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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 13,653,657 $ 12,896,189
Adjustments to reconcile net income to net cash provided by operating activities:    
Provision for loan losses 4,424,475 545,203
Provision for off-balance sheet commitments 51,000 0
Amortization of securities, available-for-sale, loans and deposits, net 558,579 1,048,818
Amortization of intangible asset 650,021 427,221
Depreciation 1,083,790 903,070
Deferred income taxes (942,251) 75,549
Securities (gains), net (429,925) (17,031)
(Gain) on sales of loans held for sale (1,486,047) (685,790)
Proceeds from loans held for sale 67,934,569 34,023,953
Originations of loans held for sale (66,468,878) (34,574,101)
Loss on sale and disposal of premises and equipment, net 59,212 9,360
Amortization of investment in new market tax credit projects 436,166 0
(Gain) on sale of other real estate owned, net (21,617) (43,414)
Change in assets and liabilities:    
Increase in accrued income receivable (384,357) (320,758)
(Increase) decrease in other assets 441,024 (892,594)
Increase in accrued expenses and other liabilities 1,763,379 943,244
Net cash provided by operating activities 21,322,797 14,338,919
CASH FLOWS FROM INVESTING ACTIVITIES    
Purchase of securities available-for-sale (165,075,991) (61,502,161)
Proceeds from sale of securities available-for-sale 5,462,657 8,211,157
Proceeds from maturities and calls of securities available-for-sale 104,636,283 64,641,695
Purchase of FHLB stock (1,148,500) (3,912,600)
Proceeds from the redemption of FHLB stock 1,133,200 4,448,600
Net (increase) in interest-bearing deposits in financial institutions and federal funds sold (10,695,437) (52,872,972)
Net (increase) decrease in loans (114,712,894) 8,159,497
Net proceeds from the sale of other real estate owned 3,415,130 655,161
Purchase of bank premises and equipment (851,876) (648,005)
Proceeds from the sale of bank equipment 0 4,000
Cash paid for bank acquired (309,875) 0
Other (54,767) (50,132)
Net cash (used in) investing activities (178,202,070) (32,865,760)
CASH FLOWS FROM FINANCING ACTIVITIES    
Increase in deposits 167,337,240 28,086,411
Increase (decrease) in securities sold under agreements to repurchase (11,541,134) 11,521,575
Payments on FHLB borrowings (2,000,000) (12,600,000)
Proceeds from FHLB borrowings 0 3,000,000
Dividends paid (6,791,295) (6,571,446)
Stock repurchases (1,992,405) (1,808,699)
Net cash provided by financing activities 145,012,406 21,627,841
Net increase (decrease) in cash and due from banks (11,866,867) 3,101,000
CASH AND DUE FROM BANKS    
Beginning 34,616,880 30,384,066
Ending 22,750,013 33,485,066
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION    
Interest 7,133,940 7,852,381
Income taxes 3,987,474 3,360,844
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING ACTIVITIES    
Transfer of loans receivable to other real estate owned $ 10,738 $ 0