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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Cash flows from operating activities    
Interest received $ 9,404,760 $ 9,156,111
Fees and commissions received 748,326 765,151
Interest paid (1,866,535) (1,477,635)
Proceeds from sale of mortgage loans held for sale 21,655,071 4,924,657
Origination of mortgage loans held for sale (22,887,047) (5,323,769)
Cash paid to suppliers and employees (5,413,489) (5,410,566)
Income taxes paid, net of refunds received (249,711)
Net Cash Provided by (Used in) Operating Activities, Total 1,641,086 2,384,238
Cash flows from investing activities    
Available for sale (6,711,028) (2,923,369)
Held to maturity 500,000 500,000
Available for sale (19,890,543) (11,643,636)
Held to maturity (3,065,625) (1,770,815)
Purchase of certificates of deposit (1,500,000)
Loans made to customers, net of principal collected (26,132,027) (701,101)
Proceeds from sale of loans 683,885 1,582,364
Redemption (purchase) of stock in FHLB of Atlanta (235,100) 72,100
Purchases of premises, equipment and software (148,898) (45,278)
Net Cash Provided by (Used in) Investing Activities, Total (43,077,280) (9,082,997)
Cash flows from financing activities    
Noninterest-bearing deposits 25,292,071 (1,707,576)
Interest-bearing deposits 29,255,715 19,169,973
Securities sold under repurchase agreements 292,803 (2,222,415)
Federal Home Loan Bank of Atlanta advances 5,000,000
Dividends paid, net of reinvestments (532,117) (503,639)
Net Cash Provided by (Used in) Financing Activities, Total 59,308,472 14,736,343
Net increase in cash and cash equivalents 17,872,278 8,037,584
Cash and cash equivalents at beginning of period 9,121,352 14,618,237
Cash and cash equivalents at end of period 26,993,630 22,655,821
Reconciliation of net income to net cash provided by operating activities    
Net income 1,879,362 2,322,108
Adjustments to reconcile net income to net cash provided by operating activities    
Depreciation and amortization 164,949 176,885
Provision for loan losses 475,000 13,000
Lease expense in excess of rent paid 17,215 20,273
Write down of other real estate owned 210,150
Equity security dividends reinvested (5,440) (6,127)
Unrealized gain on equity security (13,045) (14,756)
Gain on sale of SBA loans (63,635) (139,535)
Amortization of premiums and accretion of discounts, net 154,435 46,353
Increase (decrease) in    
Deferred loan fees 649,928 (25,409)
Accrued interest payable (37,208) 268,612
Other liabilities 419,608 (36,563)
Decrease (increase) in    
Mortgage loans held for sale (1,231,976) (399,112)
Accrued interest receivable (704,992) (15,890)
Bank owned life insurance cash surrender value (85,222) (9,792)
Other assets 22,107 (25,959)
Net Cash Provided by (Used in) Operating Activities, Total $ 1,641,086 $ 2,384,238