XML 20 R8.htm IDEA: XBRL DOCUMENT v3.10.0.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income available to common shareholders $ 7,346,326 $ 3,292,138
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 1,907,969 1,165,930
Provision for loan losses 1,305,397 310,482
Stock option compensation expense 244,228 50,530
Loss from redemption of securities 1,200 0
Net gains from sale of loans and other assets (646,928) (680,583)
Net losses from sale of foreclosed assets 371,734 15,064
Changes in other assets and liabilities:    
Accrued interest receivable (250,228) 18,144
Accrued interest payable 48,400 13,117
Other assets and liabilities 1,869,609 1,457,176
Net cash provided by operating activities 12,197,707 5,641,998
CASH FLOWS FROM INVESTING ACTIVITIES, net of acquisitions    
Proceeds from sales, maturities, and paydowns of securities available-for-sale 34,524,629 10,062,386
Purchase of securities (17,239,649) (12,507,860)
Purchase of bank owned life insurance 0 (10,070,914)
Purchase of restricted investments (1,377,600) (452,750)
Net cash and cash equivalents received (paid) in business combination 5,653,304 (1,049,878)
Loan originations and principal collections, net (73,194,598) (27,248,001)
Purchase of bank premises and equipment (992,045) (1,226,898)
Proceeds from sale of foreclosed assets 2,126,213 41,636
Net cash used in investing activities (50,499,746) (42,452,279)
CASH FLOWS FROM FINANCING ACTIVITIES, net of acquisitions    
Net increase in deposits 75,409,773 47,682,310
Net decrease in securities sold under agreements to repurchase (5,419,515) (3,676,000)
Issuance of common stock 1,079,979 37,591,479
Redemption of preferred stock 0 (12,000,000)
Payment of dividends on preferred stock 0 (195,000)
Proceeds from Federal Home Loan Bank advances and other borrowings 127,040,028 79,268,072
Repayment of Federal Home Loan Bank advances and other borrowings (102,600,000) (97,773,462)
Net cash provided by financing activities 95,510,265 50,897,399
NET INCREASE IN CASH AND CASH EQUIVALENTS 57,208,226 14,087,118
CASH AND CASH EQUIVALENTS, beginning of year 113,026,884 68,748,308
CASH AND CASH EQUIVALENTS, end of period 170,235,110 82,835,426
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION    
Cash paid during the period for interest 5,973,696 2,374,250
Cash paid during the period for income taxes 713,000 1,366,172
NONCASH INVESTING AND FINANCING ACTIVITIES    
Change in unrealized losses on securities available for sale 2,347,870 (1,223,017)
Acquisition of real estate through foreclosure 2,350,853 39,517
Financed sales of foreclosed assets 257,416 0
Change in goodwill due to acquisition $ 15,739,261 $ 0