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CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
6 Months Ended
Jun. 30, 2011
Jun. 30, 2010
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 968,530 $ 567,143
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Deferred income taxes (653,964) (93,630)
Provision for loan losses 1,050,000 1,299,996
Provision for depreciation 305,191 390,516
Stock dividends received (1,500) (4,500)
(Gain)/loss on sale of other real estate 109,123 (466,350)
(Gain)/loss on sale of mortgage loans (253,606) (71,931)
(Gain)/loss on sale of investment securities (1,322,577) (447,530)
Net amortization (accretion) of securities 216,174 52,740
Amortization of deposit premium 53,808 53,808
Writedown of other real estate 244,144 780,168
Unearned compensation (56,069) (77,284)
Net change in:    
Loans held for sale 2,317,397 (5,164,937)
Accrued interest receivable 279,959 161,438
Cash surrender value (19,493) (25,505)
Other assets 290,486 243,086
Accrued interest payable (22,797) (87,940)
Accrued taxes and other liabilities 329,541 335,333
Net cash provided by (used in) operating activities 3,834,347 (2,555,379)
CASH FLOWS FROM INVESTING ACTIVITIES    
(Increase)/decrease in federal funds sold 112,497 33,303
Proceeds from sales, maturities and paydowns of securities:    
Available-for-sale 35,664,891 22,927,653
Held-to-maturity 6,557,324 2,862,393
Redemption of FHLB stock 375,700 1,011,100
Purchase of FHLB stock (174,800) 0
Purchase of securities:    
Available-for-sale (33,567,885) (16,930,224)
(Increase)/decrease in loans 13,767,884 2,617,222
Proceeds from sale and transfers of other real estate 105,877 776,350
Purchase of premises and equipment (104,489) (77,099)
Net cash provided by (used in) investing activities 22,736,999 13,220,698
CASH FLOWS FROM FINANCING ACTIVITIES    
Net Increase /(decrease) in customer deposits 16,783,956 8,345,176
Net Increase /(decrease) in brokered deposits 473,072 (369,910)
Net Increase /(decrease) in securities sold under repurchase agreements (1,000,225) (47,594)
Net Increase /(decrease) in FHLB advances (8,457,000) (21,218,149)
Net Increase /(decrease) in advances from borrowers for taxes and insurance (79,882) (98,221)
Cash dividends paid (770,028) (768,768)
Common stock issued 101,500 107,100
Fair value of unexercised stock options 1,123 3,286
Net cash provided by (used in) financing activities 7,052,516 (14,047,080)
NET INCREASE/(DECREASE) IN CASH AND DUE FROM BANKS 33,623,862 (3,381,761)
CASH AND DUE FROM BANKS AT BEGINNING OF PERIOD 5,818,853 10,303,641
CASH AND DUE FROM BANKS AT END OF PERIOD 39,442,715 6,921,880
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:    
Cash paid during the period for interest 2,459,380 3,044,462
Cash paid/(refunds) during the period for income taxes 485,802 (125,320)
SCHEDULE OF NONCASH INVESTING AND FINANCING ACTIVITIES:    
Change in unrealized gains (losses) on securities available for sale (365,566) 1,085,241
Change in the deferred tax effect in unrealized gains (losses) on securities available for sale $ (136,356) $ 404,795