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CONSOLIDATED STATEMENTS OF INCOME - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
INTEREST INCOME        
Loans, including fees $ 11,491,016 $ 10,110,680 $ 32,448,666 $ 29,439,355
Securities and interest-bearing deposits at other financial institutions 739,905 601,815 2,092,948 1,984,041
Federal funds sold and other earning assets 86,267 50,981 237,213 164,218
Total interest income 12,317,188 10,763,476 34,778,827 31,587,614
INTEREST EXPENSE        
Deposits 1,373,236 1,065,092 3,712,326 3,039,044
Securities sold under agreements to repurchase 15,054 16,614 46,593 48,353
Federal Home Loan Bank advances and other borrowings 4,769 17,165 31,925 91,714
Total interest expense 1,393,059 1,098,871 3,790,844 3,179,111
Net interest income before provision for loan losses 10,924,129 9,664,605 30,987,983 28,408,503
Provision for loan losses 30,000 260,567 340,482 616,543
Net interest income after provision for loan losses 10,894,129 9,404,038 30,647,501 27,791,960
NONINTEREST INCOME        
Customer service fees 294,315 295,951 849,614 850,632
Gain on sale of securities 143,508 18,224 143,508 199,587
Gain on sale of loans and other assets 224,494 286,966 910,250 706,371
(Loss) gain on sale of foreclosed assets (27,250) 130,383 (42,314) 184,626
Other noninterest income 584,621 472,300 1,543,018 1,294,318
Total noninterest income 1,219,688 1,203,824 3,404,076 3,235,534
NONINTEREST EXPENSES        
Salaries and employee benefits 5,035,443 4,311,708 14,471,602 13,292,864
Net occupancy and equipment expense 1,113,542 965,159 3,054,594 3,120,234
Depository insurance 101,665 153,353 315,951 440,100
Foreclosed assets 19,928 78,988 30,449 199,419
Advertising 176,998 179,145 470,657 536,657
Data processing 483,411 450,289 1,291,969 1,333,082
Professional services 471,707 558,368 1,483,108 1,564,973
Amortization of intangible assets 78,057 79,761 191,705 266,467
Service contracts 363,114 271,921 971,648 873,160
Other operating expenses 1,703,338 1,000,924 4,239,594 2,846,886
Total noninterest expenses 9,547,203 8,049,616 26,521,277 24,473,842
Income before income tax expense 2,566,614 2,558,246 7,530,300 6,553,652
Income tax expense 881,745 947,354 2,553,293 2,402,267
Net income 1,684,869 1,610,892 4,977,007 4,151,385
Preferred stock dividends 0 270,000 195,000 752,000
Net income available to common stockholders $ 1,684,869 $ 1,340,892 $ 4,782,007 $ 3,399,385
EARNINGS PER COMMON SHARE        
Basic (in dollars per share) $ 0.20 $ 0.23 $ 0.60 $ 0.58
Diluted (in dollars per share) $ 0.20 $ 0.22 $ 0.59 $ 0.56
Weighted average common shares outstanding        
Basic (in shares) 8,234,783 5,834,520 7,994,661 5,820,834
Diluted (in shares) 8,332,680 6,096,333 8,086,346 6,092,035
Dividends per share (in dollars per share) $ 0 $ 0 $ 0 $ 0