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Consolidated Statements Of Cash Flows (unaudited) - USD ($)
6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Cash flows from operating activities    
Net income $ 3,042,904 $ 4,445,031
Adjustments to reconcile net income to net cash from operating activities:    
Bargain purchase gain   (1,933,397)
Amortization of intangible asset (119,059) (275,595)
Provision (credit) for loan losses 100,000 (113,000)
Depreciation of premises and equipment 234,798 149,401
Amortization of deferred loan(fees) costs, net (41,279) 331,462
Amortization of premiums and accretion of discounts on securities, net 38,625 103,369
Deferred income tax expense 76,209 350,680
Gain on sale of loans (86,913) (520,102)
Proceeds from sale of loans 4,640,081 15,659,195
Origination of loans held for sale (3,760,668)  
Increase in cash surrender value of bank owned life insurance (312,745) (234,833)
Employee stock ownership plan expense 136,615 125,471
Stock based compensation 466,386  
Changes in:    
Accrued interest receivable (294,802) 467,536
Net changes in other assets 1,933,798 (519,057)
Net changes in other liabilities 202,678 503,921
Net cash provided by operating activities 6,256,628 18,540,082
Cash flows from investing activities    
Purchases of securities held to maturity (23,120,238) (27,261,578)
Purchases of securities available for sale (67,461,181) (2,021,000)
Maturities, calls, and repayments of securities available for sale 2,653,200 2,593,807
Maturities, calls, and repayments of securities held to maturity 10,740,997 14,151,334
Net (increase) decrease in loans (60,612,691) 34,542,074
Purchase of Bank Owned Life Insurance (5,000,000) (8,000,000)
Net cash acquired in merger   19,393,090
Purchases of premises and equipment (113,536) (945,972)
Purchase of FHLB Stock (2,204,600) (169,700)
Redemption of FHLB stock 979,200 1,194,200
Net cash (used in)provided by investing activities (144,138,849) 33,476,255
Cash flows from financing activities    
Net increase (decrease) in deposits 13,876,424 (14,593,415)
Net increase (decrease) in short-term FHLB advances 43,220,000 (12,000,000)
Proceeds from long-term FHLB non-repo advances   3,000,000
Repayments of long-term FHLB non-repo advances (12,952,073) (8,498,055)
Repurchase of common stock (4,302,178)  
Net increase in advance payments from borrowers for taxes and insurance 575,493 360,205
Net cash provided by (used in) financing activities 40,417,666 (31,731,265)
Net (decrease) increase in cash and cash equivalents (97,464,555) 20,285,072
Cash and cash equivalents at beginning of year 105,068,785 80,385,739
Cash and cash equivalents at March 31 7,604,230 100,670,811
Supplemental cash flow information    
Income taxes paid 700,000 1,355,000
Interest paid $ 2,322,057 3,157,098
Non-cash investment and financing activities    
Fair value of assets acquired, net of cash and cash equivalents acquired   87,352,754
Fair value of liabilities assumed   $ 93,312,447