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Condensed Consolidated Statements of Income (Unaudited) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
Interest Income        
Loans $ 7,052,544 $ 5,854,069 $ 20,042,667 $ 17,184,094
Investment securities 431,560 461,587 1,361,069 1,445,151
Other 41,083 38,647 134,361 134,417
7,525,187 6,354,303 21,538,097 18,763,662
Interest Expense        
Deposits 893,197 560,168 2,261,752 1,715,179
FHLB and Federal Reserve advancese 419,918 349,575 1,269,543 963,847
Subordinated debentures 160,075 146,438 467,665 429,348
1,473,190 1,056,181 3,998,960 3,108,374
Net Interest Income 6,051,997 5,298,122 17,539,137 15,655,288
Provision for loan losses 450,000 200,000 1,500,000 950,000
Net Interest Income After Provision for Loan Losses 5,601,997 5,098,122 16,039,137 14,705,288
Noninterest Income        
Service charges 311,070 303,958 869,102 849,026
Gain on sale of investment securities 11,199 44,060 73,473 155,465
Gain on sale of mortgage loans held for sale 618,732 528,521 1,550,880 1,260,978
Gain on sale of Small Business Administration loans 228,895 85,624 484,240 237,862
Net gain (loss) on foreclosed assets 47,787 (33,808) 56,051 (53,313)
Other income 353,186 387,146 1,133,548 1,153,718
1,570,869 1,315,501 4,167,294 3,603,736
Noninterest Expense        
Salaries and employee benefits 3,052,417 2,694,069 8,844,836 7,950,867
Occupancy 591,961 465,237 1,563,344 1,343,062
FDIC deposit insurance premiums 63,522 117,311 176,011 362,025
Data processing 268,508 223,618 730,260 650,283
Advertising 131,250 131,250 393,750 393,750
Impairment on investment tax credits 146,857 146,857
Other expense 757,317 686,222 2,144,310 2,036,590
5,011,832 4,317,707 13,999,368 12,736,577
Income Before Income Taxes 2,161,034 2,095,916 6,207,063 5,572,447
Provision for Income Taxes 443,651 554,009 1,467,866 1,497,783
Net Income Available to Common Shareholders $ 1,717,383 $ 1,541,907 $ 4,739,197 $ 4,074,664
Basic Income Per Common Share (in dollars per share) $ 0.39 $ 0.35 $ 1.08 $ 0.93
Diluted Income Per Common Share (in dollars per share) $ 0.39 $ 0.35 $ 1.07 $ 0.92