LETCHWORTH INDEPENDENT BANCSHARES CORPORATION
CONSOLIDATED STATEMENT OF CASH FLOWS
(UNAUDITED)
Six Months Ended
June 30,
1997 1996
Cash flows from operating activities:
Net income $1,509,011 $1,390,718
Adjustments to reconcile net income to
net cash provided by operating activities-
Depreciation and amortization 473,814 447,646
Provision for possible loan losses 162,290 97,249
ESOP compensation expense 112,584 112,584
Gain on sale of investments (36,850) (12,774)
Gain on sale of loans (807) (448)
(Increase) in interest receivable (84,686) (87,779)
Increase in other assets (81,274) (541,058)
Increase in interest payable 80,454 8,154
(Decrease) increase in accrued taxes
and other liabilities (504,534) 724,839
Net cash provided by operating activities $1,630,004 $2,139,131
Cash flows from investing activities:
Proceeds from sales of securities-
available
for sale $4,028,594 $2,027,500
Proceeds from calls and maturities of $4,496,690 $8,109,318
securities
Proceeds from sale of loans $340,250 $509,075
Purchases of securities-held to maturity ($3,952,904) ($5,400,888)
Purchases of securities-available for sale ($3,035,277) ($1,880,173)
Net increase in loans ($4,013,101) ($2,201,246)
Expenditures for capital assets ($219,395) ($394,576)
Net cash provided by investing activities ($2,355,143) $769,010
Cash flows from financing activities:
Net decrease (increase) in demand deposits,
NOW
accounts and money market accounts ($3,692,385) $3,536,465
Net decrease in time deposits (467,648) (6,149,458)
Proceeds from current ESOP borrowings (486,661) 0
Repayment FHLB borrowings (86,935) (231,574)
Exercise of warrants & stock options 553,200 315,050
Fed funds purchased/repos 1,996,554 423,651
Dividends paid (380,405) (290,538)
Net cash provided by financing activities ($2,564,280) ($2,396,404)
Net (decrease) increase in cash and cash ($3,289,419) $399,153
equivalents
Cash and due from banks, beginning of year 11,565,746 9,802,080
Cash and due from banks, end of quarter $8,276,327 $10,201,233
Interest paid $3,934,026 $3,820,323
Income taxes paid $380,003 $652,000
