Company identified an immaterial error in its cash flow statements for prior periods. The Company improperly reported losses on the sale and writedowns of OREO as Investing Activities instead of as a reconciling item within Operating Activities, as well as reported unsettled trade liabilities for investment purchases as Operating Activities instead of Investing Activities and reported purchases of and proceeds from death benefits of bank-owned life insurance as Operating Activities instead of Investing Activities. These changes had no impact to the overall total of cash inflows and outflows within the cash flow statements for prior periods. The Company has deemed these changes immaterial to its consolidated financial statements taken as a whole. The following table reflects the changes in the cash flow statements for the years ended December 31, 2012 and December 31, 2011:


	As Originally
	Reported	Adjustment	As Adjusted
Year Ended December 31, 2012
Net cash provided by operating activities	$ 133,331	$ 27,326	$ 160,657
Net cash provided by investing activities	292,473	(27,326)	265,147
Net cash provided by financing activities	278,466	-	278,466
Increase in cash and cash equivalents	704,270	-	704,270
Cash and cash equivalents at beginning of period	499,344	-	499,344
Cash and cash equivalents at end of period	$ 1,203,614	$ -	$ 1,203,614


Year Ended December 31, 2011
Net cash provided by operating activities	$ 256,425	$ 19,691	$ 276,116
Net cash provided by investing activities	661,840	(19,691)	642,149
Net cash used in financing activities	(691,007)	-	(691,007)
Increase in cash and cash equivalents	227,258	-	227,258
Cash and cash equivalents at beginning of period	272,086	-	272,086
Cash and cash equivalents at end of period	$ 499,344	$ -	$ 499,344

- Definition

The entire disclosure for reporting accounting changes and error corrections. It includes the conveyance of information necessary for a user of the Company's financial information to understand all aspects and required disclosure information concerning all changes and error corrections reported in the Company's financial statements for the period.

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