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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Cash flows from operating activities    
Net Income $ 153,814 $ 892,430
Less: Net loss from discontinued operations (1,198,445) (692,835)
Net income from continuing operations 1,352,259 1,585,265
Adjustments to reconcile net income to net cash from operating activities:    
Depreciation and amortization 467,643 533,643
Stock dividends on financial institution stock (82,599) (58,600)
Amortization of premiums and discounts on securities, net 80,952 207,696
Amortization of ESOP awards 48,088 41,893
Stock-based compensation expense 245,300 344,147
Amortization of core deposit intangible 30,194 38,341
Gain on sale of loans (258,131) (122,988)
Proceeds from sale of loans 2,093,318 1,566,494
Provision for loan losses 172,500 93,000
Net appreciation on bank-owned life insurance (208,659) (211,878)
Deferred income tax expense (benefit) 13,588 (147,095)
Changes in operating assets and liabilities:    
Accrued interest receivable (95,101) (80,992)
Prepaid and other assets (34,465) (416,994)
Accrued interest and other liabilities 296,021 756,395
Net cash from operating activities - continuing operations 4,120,908 4,128,327
Net cash from operating activities - discontinued operations 25,494,894 (5,488,401)
Net cash from operating activities 29,615,802 (1,360,074)
Cash flows from investing activities    
Proceeds from principal payments on available-for-sale securities 4,361,749 4,874,620
Purchases of available-for-sale securities (10,373,473) (9,286,764)
Purchase of bank-owned life insurance (155,000)
Net change in loans held for investment (20,058,679) (23,870,830)
Net disposals (purchases) of premises and equipment 13,973 (188,912)
Net cash from investing activities (26,056,430) (28,626,886)
Cash flows from financing activities    
Net change in deposits 30,297,527 15,952,080
Net change in escrows 19,528 145,353
Proceeds from Federal Home Loan Bank advances 30,000,000 105,000,000
Repayments of Federal Home Loan Bank advances (57,000,000) (80,000,000)
Exercise of stock options 70,035 149,228
Dividends paid (323,393) (4,161,114)
Common stock repurchases (2,732,648) (1,572,050)
Net cash from financing activities 331,049 35,513,497
Net change in cash and cash equivalents 3,890,421 5,526,537
Cash and cash equivalents, beginning of period 11,774,457 9,873,178
Cash and cash equivalents, end of period 15,664,878 15,399,715
Supplemental disclosures:    
Interest on deposits and advances paid 3,518,595 2,253,176
Income taxes paid 21,000 187,600
Loans transferred to loans held for sale $ 3,425,119 $ 1,443,506