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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Cash flows from operating activities:    
Net income $ 2,182,167 $ 635,503
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization of premises and equipment 297,449 337,544
Stock-based compensation 128,079 68,773
Amortization of investment premiums and discounts, net 134,562 55,772
Accretion of net discounts on loans (1,209,592) (796,072)
Amortization of core deposit intangibles 433,342 348,132
Amortization of deposit premiums (18,233) 14,503
Provision for loan losses 962,844 655,533
Increase in cash surrender value of bank owned life insurance (233,929) (59,588)
Gain on sale and redemption of securities (5,521) (486,534)
Loss on disposal of premises and equipment   709
Write down of real estate acquired through foreclosure 80,374 106,853
Gain on sale of real estate acquired through foreclosure (76,966) (5,726)
Origination of loans held for sale (16,189,014) (22,675,801)
Proceeds from sales of loans held for sale 15,470,178 22,787,638
Gains on sales of loans held for sale (561,611) (629,987)
Deferred income taxes 162,751  
Net decrease (increase) in accrued interest receivable 14,069 (62,233)
Net decrease in accrued taxes receivable 893,716 929,898
Net decrease in accrued pension plan liability (189,619) (59,642)
Net decrease (increase) in prepaid expenses and other assets 311,145 (197,309)
Net (decrease) increase in accrued expenses and other liabilities (2,040,765) 95,090
Net cash provided by operating activities 545,426 1,063,056
Cash flows from investing activities:    
Purchases of investment securities available for sale (8,308,578) (5,926,875)
Redemptions and maturities of investment securities available for sale 6,346,087 17,656,101
Redemption and maturities of investment securities held to maturity 43,997 392,419
Net purchase of Federal Home Loan Bank Stock (541,600) (316,000)
Net increase in loans (22,119,683) (23,535,322)
Proceeds from sale of real estate acquired through foreclosure 733,861 158,277
Purchases of premises and equipment (343,713) (18,655)
Net cash (used in) provided by investing activities (24,189,629) (11,590,055)
Cash flows from financing activities:    
Net increase (decrease) in deposits 9,481,521 (4,256,085)
Net increase in short-term borrowings 15,000,000 8,275,000
Repurchase of common stock   (859,500)
Exercise of stock options 801,428 71,250
Net cash provided by financing activities 25,282,949 3,230,665
Net increase (decrease) increase in cash and cash equivalents 1,638,746 (7,296,334)
Cash and cash equivalents at beginning of period 40,027,456 34,413,222
Cash and cash equivalents at end of period 41,666,202 27,116,888
Supplemental Disclosures of Cash Flow information:    
Interest paid on deposits and borrowings 1,062,165 707,512
Net income tax paid (refunded) 72,000 (525,211)
Non Cash activities:    
Transfer of loans to real estate acquired through foreclosure $ 659,876 $ 266,776