Wake Forest Bancshares, Inc.

WAKE · OTC
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9/30/2007
9/30/2006
9/30/2005
9/30/2004
Operating Activities
Net Income$1,680$1,656$1,321$1,089
Dep. & Amort.$44$34$24$25
Deferred Tax-$80-$29-$47-$57
Stock-Based Comp.$0$0$0$0
Change in WC$116-$36$170$70
Other Non-Cash$124$151$83$22
Operating Cash Flow$1,881$1,768$1,550$1,118
Investing Activities
PP&E Inv.$0-$97-$13-$15
Net Acquisitions$0$0$0$0
Inv. Purchases-$1,500$0$0$0
Inv. Sales/Matur.$0$0$0$0
Other Inv. Act.$301-$2,941$4,268-$12,815
Investing Cash Flow-$1,199-$3,038$4,255-$12,830
Financing Activities
Debt Repay.$0$0$0$0
Stock Issued$0$0$0$0
Stock Repurch.$0$0$0$0
Dividends Paid-$388-$342-$307-$286
Other Fin. Act.$1,716$3,104$10,977$1,108
Financing Cash Flow$1,328$2,762$10,671$822
Forex Effect$0$0$0$0
Net Chg. in Cash$2,010$1,492$16,476-$10,891
Supplemental Information
Beg. Cash$23,819$22,327$5,851$16,742
End Cash$25,829$23,819$22,327$5,851
Free Cash Flow$1,881$1,670$1,538$1,103