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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 2,120,364 $ 1,355,745
Items not requiring (providing) cash:    
Deferred income taxes 116,506 (26,484)
Depreciation 476,440 331,330
Lease amortization 16,798
Provision for Loan Losses 225,000
Gain on sale of Small Business Administration loans (250,119) (170,862)
Gain on sale of mortgage loans held for sale and investment securities (395,350) (382,740)
Gain on sale of foreclosed assets (6,043) (54,910)
Gain on sale of premises and equipment (6,069)
Amortization of deferred income, premiums and discounts 63,406 113,284
Stock award plan expense 169,100 123,235
Accretion of purchase accounting adjustments (306,892)
Origination of loans held for sale (15,877,396) (13,144,364)
Proceeds from sale of loans held for sale 14,972,988 14,664,665
Increase in cash surrender value of bank owned life insurance (111,186) (112,015)
Changes in:    
Accrued interest receivable (382,266) (76,120)
Prepaid expenses and other assets (1,262,913) 36,306
Accounts payable and accrued expenses (113,096) (414,507)
Income taxes receivable/payable (79,260) 141,574
Net cash provided by (used in) operating activities (854,988) 2,609,137
CASH FLOWS FROM INVESTING ACTIVITIES    
Net change in loans 18,198,692 (8,457,089)
Principal payments on available-for-sale securities 1,433,177 1,360,549
Principal payments on held-to-maturity securities 736 1,360
Purchase of premises and equipment (153,664) (1,672,352)
Purchase of available-for-sale securities (17,536,729) (3,777,647)
Proceeds from sale of available-for-sale securities 5,057,584 565,935
Redemption of FHLB stock 2,145,700 413,900
Purchase of tax credit investments (3,168,435)
Proceeds from sale of foreclosed assets held for sale 158,230 54,910
Net cash provided by (used in) investing activities 6,135,291 (11,510,434)
CASH FLOWS FROM FINANCING ACTIVITIES    
Cash dividends paid (580,253) (530,973)
Net increase in demand deposits, NOW accounts and savings accounts 48,453,425 19,272,583
Net increase in certificates of deposit 8,790,226 6,361,616
Proceeds from FHLB advances 35,045,000 166,250,000
Repayments of FHLB advances (88,245,000) (179,950,000)
Advances from borrowers for taxes and insurance 132,018 101,228
Stock options exercised 51,900 23,780
Net cash provided by financing activities 3,647,316 11,528,234
INCREASE IN CASH AND CASH EQUIVALENTS 8,927,619 2,626,937
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 34,121,642 37,406,930
CASH AND CASH EQUIVALENTS, END OF PERIOD $ 43,049,261 $ 40,033,867