XML 17 R8.htm IDEA: XBRL DOCUMENT v3.22.1
Consolidated Statements Of Cash Flows (unaudited) - USD ($)
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Cash flows from operating activities    
Net income $ 1,400,897 $ 3,006,307
Adjustments to reconcile net income to net cash from operating activities:    
Bargain purchase gain   (1,933,397)
Amortization of intangible asset (36,955)  
Credit for loan losses   (59,000)
Depreciation of premises and equipment 115,751 69,966
Amortization of deferred loan(fees) costs, net (50,202) 210,063
Amortization of premiums and accretion of discounts on securities, net 21,590 52,278
Deferred income tax expense   350,680
Gain on sale of loans (87,130) (236,037)
Proceeds from sale of loans 4,402,073 6,269,562
Increase in cash surrender value of bank owned life insurance (143,296) (89,666)
Employee stock ownership plan expense 66,146 60,835
Stock based compensation 233,193  
Changes in:    
Accrued interest receivable (57,827) 155,368
Net changes in other assets 1,887,663 67,006
Net changes in other liabilities 455,797 971,930
Net cash provided by operating activities 8,207,700 8,895,895
Cash flows from investing activities    
Purchases of securities held to maturity (11,395,678) (7,090,519)
Purchases of securities available for sale (54,117,158)  
Maturities, calls, and repayments of securities available for sale 1,004,209 253,175
Maturities, calls, and repayments of securities held to maturity 4,134,147 11,194,107
Net decrease in loans 2,216,500 18,518,194
Net cash acquired in merger   19,393,090
Purchases of premises and equipment (48,681) (117,678)
Redemption of FHLB stock 336,600 417,600
Net cash (used in)provided by investing activities (57,870,061) 42,567,969
Cash flows from financing activities    
Net increase in deposits 22,491,367 496,385
Net decrease in short-term FHLB advances (6,000,000) (9,000,000)
Proceeds from long-term FHLB non-repo advances   3,000,000
Repayments of long-term FHLB non-repo advances (1,027,300) (723,273)
Repurchase of common stock (1,892,115)  
Net increase in advance payments from borrowers for taxes and insurance 75,878 357,510
Net cash provided by (used in) financing activities 13,647,830 (5,869,378)
Net (decrease) increase in cash and cash equivalents (36,014,531) 45,594,486
Cash and cash equivalents at beginning of year 105,068,785 80,385,739
Cash and cash equivalents at March 31 69,054,254 125,980,225
Supplemental cash flow information    
Interest paid $ 1,164,604 1,673,840
Non-cash investment and financing activities    
Fair value of assets acquired, net of cash and cash equivalents acquired   87,352,754
Fair value of liabilities assumed   $ 93,312,447