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Condensed Consolidated Statements of Income (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Interest Income    
Loans $ 10,303,185 $ 7,378,575
Investment securities 597,534 449,369
Other 195,717 128,372
11,096,436 7,956,316
Interest Expense    
Deposits 2,606,220 1,422,570
FHLB advances 356,576 333,527
Subordinated debentures 291,352 168,967
Other 67,570
3,321,718 1,925,064
Net Interest Income 7,774,718 6,031,252
Provision for Loan Losses 225,000
Net Interest Income After Provision for Loan Losses 7,774,718 5,806,252
Noninterest Income    
Service charges 401,832 317,166
Gain (loss) on sale of investment securities (30,648) 3,183
Gain on sale of mortgage loans held for sale 425,998 379,557
Gain on sale of Small Business Administration loans 250,119 170,862
Net gain (loss) on foreclosed assets (19,057) 44,331
Other income 536,091 403,940
1,564,335 1,319,039
Noninterest Expense    
Salaries and employee benefits 3,959,320 3,173,424
Occupancy 1,133,363 770,407
FDIC deposit insurance premiums 99,535 78,298
Data processing 388,944 302,532
Advertising 150,000 131,250
Merger costs 16,596 228,000
Amortization of core deposit intangible 119,250
Other expense 976,551 791,944
6,843,559 5,475,855
Income Before Income Taxes 2,495,494 1,649,436
Provision for Income Taxes 375,130 293,691
Net Income Available to Common Shareholders $ 2,120,364 $ 1,355,745
Basic Income Per Common Share (in dollars per share) $ 0.48 $ 0.31
Diluted Income Per Common Share (in dollars per share) $ 0.47 $ 0.30