XML 15 R4.htm IDEA: XBRL DOCUMENT v3.8.0.1
Condensed Consolidated Statements of Income (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Interest Income    
Loans $ 7,378,575 $ 6,246,510
Investment securities 449,369 475,469
Other 128,372 49,423
7,956,316 6,771,402
Interest Expense    
Deposits 1,422,570 621,854
FHLB advances 333,527 399,927
Subordinated debentures 168,967 151,680
1,925,064 1,173,461
Net Interest Income 6,031,252 5,597,941
Provision for loan losses 225,000 475,000
Net Interest Income After Provision for Loan Losses 5,806,252 5,122,941
Noninterest Income    
Service charges 317,166 267,106
Gain on sale of investment securities 3,183
Gain on sale of mortgage loans held for sale 379,557 408,614
Gain on sale of Small Business Administration loans 170,862 130,488
Net gain on foreclosed assets 44,331 38,073
Other income 403,940 385,084
1,319,039 1,229,365
Noninterest Expense    
Salaries and employee benefits 3,173,424 2,857,771
Occupancy 770,407 486,229
FDIC deposit insurance premiums 78,298 53,112
Data processing 302,532 229,316
Advertising 131,250 131,250
Merger costs 228,000
Other expense 791,944 661,942
5,475,855 4,419,620
Income Before Income Taxes 1,649,436 1,932,686
Provision for Income Taxes 293,691 503,445
Net Income Available to Common Shareholders $ 1,355,745 $ 1,429,241
Basic Income Per Common Share (in dollars per share) $ 0.31 $ 0.33
Diluted Income Per Common Share (in dollars per share) $ 0.30 $ 0.32