XML 22 R8.htm IDEA: XBRL DOCUMENT v3.20.4
Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Cash flows from operating activities    
Interest received $ 21,071,658 $ 18,648,337
Fees and commissions received 1,747,943 1,455,827
Interest paid (3,521,625) (3,645,228)
Proceeds from sale of mortgage loans held for sale 51,397,979 20,046,955
Origination of mortgage loans held for sale (51,086,134) (19,715,317)
Cash paid to suppliers and employees (14,227,116) (10,019,091)
Income taxes paid (930,435) (1,055,967)
Cash provided by operating activities 4,452,270 5,715,516
Cash flows from investing activities    
Proceeds from maturity and call of securities Available for sale 22,224,763 8,507,098
Proceeds from maturity and call of securities Held to maturity 1,956,420 1,101,420
Proceeds from sale of securities Available for sale 2,025,000 0
Purchase of securities Available for sale (28,841,213) (17,761,884)
Held to maturity (5,470,258) (2,457,087)
Cash paid for the acquisition of Carroll Bancorp, Inc., net of cash acquired (19,366,118)
Loans made to customers, net of principal collected (19,478,136) (19,952,309)
Proceeds from sale of SBA loans 1,233,270 1,582,364
Redemption of restricted stock 402,400 199,600
Purchases of premises and equipment (387,111) (256,561)
Cash used by investing activities (45,700,983) (29,037,359)
Cash flows from financing activities    
Noninterest-bearing deposits 21,273,083 (2,058,505)
Interest-bearing deposits 30,131,909 23,958,816
Securities sold under repurchase agreements 13,795,854 (53,882)
Federal Home Loan Bank of Atlanta advances (8,000,000) (3,000,000)
Long-term debt 16,971,874
Dividends paid, net of reinvestments (1,069,689) (1,021,471)
Cash provided by financing activities 73,103,031 17,824,958
Net increase (decrease) in cash and cash equivalents 31,854,318 (5,496,885)
Cash and cash equivalents at beginning of period 9,121,352 14,618,237
Cash and cash equivalents at end of period 40,975,670 9,121,352
Reconciliation of net income to net cash provided by operating activities    
Net income 2,682,003 4,560,804
Adjustments to reconcile net income to net cash provided by operating activities    
Depreciation and amortization 415,781 344,171
Provision for loan losses 625,000 40,000
Lease expense in excess of rent paid 34,058 40,912
Write down of other real estate owned 210,150
Equity security dividends reinvested (9,732) (12,262)
Unrealized (gain) loss on equity security (10,513) (16,232)
Gain on sale of SBA loans (125,520) (139,535)
Deferred income taxes 151,331 (53,841)
Amortization of debt issuance costs 1,406
Amortization of premiums and accretion of discounts, net 288,961 130,575
Increase (decrease) in    
Deferred loan fees 531,441 (12,728)
Accrued interest payable 63,408 34,725
Other liabilities 163,897 557,902
Decrease (increase) in    
Mortgage loans held for sale 311,845 331,638
Accrued interest receivable (200,455) (29,011)
Bank owned life insurance cash surrender value (188,143) (92,123)
Other assets 20,164 (179,629)
Cash provided by operating activities $ 4,452,270 $ 5,715,516