As Reported Financial Statements

As Reported Financials

Source Document Currency Code (in units) 2013 Y 12/31/2014 USD 2014 Y 12/31/2015 USD 2015 Y 12/31/2016 USD 2016 Y 12/31/2016 USD
Source Document Currency Code 2013 Y 12/31/2014 USD 2014 Y 12/31/2015 USD 2015 Y 12/31/2016 USD 2016 Y 12/31/2016 USD

Operating Activities

Net income 5,216,160 6,081,214 8,127,700 7,988,259

Items not requiring (providing) cash

Depreciation and amortization 624,722 562,148 622,928 760,650
Provision for loan losses 1,970,000 1,255,000 760,000 645,000
Amortization of premiums and discounts on securities 822,157 730,737 613,525 588,835
Amortization of loan fees, net 60,851 20,497 (37,440) (25,859)
Deferred income taxes 681,725 (202,690) (100,312) 6,957
Net realized (gains) losses on sale of available-for-sale securities (687,248) (136,701) (18,291) (197,711)
Net gains on sales of foreclosed assets 29,129 (209,901) (5,308) 0
Impairment of foreclosed assets 283,033 NA NA NA
Benefits in excess of life insurance cash value NA 0 (879,488) 0
Stock option expense 53,596 92,628 114,393 163,662
Tax benefit related to stock options excercised 21,632 3,519 5,378 92,212
Gain on sale of loans (42,754) (80,204) (162,959) (395,767)
Increase in cash surrender value NA NA (243,322) (272,863)
Changes in
Life insurance assets NA 0 NA NA
Interest receivable 70,504 4,524 (154,974) (282,627)
Other assets (146,710) 707,704 (180,661) (5,192)
Interest payable and other liabilities 772,949 241,460 818,242 4,549
Net cash provided by operating activities 9,729,746 9,069,935 9,279,411 9,070,105

Investing Activities

Purchase of available-for-sale securities (32,452,080) (29,398,932) (67,695,130) (60,189,518)
Purchase of held-to-maturity securities (122,900) (64,000) (85,000) 0
Proceeds from maturities of available-for-sale securities 31,632,913 33,586,555 50,342,634 64,465,916
Proceeds from sales of available-for-sale securities 14,004,925 9,782,593 3,458,451 4,464,286
Proceeds from maturities of held-to-maturity securities 355,468 229,580 490,065 463,557
Purchase of nonmarketable equity securities (900) (765,489) (2,800) (167,200)
Net change in loans (29,208,145) (76,581,856) (42,932,848) (77,376,863)
Purchase of premises and equipment (1,301,458) (1,509,203) (1,502,355) (1,309,750)
Proceeds from sale of premises and equipment 0 263,508 26,221 0
Purchase of foreclosed assets (242,011) (183,548) (19,375) (149,228)
Proceeds from sale of foreclosed assets 770,545 1,670,322 132,765 0
Purchase of life insurance NA 0 (8,000,000) 0
Net cash used in investing activities (16,563,643) (62,970,470) (65,787,372) (69,798,800)

Financing Activities

Net increase in demand deposits, money market, NOW and savings accounts 13,435,680 40,860,226 46,541,174 28,204,484
Net increase in certificates of deposit (9,657,542) 24,472,847 20,256,558 13,515,414
Net increase (decrease) in short-term borrowings 1,238,470 (2,740,904) 754,802 (4,693,877)
Repayment of long-term debt (3,093,000) NA NA NA
Proceeds from Federal Home Loan Bank Advances NA NA 0 10,000,000
Proceeds from issuance of subordinated notes NA 0 5,460,000 0
Proceeds from stock options exercised 221,088 163,575 394,996 770,391
Purchase of common stock (72,240) (63,270) (200,974) (303,669)
Dividends paid (1,491,502) (2,174,137) (2,265,492) (2,397,891)
Net cash provided by financing activities 580,954 60,518,337 70,941,064 45,094,852
Increase (Decrease) in Cash and Cash Equivalents (6,252,943) 6,617,802 14,433,103 (15,633,843)
Cash and Cash Equivalents, Beginning of Year 22,196,209 15,943,266 22,561,068 36,994,171
Cash and Cash Equivalents, End of Year 15,943,266 22,561,068 36,994,171 21,360,328

Supplemental Cash Flows Information

Interest paid 3,230,361 2,838,939 3,300,243 3,985,174
Income taxes paid (net of refunds) 1,921,212 1,990,000 3,032,000 3,244,285

Supplemental disclosure of noncash investing and financing activities

Transfers from loans to foreclosed assets held for sale 1,581,839 527,746 0 250,772
Loans to faciliate the sale of foreclosed assets 1,731,276 804,085 NA NA
Data shown on this page is extracted directly from the company’s documents. S&P makes every effort to line up fields, captions and headers that represent the same data over time, despite variations in how the company may report these items in different documents. In certain instances the variation in the company’s presentation over time may be too significant, potentially resulting in repeating and/or disordered items. Despite possible issues with the presentation, S&P, as always, stands by its commitment to the quality of the data.