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Consolidated Statements Of Cash Flows (unaudited) - USD ($)
9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Cash flows from operating activities    
Net income $ 4,973,510 $ 5,487,206
Adjustments to reconcile net income to net cash from operating activities:    
Bargain purchase gain   (1,933,397)
Amortization of intangible asset (163,818) (664,357)
Provision (credit) for loan losses 275,000 (88,000)
Depreciation of premises and equipment 358,290 280,399
Amortization of deferred loan(fees) costs, net (78,649) 478,658
Amortization of premiums and accretion of discounts on securities, net 38,625 139,964
Deferred income tax expense 201,580 490,567
Gain on sale of loans (86,913) (647,213)
Proceeds from sale of loans 4,640,081 19,968,351
Origination of loans held for sale (3,400,668)  
Increase in cash surrender value of bank owned life insurance (497,830) (391,825)
Employee stock ownership plan expense 208,023 192,166
Stock based compensation 699,579 77,731
Changes in:    
Accrued interest receivable (698,724) 432,652
Net changes in other assets 1,939,009 (214,951)
Net changes in other liabilities 670,602 276,512
Net cash provided by operating activities 9,077,697 23,884,463
Cash flows from investing activities    
Purchases of securities held to maturity (23,120,238) (30,485,194)
Purchases of securities available for sale (69,461,181) (9,261,276)
Maturities, calls, and repayments of securities available for sale 13,753,509 2,791,895
Maturities, calls, and repayments of securities held to maturity 13,044,952 20,011,576
Net (increase) decrease in loans (137,038,853) 34,272,703
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 (184,748) (1,300,470)
Purchase of FHLB Stock (7,027,200) (463,900)
Redemption of FHLB stock 5,215,000 1,811,500
Net cash (used in)provided by investing activities (209,818,759) 28,769,924
Cash flows from financing activities    
Net increase in deposits 70,767,453 7,475,952
Net increase (decrease) in short-term FHLB advances 74,000,000 (9,000,000)
Proceeds from long-term FHLB non-repo advances   8,000,000
Repayments of long-term FHLB non-repo advances (30,879,039) (23,356,730)
Repurchase of common stock (5,956,124) (213,281)
Net increase in advance payments from borrowers for taxes and insurance 1,065,760 382,447
Net cash provided by (used in) financing activities 108,998,050 (16,711,612)
Net (decrease) increase in cash and cash equivalents (91,743,012) 35,942,775
Cash and cash equivalents at beginning of year 105,068,785 80,385,739
Cash and cash equivalents at March 31 13,325,773 116,328,514
Supplemental cash flow information    
Income taxes paid 1,275,000 1,355,000
Interest paid $ 4,064,492 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