XML 16 R4.htm IDEA: XBRL DOCUMENT v3.7.0.1
CONSOLIDATED STATEMENTS OF INCOME - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Jun. 30, 2017
Jun. 30, 2016
INTEREST INCOME        
Loans, including fees $ 10,747,217 $ 9,954,218 $ 20,962,823 $ 19,328,675
Securities and interest-bearing deposits at other financial institutions 692,223 665,402 1,353,043 1,381,982
Federal funds sold and other earning assets 78,049 50,171 150,946 113,481
Total interest income 11,517,489 10,669,791 22,466,812 20,824,138
INTEREST EXPENSE        
Deposits 1,241,551 1,012,684 2,339,089 1,973,951
Securities sold under agreements to repurchase 15,588 15,279 31,539 31,739
Federal Home Loan Bank advances and other borrowings 11,682 29,263 27,156 74,549
Total interest expense 1,268,821 1,057,226 2,397,784 2,080,239
Net interest income before provision for loan losses 10,248,668 9,612,565 20,069,028 18,743,899
Provision for loan losses 298,033 218,420 310,482 355,976
Net interest income after provision for loan losses 9,950,635 9,394,145 19,758,546 18,387,923
NONINTEREST INCOME        
Customer service fees 290,626 258,877 555,299 554,680
Gain on sale of securities 0 98,100 0 181,363
Gain on sale of loans and other assets 405,418 197,479 680,583 419,405
(Loss) gain on sale of foreclosed assets 500 (3,734) (15,064) 54,243
Other noninterest income 555,963 410,155 958,396 822,018
Total noninterest income 1,252,507 960,877 2,179,214 2,031,709
NONINTEREST EXPENSES        
Salaries and employee benefits 4,757,618 4,486,148 9,404,367 8,981,156
Net occupancy and equipment expense 962,593 1,136,648 1,941,052 2,155,075
Depository insurance 60,987 150,943 214,286 286,747
Foreclosed assets 12,008 63,773 10,521 120,431
Advertising 129,398 184,065 293,659 357,510
Data processing 475,343 554,612 808,558 895,992
Professional services 473,351 551,432 1,043,192 1,006,605
Amortization of intangible assets 61,071 93,353 113,648 186,706
Service contracts 312,905 315,611 608,534 601,239
Other operating expenses 1,583,888 935,740 2,536,257 1,832,765
Total noninterest expenses 8,829,162 8,472,325 16,974,074 16,424,226
Income before income tax expense 2,373,980 1,882,697 4,963,686 3,995,406
Income tax expense 725,694 691,067 1,671,548 1,454,913
Net income 1,648,286 1,191,630 3,292,138 2,540,493
Preferred stock dividends 0 270,000 195,000 482,000
Net income available to common stockholders $ 1,648,286 $ 921,630 $ 3,097,138 $ 2,058,493
EARNINGS PER COMMON SHARE        
Basic (in dollars per share) $ 0.20 $ 0.16 $ 0.39 $ 0.35
Diluted (in dollars per share) $ 0.20 $ 0.15 $ 0.39 $ 0.34
Weighted average common shares outstanding        
Basic (in shares) 8,216,567 5,820,342 7,872,609 5,813,915
Diluted (in shares) 8,325,538 6,131,820 7,977,282 6,118,530
Dividends per share (in dollars per share) $ 0 $ 0 $ 0 $ 0