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CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
6 Months Ended
Jun. 30, 2011
Jun. 30, 2010
CASH FLOWS FROM OPERATING ACTIVITIES  
Net income$ 804,531$ 567,143
Adjustments to reconcile net income to net cash provided by (used in) operating activities:  
Deferred income taxes(751,966)(93,630)
Provision for loan losses1,312,0001,299,996
Provision for depreciation305,191390,516
Stock dividends received(1,500)(4,500)
(Gain)/loss on sale of other real estate109,123(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 securities216,17452,740
Amortization of deposit premium53,80853,808
Writedown of other real estate244,144780,168
Unearned compensation(56,069)(77,284)
Net change in:  
Loans held for sale2,317,397(5,164,937)
Accrued interest receivable279,959161,438
Cash surrender value(19,493)(25,505)
Other assets290,487243,086
Accrued interest payable(22,797)(87,940)
Accrued taxes and other liabilities329,541335,333
Net cash provided by (used in) operating activities3,834,347(2,555,379)
CASH FLOWS FROM INVESTING ACTIVITIES  
(Increase)/decrease in federal funds sold112,49733,303
Proceeds from sales, maturities and paydowns of securities:  
Available-for-sale35,664,89122,927,653
Held-to-maturity6,557,3242,862,393
Redemption of FHLB stock375,7001,011,100
Purchase of FHLB stock(174,800)0
Purchase of securities:  
Available-for-sale(33,567,885)(16,930,224)
(Increase)/decrease in loans13,767,8842,617,222
Proceeds from sale and transfers of other real estate105,877776,350
Purchase of premises and equipment(104,489)(77,099)
Net cash provided by (used in) investing activities22,736,99913,220,698
CASH FLOWS FROM FINANCING ACTIVITIES  
Net Increase /(decrease) in customer deposits16,783,9568,345,176
Net Increase /(decrease) in brokered deposits473,072(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 issued101,500107,100
Fair value of unexercised stock options1,1233,286
Net cash provided by (used in) financing activities7,052,516(14,047,080)
NET INCREASE/(DECREASE) IN CASH AND DUE FROM BANKS33,623,862(3,381,761)
CASH AND DUE FROM BANKS AT BEGINNING OF PERIOD5,818,85310,303,641
CASH AND DUE FROM BANKS AT END OF PERIOD39,442,7156,921,880
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:  
Cash paid during the period for interest2,459,3803,044,462
Cash paid/(refunds) during the period for income taxes485,802(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