Consolidated Statements of Cash Flows (Unaudited) - USD ($)
|
3 Months Ended |
Mar. 31, 2018 |
Mar. 31, 2017 |
| Cash flows from operating activities |
|
|
| Net income (loss) |
$ 370,627
|
$ (197,750)
|
| Adjustments to reconcile net (loss) income to net cash from operating activities: |
|
|
| Depreciation and amortization |
175,954
|
162,936
|
| Stock dividend on financial institution stock |
(17,000)
|
(10,900)
|
| Amortization of premiums and discounts on securities, net |
77,246
|
123,681
|
| Amortization of ESOP award |
13,964
|
18,396
|
| Amortization of stock-based compensation |
93,672
|
0
|
| Amortization of core deposit intangible |
13,101
|
16,800
|
| Gain on sale of loans |
(3,353,393)
|
(1,964,472)
|
| Proceeds from sale of loans held for sale |
76,956,796
|
54,375,713
|
| Funding of loans held for sale |
(72,168,547)
|
(45,534,685)
|
| Provision for loan losses |
22,000
|
250,000
|
| Net appreciation on bank-owned life insurance |
(68,548)
|
(30,239)
|
| Deferred income tax benefit |
(1,834)
|
(41,019)
|
| Changes in operating assets and liabilities: |
|
|
| Accrued interest receivable |
19,176
|
36,188
|
| Prepaid and other assets |
(390,966)
|
48,321
|
| Accrued interest and other liabilities |
(49,292)
|
(127,745)
|
| Net cash provided by operating activities |
1,692,956
|
7,125,225
|
| Cash flows from investing activities |
|
|
| Proceeds from principal payments on available-for-sale securities |
1,173,524
|
1,679,986
|
| Purchases of available-for-sale securities |
(3,293,817)
|
|
| Net change in loans held for investment |
(1,755,045)
|
(16,690,284)
|
| Purchases of premises and equipment |
(149,942)
|
(201,344)
|
| Net cash used for investing activities |
(4,025,280)
|
(15,211,642)
|
| Cash flows from financing activities |
|
|
| Net change in deposits |
6,247,815
|
5,644,998
|
| Net change in escrows |
125,696
|
66,287
|
| Common stock repurchases |
(1,572,050)
|
0
|
| Net cash provided by financing activities |
4,801,461
|
5,711,285
|
| Net increase (decrease) in cash and cash equivalents |
2,469,137
|
(2,375,132)
|
| Cash and cash equivalents, beginning of period |
9,873,178
|
16,411,344
|
| Cash and cash equivalents, end of period |
12,342,315
|
14,036,212
|
| Supplemental disclosures: |
|
|
| Interest paid on deposits and advances |
571,575
|
481,504
|
| Income taxes paid |
|
25,940
|
| Loans transferred to loans held for sale |
$ 1,272,081
|
$ 124,369
|