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Condensed Consolidated Statements of Income (Unaudited) - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Jun. 30, 2017
Jun. 30, 2016
Interest Income        
Loans $ 6,743,613 $ 5,628,133 $ 12,990,123 $ 11,330,025
Investment securities 454,040 525,713 929,509 983,564
Other 43,855 50,468 93,278 95,770
7,241,508 6,204,314 14,012,910 12,409,359
Interest Expense        
Deposits 746,701 570,194 1,368,555 1,155,011
FHLB and Federal Reserve advancese 449,698 313,108 849,625 614,272
Subordinated debentures 155,910 143,480 307,590 282,910
1,352,309 1,026,782 2,525,770 2,052,193
Net Interest Income 5,889,199 5,177,532 11,487,140 10,357,166
Provision for loan losses 575,000 375,000 1,050,000 750,000
Net Interest Income After Provision for Loan Losses 5,314,199 4,802,532 10,437,140 9,607,166
Noninterest Income        
Service charges 290,926 279,099 558,032 545,068
Gain on sale of investment securities 62,274 60,375 62,274 111,405
Gain on sale of mortgage loans held for sale 523,534 382,583 932,148 732,457
Gain on sale of Small Business Administration loans 124,857 82,686 255,345 152,238
Net gain (loss) on foreclosed assets (29,809) (8,797) 8,264 (19,505)
Other income 395,278 383,467 780,362 766,572
1,367,060 1,179,413 2,596,425 2,288,235
Noninterest Expense        
Salaries and employee benefits 2,934,648 2,705,866 5,792,419 5,256,798
Occupancy 485,154 433,124 971,383 877,825
FDIC deposit insurance premiums 59,377 127,864 112,489 244,714
Data processing 232,436 211,535 461,752 426,665
Advertising 131,250 131,250 262,500 262,500
Other expense 725,051 699,755 1,386,993 1,350,368
4,567,916 4,309,394 8,987,536 8,418,870
Income Before Income Taxes 2,113,343 1,672,551 4,046,029 3,476,531
Provision for Income Taxes 520,770 416,399 1,024,215 943,774
Net Income Available to Common Shareholders $ 1,592,573 $ 1,256,152 $ 3,021,814 $ 2,532,757
Basic Income Per Common Share (in dollars per share) $ 0.36 $ 0.29 $ 0.69 $ 0.58
Diluted Income Per Common Share (in dollars per share) $ 0.36 $ 0.28 $ 0.68 $ 0.57