v3.26.3
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Cash Flows from Operating Activities:    
Net income $ 14,147,501 $ 12,332,018
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization, bank premises and equipment 762,333 782,239
Credit loss expense 1,585,781 990,853
Deferred income tax benefit (192,443) (11,389)
Gain on sale of loans (77,514) (80,495)
(Gain) loss on sale of bank premises and equipment (18,486) 7,839
Gain on sale of OREO (37,318) 0
Income from CFS Partners (1,174,733) (1,388,678)
Amortization of bond premium, net 43,424 34,695
Proceeds from sales of loans held for sale 2,547,281 3,724,595
Originations of loans held for sale (2,745,882) (4,913,308)
Increase in taxes payable 46,957 158,634
(Increase) decrease in interest receivable (71,774) 12,686
Decrease in mortgage servicing rights 54,116 65,997
Decrease in right-of-use assets 169,505 178,394
(Decrease) increase in operating lease liabilities (160,589) 279,239
Decrease in other assets 423,957 31,633
Increase in cash surrender value of BOLI (56,091) (60,289)
Amortization of limited partnerships 1,028,215 638,604
Change in net deferred loan fees and costs (448,271) (89,695)
Decrease in interest payable (102,401) (1,912,291)
Increase (decrease) in accrued expenses 90,567 (305,597)
Decrease in other liabilities (178,372) (118,187)
Net cash provided by operating activities 15,635,763 10,357,497
Investments - AFS    
Maturities, calls, pay downs and sales 26,488,590 29,024,533
Purchases 0 (14,971,773)
Proceeds from redemption of restricted equity securities 1,278,900 2,547,700
Purchases of restricted equity securities (225,100) (3,174,900)
Decrease in limited partnership contributions payable (4,356,000) 0
Investments in limited liability entities (255,916) 0
Increase in loans, net (56,996,864) (34,401,822)
Capital expenditures net of proceeds from sales of bank premises and equipment (1,070,243) (1,206,710)
Proceeds from sales of OREO 356,337 0
Recoveries of loans charged off 132,243 88,395
Net cash used in investing activities (34,648,053) (22,094,577)
Cash Flows from Financing Activities:    
Net increase (decrease) in demand and interest-bearing transaction accounts 9,813,194 (12,493,069)
Net decrease in money market and savings accounts (45,239,111) (13,219,341)
Net increase in time deposits 8,561,177 32,367,815
Net decrease in repurchase agreements (6,609,279) (14,765,320)
Net decrease in short-term borrowings 0 (31,500,000)
(Repayment of) proceeds from long-term borrowings (25,000,000) 5,175,022
Decrease in finance lease obligations (182,502) (175,057)
Shares purchased through stock buyback program (26,633) (701,470)
Dividends paid on preferred stock 0 (84,375)
Dividends paid on common stock (3,077,239) (2,941,768)
Net cash used in financing activities (61,760,393) (38,337,563)
Net decrease in cash and cash equivalents (80,772,683) (50,074,643)
Cash and cash equivalents:    
Beginning 128,061,761 110,940,202
Ending 47,289,078 60,865,559
Supplemental Schedule of Cash Paid During the Period:    
Interest 14,567,065 16,860,418
Income taxes, net of refunds 2,303,000 1,703,000
Supplemental Schedule of Noncash Investing and Financing Activities:    
Change in unrealized (loss) gain on securities AFS (4,884,574) 6,638,354
Additions to operating lease liabilities 71,318 510,199
Investment in limited partnerships, not yet paid 0 4,356,000
Common Shares Dividends Paid:    
Dividends declared 4,247,339 4,027,225
Increase in dividends payable attributable to dividends declared (66,000) (16,567)
Dividends reinvested (1,104,100) (1,068,890)
Total dividends paid $ 3,077,239 $ 2,941,768