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Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
CASH FLOWS FROM OPERATING ACTIVITIES      
Net income $ 9,415,090 $ 7,331,879 $ 5,157,664
Items not requiring (providing) cash:      
Deferred income taxes 224,142 624,386 1,080,452
Depreciation and amortization 1,970,442 1,593,974 1,155,642
Provision for Loan Losses 200,000 1,225,000 1,750,000
Gain on sale of Small Business Administration loans (1,029,949) (830,641) (746,639)
Gain on sale of mortgage loans held for sale and investment securities (2,312,097) (2,022,656) (2,067,537)
Loss (gain) on sale of foreclosed assets (164,636) 315,108 (249,349)
Loss (gain) on sale of premises, equipment and other assets (6,069) (4,652) 95,863
Amortization of deferred income, premiums and discounts, net 349,442 481,189 840,340
Amortization of intangible assets 477,000 408,571
Stock award plan expense 615,385 517,053 466,469
Accretion of purchase accounting adjustments (1,629,721) (3,407,340)
Origination of loans held for sale (80,689,007) (72,116,229) (70,835,359)
Proceeds from sale of loans held for sale 81,641,824 74,551,946 73,118,381
Increase in cash surrender value of bank owned life insurance (500,364) (457,451) (467,730)
Changes in:      
Accrued interest receivable (120,931) (941,097) (502,784)
Prepaid expenses and other assets (1,520,250) 6,056,391 1,097,510
Accounts payable and accrued expenses 1,188,354 (1,620,868) 883,209
Income taxes receivable/payable 218,151 620,293 (494,295)
Net cash provided by operating activities 8,326,806 12,324,856 10,281,837
CASH FLOWS FROM INVESTING ACTIVITIES      
Net change in loans 49,550,984 (14,645,559) (119,195,775)
Proceeds from sale of loans receivable 9,317,249 12,997,662 26,781,419
Principal payments on available-for-sale securities 7,564,694 13,358,321 6,649,871
Principal payments on held-to-maturity securities 11,772 4,663 11,071
Proceeds from maturities of available-for-sale securities 750,000
Purchase of premises and equipment (981,146) (3,436,389) (3,684,707)
Net cash received for acquisition 2,455,964
Purchase of available-for-sale securities (75,518,385) (26,151,079) (15,975,995)
Proceeds from sale of available-for-sale securities 37,855,257 13,602,508 20,869,621
Purchase of bank owned life insurance (4,000,000)
Redemption (purchase) of FHLB stock 1,629,700 (789,700) 13,500
Proceeds from sale of premises and equipment 2,425,000 2,697,147
Purchase of tax credit investments (3,168,435) (3,930,176) (1,415,156)
Proceeds from sale of foreclosed assets held for sale 1,343,072 292,003 2,448,163
Net cash provided by (used in) investing activities 24,354,762 (3,816,782) (80,800,841)
CASH FLOWS FROM FINANCING ACTIVITIES      
Net increase (decrease) in demand deposits, NOW accounts and savings accounts 97,367,801 (40,855,842) 58,424,702
Net increase (decrease) in certificates of deposit (25,548,954) 22,077,932 43,576,898
Net decrease of securities sold under agreements to repurchase (2,159,000)
Proceeds from FHLB advances 115,815,000 609,971,000 761,600,000
Repayments of FHLB advances (156,115,000) (600,971,000) (763,000,000)
Proceeds from issuance of notes payable 7,450,000 5,000,000
Repayments of notes payable (1,250,000) (3,000,000)
Repayment of Hometown Bancshares subordinated debentures (6,000,000)
Advances from (repayments to) borrowers for taxes and insurance (21,608) 109,539 (12,191)
Stock options exercised 90,000 166,230 15,570
Cash dividends paid (2,313,661) (2,132,221) (1,767,486)
Treasury stock purchased (3,604,879)
Net cash provided by (used in) financing activities 25,868,699 (11,793,362) 98,837,493
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 58,550,267 (3,285,288) 28,318,489
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 34,121,642 37,406,930 9,088,441
CASH AND CASH EQUIVALENTS, END OF PERIOD 92,671,909 34,121,642 37,406,930
Supplemental Cash Flows Information      
Foreclosed assets acquired in settlement of loans 1,664,258 368,878 1,209,279
Interest paid 13,563,079 9,401,351 5,998,844
Income taxes paid 199,000 1,138,000
Sale and financing of foreclosed assets held for sale $ 620,900 $ 181,300 $ 1,588,921