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Condensed Consolidated Statements of Income (Unaudited) - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Interest Income        
Loans $ 9,818,707 $ 6,743,613 $ 17,197,282 $ 12,990,123
Investment securities 492,931 454,040 942,300 929,509
Other 67,487 43,855 195,859 93,278
10,379,125 7,241,508 18,335,441 14,012,910
Interest Expense        
Deposits 1,719,614 746,701 3,142,184 1,368,555
FHLB advances 405,817 449,698 739,344 849,625
Subordinated debentures 277,594 155,910 446,561 307,590
Other 3,833 3,833
2,406,858 1,352,309 4,331,922 2,525,770
Net Interest Income 7,972,267 5,889,199 14,003,519 11,487,140
Provision for loan losses 500,000 575,000 725,000 1,050,000
Net Interest Income After Provision for Loan Losses 7,472,267 5,314,199 13,278,519 10,437,140
Noninterest Income        
Service charges 552,011 290,926 869,177 558,032
Net gain (loss) on sale of investment securities (10,388) 62,274 (7,205) 62,274
Gain on sale of mortgage loans held for sale 616,928 523,534 996,485 932,148
Gain on sale of Small Business Administration loans 225,379 124,857 396,241 255,345
Net gain (loss) on foreclosed assets 76,481 (29,809) 120,812 8,264
Other income 493,401 395,278 897,341 780,362
1,953,812 1,367,060 3,272,851 2,596,425
Noninterest Expense        
Salaries and employee benefits 4,101,741 2,934,648 7,275,165 5,792,419
Occupancy 1,037,665 485,154 1,808,072 971,383
FDIC deposit insurance premiums 116,837 59,377 195,135 112,489
Data processing 464,360 232,436 766,892 461,752
Advertising 134,650 131,250 265,900 262,500
Merger costs 3,192,050 3,420,050
Other expense 1,175,334 725,051 1,967,278 1,386,993
10,222,637 4,567,916 15,698,492 8,987,536
Income (Loss) Before Income Taxes (796,558) 2,113,343 852,878 4,046,029
Provision (Credit) for Income Taxes (453,574) 520,770 (159,883) 1,024,215
Net Income (Loss) Available to Common Shareholders $ (342,984) $ 1,592,573 $ 1,012,761 $ 3,021,814
Basic Income (Loss) Per Common Share (in dollars per share) $ (0.08) $ 0.36 $ 0.23 $ 0.69
Diluted Income (Loss) Per Common Share (in dollars per share) $ (0.08) $ 0.36 $ 0.23 $ 0.68