XML 17 R6.htm IDEA: XBRL DOCUMENT v3.10.0.1
CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($)
9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Cash flows from operating activities    
Net income $ 10,488,765 $ 7,336,572
Adjustments to reconcile net income to net cash and cash equivalents provided by operating activities:    
Provision for loan losses 1,047,179 989,231
Depreciation and amortization of premises and equipment 762,383 766,848
Amortization of net premiums on securities 183,039 222,861
Stock-based compensation 606,472 431,494
Gain on sales of loans (3,852,087) (3,536,854)
Earnings on company owned life insurance (231,368) (242,212)
Origination of loans held for sale (51,051,482) (61,106,203)
Proceeds from sales of loans held for sale 65,768,831 51,990,640
Amortization of servicing assets 1,294,504 1,231,322
Net change in:    
Accrued interest receivable (319,016) (180,605)
Other assets (3,275,651) (3,055,779)
Accrued interest payable 772,579 55,659
Other liabilities 1,176,885 1,837,724
Net cash from operating activities 23,371,033 (3,259,302)
Cash flows from investing activities    
Net change in loans receivable (102,630,245) (61,821,147)
Proceeds from calls of securities available for sale 4,845,487 4,526,271
Purchase of premises and equipment, net (1,039,070) (141,546)
Purchase of securities available for sale (13,262,365) (12,698,593)
Purchase of other investments (415,882) (848,900)
Net cash from investing activities (112,502,075) (70,983,915)
Cash flows from financing activities    
Net change in deposits 123,584,687 92,748,774
Cash received from stock option exercises 514,050 329,550
Repayment of Federal Home Loan Bank advances (25,000,000)  
Issuance of common stock, net of expenses 22,569,090 15,000,000
Net cash from financing activities 121,667,827 108,078,324
Net change in cash and cash equivalents 32,536,785 33,835,107
Cash and cash equivalents at beginning of period 63,249,952 20,126,028
Cash and cash equivalents at end of period 95,786,737 53,961,135
Supplemental cash flow information    
Income taxes 5,379,453 5,855,000
Interest 5,444,158 $ 3,141,069
Supplemental noncash disclosure:    
Transfer from securities available for sale to other investments $ 2,485,680