XML 17 R8.htm IDEA: XBRL DOCUMENT v3.23.1
Consolidated Statements Of Cash Flows (unaudited) - USD ($)
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Cash flows from operating activities    
Net income $ 992,707 $ 1,400,897
Adjustments to reconcile net income to net cash provided by operating activities:    
Amortization of intangible asset (29,410) (36,955)
Depreciation of premises and equipment 125,591 115,751
Amortization (accretion) of deferred loan (fees) costs, net 96,560 (50,202)
Amortization of premiums and accretion of discounts on securities, net 6,893 21,590
Gain on sale of loans (13,225) (87,130)
Proceeds from sale of loans 649,225 4,402,073
Origination of loans held for sale (636,000)  
Increase in cash surrender value of bank owned life insurance (186,052) (143,296)
Employee stock ownership plan expense 72,385 66,146
Stock based compensation 233,193 233,193
Changes in:    
Accrued interest receivable 189,423 (57,827)
Net changes in other assets (536,090) 1,887,663
Net changes in other liabilities 251,534 455,797
Net cash provided by operating activities 1,216,734 8,207,700
Cash flows from investing activities    
Purchases of securities held to maturity (1,000,000) (11,395,678)
Purchases of securities available for sale   (54,117,158)
Maturities, calls, and repayments of securities available for sale 2,883,794 1,004,209
Maturities, calls, and repayments of securities held to maturity 220,103 4,134,147
Net decrease in loans 6,898,525 2,216,500
Purchases of premises and equipment (93,555) (48,681)
Purchase of FHLB Stock (2,024,300)  
Redemption of FHLB stock 1,596,600 336,600
Net cash provided by (used in) investing activities 8,481,167 (57,870,061)
Cash flows from financing activities    
Net (decrease) increase in deposits (10,685,712) 22,491,367
Net decrease in short-term FHLB advances (22,500,000) (6,000,000)
Proceeds from long-term FHLB non-repo advances 36,000,000  
Repayments of long-term FHLB non-repo advances (3,773,064) (1,027,300)
Repurchase of common stock (1,402,834) (1,892,115)
Net increase in advance payments from borrowers for taxes and insurance 325,070 75,878
Net cash (used in) provided by financing activities (2,036,540) 13,647,830
Net (decrease) increase in cash and cash equivalents 7,661,361 (36,014,531)
Cash and cash equivalents at beginning of year 16,840,917 105,068,785
Cash and cash equivalents at end of year 24,502,278 69,054,254
Supplemental cash flow information    
Interest paid $ 4,359,274 $ 1,164,604