XML 22 R8.htm IDEA: XBRL DOCUMENT v3.3.1.900
Consolidated Statements Of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Cash flows from operating activities:    
Net income $ 1,930,765 $ 3,032,708
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization of premises and equipment 732,618 880,644
Stock-based compensation 143,712 1,506,713
Amortization of investment premiums and discounts, net 326,047 239,612
Accretion of net discounts on loans (3,346,032) (5,666,090)
Amortization of core deposit intangibles 854,098 992,960
Reversal of remaining interest rate mark to market adjustment on IRA deposit   (2,379,662)
Amortization of deposit premiums 53,398 (1,018,176)
Provision for loan losses 1,142,522 801,688
Increase in cash surrender value of bank owned life insurance (125,975) (128,802)
Bargain purchase gain   (524,432)
Gain on sale and redemption of securities (289,912)  
Loss on sale of premise and equipment 60,041 4,431
Write down of real estate acquired through foreclosure 270,685 412,343
Gain on sale of real estate acquired through foreclosure (45,285) (58,046)
Origination of loans held for sale (113,989,930) (74,709,000)
Proceeds from sales of loans held for sale 119,273,960 81,333,823
Gains on sales of loans held for sale (3,143,667) (2,123,595)
Deferred income taxes 1,200,294 2,992,074
Net increase (decrease) in accrued interest taxes receivable 347,648 (3,122,885)
Net decrease in accrued pension plan asset (219,885) (479,857)
Net increase (decrease) in prepaid expenses and other assets 250,089 182,112
Net decrease in accrued expenses and other liabilities (385,393) (182,773)
Net cash provided by operating activities 5,039,798 1,985,790
Cash flows from investing activities:    
Acquisition, net of cash acquired   24,623,173
Net decrease in time deposits with banks   1,546,718
Purchases of investment securities available for sale (13,816,533) (2,042,500)
Purchases of investment securities held to maturity (333,939) (1,340,499)
Redemptions and maturities of investment securities available for sale 15,701,802 3,926,003
Redemptions and maturities of investment securities held to maturity 82,829  
Net (purchase) redemption of Federal Home Loan Bank stock (1,106,600) 400,300
Net decrease in loans 793,838 15,646,634
Proceeds from sale of real estate acquired through foreclosure 1,722,269 762,542
Purchases of premises and equipment (306,829) (479,250)
Proceeds from sale of premises and equipment 7,325 38,750
Net cash provided by investing activities 2,744,162 43,081,871
Cash flows from financing activities:    
Net decrease in deposits (20,467,592) (80,598,547)
Net increase in short-term borrowings 30,150,000 22,150,000
Repurchase of common stock (857,574)  
Proceeds from issuance of common stock   $ 7,000,000
Issuance of common stock on stock option exercise 912,254
Net cash used in financing activities 9,737,088 $ (51,448,547)
Net (decrease) increase in cash and cash equivalents 17,521,048 (6,380,886)
Cash and cash equivalents at beginning of period 16,892,174 23,273,060
Cash and cash equivalents at end of period 34,413,222 16,892,174
Supplemental Disclosures Of Cash Flow Information:    
Interest paid on deposits and borrowings 1,785,674 2,289,856
Net income tax refunds (408,618) (256,007)
Non Cash activities:    
Transfer of loans to real estate acquired through foreclosure 1,926,929 1,307,191
Transfer of loans held for sale to loan portfolio $ 228,599 $ 1,101,700