XML 17 R7.htm IDEA: XBRL DOCUMENT v3.8.0.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Cash flows from operating activities    
Net income (loss) $ 370,627 $ (197,750)
Adjustments to reconcile net (loss) income to net cash from operating activities:    
Depreciation and amortization 175,954 162,936
Stock dividend on financial institution stock (17,000) (10,900)
Amortization of premiums and discounts on securities, net 77,246 123,681
Amortization of ESOP award 13,964 18,396
Amortization of stock-based compensation 93,672 0
Amortization of core deposit intangible 13,101 16,800
Gain on sale of loans (3,353,393) (1,964,472)
Proceeds from sale of loans held for sale 76,956,796 54,375,713
Funding of loans held for sale (72,168,547) (45,534,685)
Provision for loan losses 22,000 250,000
Net appreciation on bank-owned life insurance (68,548) (30,239)
Deferred income tax benefit (1,834) (41,019)
Changes in operating assets and liabilities:    
Accrued interest receivable 19,176 36,188
Prepaid and other assets (390,966) 48,321
Accrued interest and other liabilities (49,292) (127,745)
Net cash provided by operating activities 1,692,956 7,125,225
Cash flows from investing activities    
Proceeds from principal payments on available-for-sale securities 1,173,524 1,679,986
Purchases of available-for-sale securities (3,293,817)
Net change in loans held for investment (1,755,045) (16,690,284)
Purchases of premises and equipment (149,942) (201,344)
Net cash used for investing activities (4,025,280) (15,211,642)
Cash flows from financing activities    
Net change in deposits 6,247,815 5,644,998
Net change in escrows 125,696 66,287
Common stock repurchases (1,572,050) 0
Net cash provided by financing activities 4,801,461 5,711,285
Net increase (decrease) in cash and cash equivalents 2,469,137 (2,375,132)
Cash and cash equivalents, beginning of period 9,873,178 16,411,344
Cash and cash equivalents, end of period 12,342,315 14,036,212
Supplemental disclosures:    
Interest paid on deposits and advances 571,575 481,504
Income taxes paid 25,940
Loans transferred to loans held for sale $ 1,272,081 $ 124,369