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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 3,414,771 $ 1,643,851
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 932,691 549,186
Provision for loan losses 688,796 12,450
Stock option compensation expense 33,471 26,812
Restricted stock compensation expense 69,706 0
Net gains from sale of loans and other assets (325,345) (275,165)
Net losses from sale of foreclosed assets 146,540 15,564
Changes in other assets and liabilities:    
Accrued interest receivable (352,171) 160,042
Accrued interest payable 21,507 2,373
Other assets and liabilities (1,453,236) 486,433
Net cash provided by operating activities 3,176,730 2,621,546
CASH FLOWS FROM INVESTING ACTIVITIES    
Proceeds from security sales, maturities, and paydowns 5,007,826 5,152,054
Purchase of securities (11,239,649) (12,507,860)
Purchase of restricted investments (1,377,600) 0
Loan originations and principal collections, net (50,633,564) 6,106,801
Purchase of bank premises and equipment (1,789,344) (654,044)
Proceeds from sale of foreclosed assets 320,417 39,636
Net cash used in investing activities (59,711,914) (1,863,413)
CASH FLOWS FROM FINANCING ACTIVITIES    
Net increase (decrease) in deposits 60,954,797 (17,365,921)
Net decrease in securities sold under agreements to repurchase (8,086,929) (3,468,587)
Issuance of common stock 950,521 37,516,178
Redemption of preferred stock 0 (12,000,000)
Payment of dividends on preferred stock 0 (195,000)
Proceeds from Federal Home Loan Bank advances and other borrowings 65,000,000 60,375
Repayment of Federal Home Loan Bank advances and other borrowings (78,600,000) (18,505,765)
Net cash provided by (used in) financing activities 40,218,389 (13,958,720)
NET DECREASE IN CASH AND CASH EQUIVALENTS (16,316,795) (13,200,587)
CASH AND CASH EQUIVALENTS, beginning of year 113,026,884 68,748,308
CASH AND CASH EQUIVALENTS, end of period 96,710,089 55,547,721
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION    
Cash paid during the period for interest 2,545,226 1,126,591
Cash paid during the period for taxes 0 0
NONCASH INVESTING AND FINANCING ACTIVITIES    
Change in unrealized losses on securities available for sale 1,817,388 (516,665)
Acquisition of real estate through foreclosure 135,038 39,517
Financed sales of foreclosed assets 257,416 0
Change in goodwill due to acquisition $ 10,778 $ 0