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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Cash flows from operating activities    
Net income (loss) $ 780,193 $ (298,570)
Less: Net loss from discontinued operations (1,198,445)
Net income from continuing operations 780,193 899,875
Adjustments to reconcile net income to net cash from operating activities:    
Depreciation and amortization 274,386 323,710
Stock dividends on financial institution stock (36,200) (54,800)
Amortization of premiums and discounts on securities, net 168,951 51,133
Amortization of equity awards 187,781 197,128
Amortization of core deposit intangible 17,724 20,430
Gain on sale of loans (2,641) (58,297)
Proceeds from sale of loans 168,555 993,026
Gain on sale of securities (10,157)
Provision for loan losses 1,049,000 172,500
Fixed asset impairment 205,663
Net appreciation on bank-owned life insurance (130,731) (137,965)
Deferred income tax expense (182,343) (128,832)
Changes in operating assets and liabilities:    
Accrued interest receivable (762,263) (136,820)
Prepaid and other assets (1,296,884) 102,459
Accrued interest and other liabilities 506,739 328,628
Net cash from operating activities - continuing operations 937,773 2,572,175
Net cash from operating activities - discontinued operations (64,047) 22,705,420
Net cash from operating activities 873,726 25,277,595
Cash flows from investing activities    
Proceeds from principal payments on available-for-sale securities 3,564,344 2,874,659
Proceeds from sales of available for sale securities 1,854,871
Purchases of available-for-sale securities (23,056,448) (3,179,247)
Net change in loans held for investment (56,847,955) (7,885,418)
Purchases of premises and equipment (44,238) (2,905)
Net cash from investing activities (74,529,426) (8,192,911)
Cash flows from financing activities    
Net change in deposits 27,038,085 14,172,166
Net change in escrows 3,548 (90,744)
Proceeds from Federal Home Loan Bank advances 76,000,000 30,000,000
Repayments of Federal Home Loan Bank advances (41,000,000) (47,000,000)
Exercise of stock options 70,058
Common stock repurchases (110,621) (636,071)
Dividends paid (316,331) (165,559)
Net cash from financing activities 61,614,681 (3,650,150)
Net change in cash and cash equivalents (12,041,020) 13,434,534
Cash and cash equivalents, beginning of period 29,486,465 11,774,457
Cash and cash equivalents, end of period 17,445,445 25,208,991
Supplemental disclosures:    
Interest on deposits and advances paid 2,334,568 2,272,650
Income taxes paid 56,000 21,000
Loans transferred to loans held for sale 934,729
Operating lease right-of-use assets recorded on ASU 2016-20 adoption 1,138,139
Operating lease liabilities recorded on ASU 2016-20 adoption $ 1,138,139