v3.26.1
Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Operating Activities    
Net income $ 11,576,767 $ 9,377,348
Adjustments to reconcile net income to net cash provided by operating activities    
Provision for credit losses 2,152,969 550,265
Depreciation and amortization 891,834 850,244
Deferred income tax (114,442) 158,285
Stock based compensation 815,821 1,474,062
Investment securities amortization, net 754,838 943,315
Net loss on sale of investment securities available for sale 156,040 50,698
Net gains on loan and lease sales (409,369) (554,546)
(Gain) loss on sale of real estate owned (6,067) 7,050
Gain on sale of premises and equipment (4,500) (6,000)
Accretion of loan origination fees (884,026) (767,469)
Amortization of mortgage-servicing rights 208,603 192,807
ESOP shares expense 738,051 660,972
Increase in cash surrender value of life insurance (97,140) (91,565)
Loans originated for sale (20,708,456) (26,266,889)
Proceeds on loans sold 20,443,536 26,566,309
Net change in    
Interest receivable (269,925) (186,295)
Other assets 732,172 2,757,010
Other liabilities 1,367,403 (1,397,861)
Interest payable (1,374,701) 434,722
Net cash provided by operating activities 15,969,408 14,752,462
Investing Activities    
Net change in interest-bearing time deposits (1,770,000) (300,000)
Purchases of securities available for sale (5,702,862) (7,501,450)
Proceeds from maturities and paydowns of securities available for sale 18,540,188 20,603,526
Proceeds from sales of securities available for sale 6,765,888 6,907,932
Proceeds from maturities and paydowns of securities held to maturity 749,419 1,449,228
Net change in loans (18,405,177) (68,868,279)
Proceeds from sales of real estate owned 43,502 125,109
Purchases of premises and equipment (1,361,889) (460,380)
Proceeds from sale of premises and equipment 0 6,000
Purchases of FHLB stock 0 (1,260,000)
Net cash used in investing activities (1,140,931) (49,298,314)
Net change in    
Demand and savings deposits 16,564,101 23,730,746
Certificates of deposit 4,389,302 29,069,200
Advances by borrowers for taxes and insurance 60,235 2,068
Proceeds from other borrowings 12,000,000 0
Proceeds from FHLB advances 284,000,000 288,500,000
Repayment of FHLB advances (309,000,000) (294,500,000)
Repurchase of common stock (5,633,659) (5,041,976)
Proceeds from stock option exercises (4) (12)
Dividends paid (5,835,148) (5,697,109)
Net cash provided by financing activities (3,455,173) 36,062,917
Net Change in Cash and Cash Equivalents 11,373,304 1,517,065
Cash and Cash Equivalents, Beginning of Period 21,757,190 20,240,125
Cash and Cash Equivalents, End of Period 33,130,494 21,757,190
Additional Cash Flows and Supplementary Information    
Interest paid 43,435,917 41,384,311
Income tax paid 1,338,381 (406,837)
Transfers from loans to other real estate owned 56,136 37,435
Right of use assets obtained in exchange for new operating lease liabilities $ 298,061 $ 0