Same commitment. - Seaway Bank and Trust Company
Same commitment. - Seaway Bank and Trust Company
Same commitment. - Seaway Bank and Trust Company
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<strong>Seaway</strong> Bancshares, Inc. <strong>and</strong> Subsidiary<br />
Consolidated Statements of Cash Flows<br />
For the Years Ended December 31, 2008 <strong>and</strong> 2007<br />
Operating Activities<br />
2008 2007<br />
Net Income $ 2,848,927 $ 2,757,612<br />
Adjustments to reconcile net income to net cash<br />
provided from (used by) operating activities:<br />
Provision for loan losses 995,000 80,000<br />
Provision for depreciation <strong>and</strong> amortization 666,869 567,843<br />
Amortization of investment security premiums 14,109 42,207<br />
Accretion of investment security discounts (148,847) (47,462)<br />
Net change in deferred income taxes (48,370) (6,275)<br />
Net (increase) decrease in interest receivable (83,752) 176,975<br />
Net (decrease) increase in interest payable (511,052) 405,385<br />
Net decrease (increase) in other assets 441,095 (71,647)<br />
Net increase in other liabilities 1,082,582 935,435<br />
Net cash provided from operating activities $ 5,256,561 $ 4,840,073<br />
Investing activities<br />
Proceeds from sales <strong>and</strong> maturities of investment securities available for sale 92,886,740 15,265,000<br />
Principal collected on investment securities available for sale 2,707,305 3,018,158<br />
Principal collected on investment securities held for maturity 182,705 119,957<br />
Purchases of investment securities available for sale (100,972,999) (17,720,909)<br />
Purchases of investment securities held to maturity (214,026) (113,932)<br />
Net increase in long-term loans (16,250,517) (6,799,446)<br />
Purchases of premises <strong>and</strong> equipment (net) (575,607) (847,033)<br />
Net increase in other real estate (157,500) (160,651)<br />
Net cash (used by) investing activities $ (22,393,899) $ (7,238,856)<br />
Financing activities<br />
Net decrease in non-interest-bearing deposits (10,238,887) (23,380,488)<br />
Net increase in interest-bearing deposits 25,371,442 10,481,239<br />
Net increase (decrease) in federal funds purchased <strong>and</strong> other borrowed funds 953,790 (2,923,205)<br />
Cash Dividends paid (2,562,861) (2,412,104)<br />
Net cash provided from (used by) financing activities 13,523,484 (18,234,558)<br />
Net decrease in Cash <strong>and</strong> Cash Equivalents (3,613,854) (20,633,341)<br />
Cash And Cash Equivalents At Beginning of Year 18,412,837 39,046,178<br />
Cash And Cash Equivalents At Year-End $ 14,798,983 $ 18,412,837<br />
Interest Paid $ 6,996,217 $ 8,377,768<br />
Income Taxes Paid $ 9,000 $ 5,000<br />
The accompanying Notes to Financial Statements are an integral part of these statements.<br />
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