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Condensed Consolidated Statements of Income (Unaudited) - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Jun. 30, 2019
Jun. 30, 2018
Interest Income        
Loans $ 10,394,929 $ 9,818,707 $ 20,698,114 $ 17,197,282
Investment securities 680,970 492,931 1,278,504 942,300
Other 223,608 67,487 419,325 195,859
11,299,507 10,379,125 22,395,943 18,335,441
Interest Expense        
Deposits 2,799,220 1,719,614 5,405,440 3,142,184
FHLB advances 288,710 405,817 645,286 739,344
Subordinated debentures 296,771 277,594 588,123 446,561
Other 64,451 3,833 132,021 3,833
3,449,152 2,406,858 6,770,870 4,331,922
Net Interest Income 7,850,355 7,972,267 15,625,073 14,003,519
Provision for loan losses 100,000 500,000 100,000 725,000
Net Interest Income After Provision for Loan Losses 7,750,355 7,472,267 15,525,073 13,278,519
Noninterest Income        
Service charges 418,938 552,011 820,770 869,177
Net gain (loss) on sale of investment securities 78,911 (10,388) 48,263 (7,205)
Gain on sale of mortgage loans held for sale 561,932 616,928 987,930 996,485
Gain on sale of Small Business Administration loans 247,457 225,379 497,576 396,241
Net gain on foreclosed assets 39,923 76,481 20,866 120,812
Other income 586,177 493,401 1,122,268 897,341
1,933,338 1,953,812 3,497,673 3,272,851
Noninterest Expense        
Salaries and employee benefits 3,952,870 4,101,741 7,912,190 7,275,165
Occupancy 1,106,812 1,037,665 2,240,175 1,808,072
FDIC deposit insurance premiums 118,093 116,837 217,628 195,135
Data processing 420,197 464,360 809,141 766,892
Advertising 150,000 134,650 300,000 265,900
Merger costs 22,055 3,192,050 38,651 3,420,050
Amortization of core deposit intangible 119,250 220,000 238,500 220,000
Other expense 937,206 955,334 1,913,757 1,747,278
6,826,483 10,222,637 13,670,042 15,698,492
Income (Loss) Before Income Taxes 2,857,210 (796,558) 5,352,704 852,878
Provision (Credit) for Income Taxes 428,711 (453,574) 803,841 (159,883)
Net Income (Loss) Available to Common Shareholders $ 2,428,499 $ (342,984) $ 4,548,863 $ 1,012,761
Basic Income (Loss) Per Common Share (in dollars per share) $ 0.55 $ (0.08) $ 1.02 $ 0.23
Diluted Income (Loss) Per Common Share (in dollars per share) $ 0.54 $ (0.08) $ 1.01 $ 0.23