As Reported Financial Statements

As Reported Financials

Source Document Currency Code (in units) 2014 Y 12/31/2015 USD 2015 Y 12/31/2016 USD 2016 Y 12/31/2017 USD 2017 Y 12/31/2017 USD
Source Document Currency Code 2014 Y 12/31/2015 USD 2015 Y 12/31/2016 USD 2016 Y 12/31/2017 USD 2017 Y 12/31/2017 USD

Operating Activities

Net income 6,081,214 8,127,700 7,988,259 8,872,965

Items not requiring (providing) cash

Depreciation and amortization 562,148 622,928 760,650 884,224
Provision for loan losses 1,255,000 760,000 645,000 1,095,000
Amortization of premiums and discounts on securities 730,737 613,525 588,835 638,051
Amortization of loan fees, net 20,497 (37,440) (25,859) 94,107
Deferred income taxes (202,690) (100,312) 6,957 1,414,479
Net realized gains on sale of available-for-sale securities (136,701) (18,291) (197,711) (6,128)
Net gains on sales of foreclosed assets (209,901) (5,308) 0 (139,497)
Benefits in excess of life insurance cash value 0 (879,488) 0 (301,278)
Stock option expense 92,628 114,393 163,662 185,691
Tax benefit related to stock options exercised 3,519 5,378 92,212 52,226
Gain on sale of loans (80,204) (162,959) (395,767) (333,343)
Increase in cash surrender value NA (243,322) (272,863) (440,003)

Changes in

Life insurance assets 0 NA NA NA
Interest receivable 4,524 (154,974) (282,627) (873,153)
Other assets 707,704 (180,661) (5,192) (935,772)
Interest payable and other liabilities 241,460 818,242 4,549 10,028
Net cash provided by operating activities 9,069,935 9,279,411 9,070,105 10,217,597

Investing Activities

Net change in interest bearing time NA NA 0 (250,000)
Purchase of available-for-sale securities (29,398,932) (67,695,130) (60,189,518) (27,970,288)
Purchase of held-to-maturity securities (64,000) (85,000) NA NA
Proceeds from maturities of available-for-sale securities 33,586,555 50,342,634 64,465,916 12,899,690
Proceeds from sales of available-for-sale securities 9,782,593 3,458,451 4,464,286 1,039,973
Proceeds from maturities of held-to-maturity securities 229,580 490,065 463,557 901,240
Purchase of nonmarketable equity securities (765,489) (2,800) (167,200) (4,900)
Net change in loans (76,581,856) (42,932,848) (77,376,863) (86,576,770)
Purchase of premises and equipment (1,509,203) (1,502,355) (1,309,750) (11,906,480)
Proceeds from sale of premises and equipment 263,508 26,221 0 391,196
Purchase of foreclosed assets (183,548) (19,375) (149,228) 0
Proceeds from sale of foreclosed assets 1,670,322 132,765 0 539,497
Purchase of life insurance 0 (8,000,000) 0 (3,200,000)
Proceeds from life insurance cash value and excess benefits NA NA 0 503,106
Net cash used in investing activities (62,970,470) (65,787,372) (69,798,800) (113,633,736)

Financing Activities

Net increase in demand deposits, money market, NOW and savings accounts 40,860,226 46,541,174 28,204,484 102,239,601
Net increase in certificates of deposit 24,472,847 20,256,558 13,515,414 9,892,197
Net increase (decrease) in short-term borrowings (2,740,904) 754,802 (4,693,877) 208,526
Proceeds from Federal Home Loan Bank Advances NA 0 10,000,000 0
Proceeds from issuance of subordinated notes 0 5,460,000 NA NA
Proceeds from stock options exercised 163,575 394,996 770,391 326,885
Purchase of common stock (63,270) (200,974) (303,669) 0
Dividends paid (2,174,137) (2,265,492) (2,397,891) (2,677,408)
Net cash provided by financing activities 60,518,337 70,941,064 45,094,852 109,989,801
Increase (Decrease) in Cash and Cash Equivalents 6,617,802 14,433,103 (15,633,843) 6,573,662
Cash and Cash Equivalents, Beginning of Year 15,943,266 22,561,068 36,994,171 21,360,328
Cash and Cash Equivalents, End of Year 22,561,068 36,994,171 21,360,328 27,933,990

Supplemental Cash Flows Information

Interest paid 2,838,939 3,300,243 3,985,174 4,897,523
Income taxes paid (net of refunds) 1,990,000 3,032,000 3,244,285 3,534,999

Supplemental disclosure of noncash investing and financing activities

Transfers from loans to foreclosed assets held for sale 527,746 0 250,772 40,000
Loans to faciliate the sale of foreclosed assets 804,085 NA 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.