Consolidated Statements of Cash Flows - USD ($)
|
12 Months Ended |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
| Cash flows from operating activities: |
|
|
|
| Net income |
$ 1,352,616
|
$ 1,914,526
|
$ 2,614,177
|
| Adjustments to reconcile net income to net cash provided by operating activities |
|
|
|
| Depreciation, amortization, and accretion |
1,139,547
|
812,331
|
1,187,689
|
| Provision for credit losses |
1,695,000
|
1,020,876
|
260,000
|
| Deferred income tax benefits, net |
627,749
|
(286,670)
|
35,252
|
| Gains on disposals of assets, net |
(1,073,286)
|
(1,213,844)
|
(321,443)
|
| Provision on losses of other real estate owned |
|
91,448
|
5,695
|
| Impairment losses on investment securities |
|
|
15,581
|
| Income on investment in life insurance |
(219,054)
|
(223,841)
|
(234,298)
|
| Changes in assets and liabilities: |
|
|
|
| Decrease in ground rents |
5,562
|
|
|
| Decrease (increase) in accrued interest receivable |
152,732
|
235,101
|
(58,917)
|
| (Increase) decrease in other assets |
(1,109,944)
|
56,011
|
637,425
|
| Increase (decrease) in accrued interest payable |
32
|
11,300
|
158
|
| (Decrease) increase in other liabilities |
(432,777)
|
101,973
|
(29,556)
|
| Net cash provided by operating activities |
2,138,177
|
2,519,211
|
4,111,763
|
| Cash flows from investing activities: |
|
|
|
| Maturities and principal paydowns of available for sale mortgage-backed securities |
15,088,957
|
9,109,664
|
15,171,085
|
| Proceeds from sales of available for sale debt securities |
27,030,183
|
30,269,965
|
25,626,845
|
| Purchases of available for sale mortgage-backed securities |
(38,206,832)
|
(28,703,606)
|
(16,920,333)
|
| Purchases of other available for sale investment securities |
(15,089,446)
|
(21,464,085)
|
(4,185,719)
|
| Purchase (redemption) of FHLB stock |
124,700
|
125,100
|
(4,900)
|
| Decrease (increase) in loans, net |
12,580,131
|
(4,368,168)
|
(22,295,595)
|
| Proceeds from sales of other real estate |
80,420
|
1,153,883
|
273,121
|
| Purchases of premises and equipment |
(90,392)
|
(442,529)
|
(262,598)
|
| Net cash provided (used) by investing activities |
1,517,721
|
(14,319,776)
|
(2,598,094)
|
| Cash flows from financing activities: |
|
|
|
| Increase in noninterest-bearing deposits, NOW accounts, money market accounts, and savings accounts, net |
5,021,940
|
1,815,399
|
2,459,040
|
| (Decrease) increase in time deposits, net |
(8,707,702)
|
13,258,537
|
(10,944,570)
|
| Cash dividends paid |
(1,023,304)
|
(1,100,984)
|
(822,073)
|
| Common stock dividends reinvested |
144,342
|
154,378
|
118,821
|
| Net cash (used) provided by financing activities |
(4,564,724)
|
14,127,330
|
(9,188,782)
|
| (Decrease) increase in cash and cash equivalents |
(908,826)
|
2,326,765
|
(7,675,113)
|
| Cash and cash equivalents, beginning of year |
13,280,234
|
10,953,469
|
18,628,582
|
| Cash and cash equivalents, end of year |
12,371,408
|
13,280,234
|
10,953,469
|
| Supplementary Cash Flow Information: |
|
|
|
| Interest paid |
2,390,653
|
2,522,622
|
2,661,647
|
| Income taxes paid |
625,000
|
300,000
|
525,000
|
| Total decrease (increase) in unrealized depreciation on available for sale securities |
(670,016)
|
2,126,700
|
(6,045,150)
|
| Supplementary Noncash Investing Activities: |
|
|
|
| Loans converted to other real estate |
$ 74,400
|
$ 45,175
|
$ 983,000
|