XML 17 R8.htm IDEA: XBRL DOCUMENT v3.22.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended 12 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Dec. 31, 2021
Reconciliation of net income to net cash provided by operating activities      
Net income $ 2,050,802 $ 2,029,575  
Adjustments to reconcile net income to net cash provided by operating activities      
Depreciation and amortization 116,110 117,030  
Provision for loan losses 0 120,000  
Amortization of right of use asset and lease liability, net 2,177 0  
Lease expense in excess of rent paid 0 7,780  
Equity security dividends reinvested (1,303) (1,816)  
Unrealized loss on equity security 26,817 8,669  
Gain on sale of SBA loans (93,600) 0  
Gain on sale of premises and equipment 0 (37,613)  
Gain on premium call of debt security 0 (8,569) $ 0
Amortization of debt issuance costs 1,406 1,407  
Amortization of premiums and accretion of discounts, net (212,443) 69,559  
Bank owned life insurance cash surrender value (52,990) (70,119)  
Increase (decrease) in      
Deferred loan fees and costs, net (112,930) 410,480  
Accrued interest payable (19,337) (51,661)  
Other liabilities 106,030 27,154  
Decrease (increase) in      
Mortgage loans held for sale (158,500) (9,350)  
Accrued interest receivable 47,049 174,062  
Other assets (127,624) 337,252  
Cash provided by operating activities 1,571,664 3,123,840  
Cash flows from investing activities      
Proceeds from maturity and call of securities, Available for sale 6,232,740 10,454,122  
Proceeds from maturity and call of securities, Held to maturity 535,000 1,580,000  
Available for sale (11,776,091) (31,974,384)  
Purchase of securities, Held to maturity 0 (342,061)  
Redemption of certificates of deposit 0 500,000  
Loans made to customers, net of principal collected (2,067,575) 1,932,622  
Proceeds from sale of loans 664,650 0  
Redemption (purchase) of stock in FHLB of Atlanta (19,600) 225,100  
Purchase of bank owned life insurance 0 (3,700,000)  
Proceeds from sale of premises and equipment 0 1,359,613  
Purchases of premises, equipment and software (116,388) (36,909)  
Cash used in investing activities (6,547,264) (20,001,897)  
Cash flows from financing activities      
Noninterest-bearing deposits 8,453,893 18,770,755  
Interest-bearing deposits (1,043,666) 11,151,227  
Securities sold under repurchase agreements (1,330,319) (12,105,703)  
Long-term debt principal payments (427,221) 0  
Cash provided by financing activities 5,652,687 17,816,279  
Net increase in cash and cash equivalents 677,087 938,222  
Cash and cash equivalents at beginning of period 26,462,106 40,975,670 40,975,670
Cash and cash equivalents at end of period $ 27,139,193 $ 41,913,892 $ 26,462,106