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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 7,982,178 $ 8,855,028
Adjustments to reconcile net income to net cash provided by operating activities:    
Provision for loan losses 3,882,631 166,414
Provision for off-balance sheet commitments 41,000 0
Amortization of securities, available-for-sale, loans and deposits, net 252,269 739,633
Amortization of intangible asset 434,446 302,978
Depreciation 711,942 576,757
Deferred income taxes (946,692) 125,049
Securities (gains), net (429,925) (1,890)
(Gain) on sales of loans held for sale (839,458) (396,757)
Proceeds from loans held for sale 41,226,181 17,485,451
Originations of loans held for sale (39,643,298) (17,454,352)
Loss on sale of premises and equipment, net 0 500
Amortization of investment in new market tax credit projects 290,771 0
(Gain) on sale of other real estate owned, net (21,958) (43,414)
Change in assets and liabilities:    
Decrease in accrued income receivable 986,961 417,561
(Increase) decrease in other assets 28,462 (523,361)
Increase in accrued expenses and other liabilities 3,969,853 651,186
Net cash provided by operating activities 17,925,363 10,900,783
CASH FLOWS FROM INVESTING ACTIVITIES    
Purchase of securities available-for-sale (102,224,803) (35,113,621)
Proceeds from sale of securities available-for-sale 5,462,657 5,973,154
Proceeds from maturities and calls of securities available-for-sale 75,571,989 38,381,532
Purchase of FHLB stock (116,500) (3,912,500)
Proceeds from the redemption of FHLB stock 100,600 4,448,000
Net (increase) in interest bearing deposits in financial institutions and federal funds sold (37,043,210) (41,377,929)
Net (increase) decrease in loans (101,265,019) 16,896,403
Net proceeds from the sale of other real estate owned 3,404,733 655,161
Purchase of bank premises and equipment (528,647) (492,149)
Cash paid for bank acquired (309,875) 0
Other (36,125) (28,300)
Net cash (used in) investing activities (156,984,200) (14,570,249)
CASH FLOWS FROM FINANCING ACTIVITIES    
Increase in deposits 150,614,117 23,402,168
Decrease in securities sold under agreements to repurchase (5,140,913) (8,981,386)
Payments on FHLB borrowings (2,000,000) (12,600,000)
Dividends paid (4,510,608) (4,355,737)
Stock repurchases (1,992,405) (1,564,323)
Net cash provided by (used in) financing activities 136,970,191 (4,099,278)
Net (decrease) in cash and due from banks (2,088,646) (7,768,744)
CASH AND DUE FROM BANKS    
Beginning 34,616,880 30,384,066
Ending 32,528,234 22,615,322
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION    
Interest 5,259,558 5,148,519
Income taxes 675,614 2,248,474
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING ACTIVITIES    
Transfer of loans receivable to other real estate owned $ 10,738 $ 0