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Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Cash flows from operating activities    
Net income $ 710,179 $ 1,073,514
Less: Net loss from discontinued operations (1,255,928) (801,741)
Net income from continuing operations 1,966,107 1,875,255
Adjustments to reconcile net income to net cash from operating activities:    
Depreciation and amortization 611,200 702,956
Stock dividends on financial institution stock (106,400) (84,500)
Amortization of premiums and discounts on securities, net 122,057 250,556
Amortization of ESOP awards 99,367 89,883
Stock-based compensation expense 291,991 393,357
Amortization of core deposit intangible 39,056 48,556
Gain on sale of loans (272,293) (129,231)
Proceeds from sale of loans 3,714,648 1,703,987
Provision for loan losses 22,500 318,000
Net appreciation on bank-owned life insurance (277,016) (282,397)
Deferred income tax (benefit) expense 48,922 (36,975)
Changes in operating assets and liabilities:    
Accrued interest receivable (86,065) (36,080)
Prepaid and other assets (79,725) 325,921
Accrued interest and other liabilities 267,256 (154,044)
Net cash from operating activities - continuing operations 6,361,605 4,985,244
Net cash from operating activities - discontinued operations 25,628,086 (12,222,996)
Net cash from operating activities 31,989,691 (7,237,752)
Cash flows from investing activities    
Proceeds from principal payments on available-for-sale securities 5,940,620 6,014,670
Purchases of available-for-sale securities (16,207,664) (15,517,212)
Purchase of bank-owned life insurance (155,000)
Net change in loans held for investment (12,413,363) (26,826,528)
Proceeds from disposals of premises and equipment 33,516
Purchases of premises and equipment (20,044) (197,678)
Net cash from investing activities (22,666,935) (36,681,748)
Cash flows from financing activities    
Net change in deposits 38,657,686 29,677,640
Net change in escrows (123,999) 81,745
Proceeds from Federal Home Loan Bank advances 30,000,000 132,000,000
Repayments of Federal Home Loan Bank advances (57,000,000) (110,000,000)
Exercise of stock options 70,035 149,228
Dividends paid (481,822) (4,161,114)
Common stock repurchases (2,732,648) (1,926,720)
Net cash from financing activities 8,389,252 45,820,779
Net change in cash and cash equivalents 17,712,008 1,901,279
Cash and cash equivalents, beginning of period 11,774,457 9,873,178
Cash and cash equivalents, end of period 29,486,465 11,774,457
Supplemental disclosures:    
Interest on deposits and advances paid 4,802,125 3,470,186
Income taxes paid 19,553 352,600
Loans transferred to loans held for sale $ 3,423,909 $ 2,037,039