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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 $ 1,937,347 $ 1,994,306
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 215,913 245,762
Provision for loan losses 595,000 527,500
Provision for deferred income taxes 13,188 45,576
Net amortization of premiums and discounts on securities 138,521 217,838
Origination of mortgage loans held for sale (18,884,798) (19,301,192)
Proceeds from sale of mortgage loans held for sale 18,418,287 20,385,496
Gain on sale of loans (759,015) (584,929)
Origination and purchase of mortgage servicing rights, net of amortization (87,895) (22,128)
Gain on sale of foreclosed real estate (16,128) (116,295)
Gain on sale of repossessed assets, net 18,502 (4,917)
Compensation expense on ESOP shares released 251,361 258,357
ESOP Compensation Expense 9,417
Compensation expense on MRP options granted 34,650 28,888
Amortization of core deposit intangible 58,001 58,000
Amortization of fair value adjustments on acquired:    
Loans 17,580 26,904
Federal Home Loan Bank Advances 4,371 5,014
Increase in cash surrender value of life insurance (48,077) (47,653)
Change in assets and liabilities:    
Increase in accrued interest receivable (50,562) (30,093)
Increase (decrease) in other assets 1,496,144 (262,729)
Increase (decrease) in accrued interest payable and other liabilities (36,745) 59,003
Net cash provided by operating activities 3,325,062 3,482,708
Cash Flows from Investing Activities    
Purchases (3,100,784) (4,223,564)
Sales, calls, maturities and paydowns 4,477,700 4,260,744
Sale of non-marketable equity securities 149,266
Net increase in time deposits (1,233,500)
Net increase in loans (12,852,175) (29,717,439)
Net decrease (increase) in federal funds sold 1,478,000 (4,724,000)
Proceeds from sale of foreclosed real estate 212,128 247,408
Proceeds from sale of repossessed assets 274,698 121,973
Purchase of property and equipment (112,755) (196,754)
Net cash used in investing activities (10,856,688) (34,082,366)
Cash Flows from Financing Activities    
Net increase in deposits 12,864,975 40,673,905
Proceeds from Federal Home Loan Bank advances 11,500,000 9,750,000
Principal reduction of Federal Home Loan Bank advances (14,523,493) (12,773,149)
Proceeds from stock options exercised 8,925 119,066
Shares repurchased and cancelled (2,852,882) (1,639,487)
Dividends paid (1,857,946) (856,036)
Net cash provided by financing activities 5,139,579 35,274,299
Net (decrease) increase in cash and cash equivalents (2,392,047) 4,674,641
Cash and cash equivalents:    
Beginning of period 8,430,458 3,755,817
End of period 6,038,411 8,430,458
Supplemental Disclosures of Cash Flow Information    
Income taxes paid, net of refunds received 448,000 766,077
Supplemental Schedule of Noncash Investing and Financing Activities    
Real estate acquired through or in lieu of foreclosure 196,000 109,000
Other assets acquired in settlement of loans 194,200 207,507
Sale of foreclosed real estate through loan origination 44,800
Interest Paid to Depositors [Member]    
Supplemental Disclosures of Cash Flow Information    
Interest paid 2,820,177 1,757,126
Interest Paid on Borrowings [Member]    
Supplemental Disclosures of Cash Flow Information    
Interest paid $ 277,050 $ 218,512