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Consolidated Statements of Income - USD ($)
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Interest Income      
Loans $ 41,233,524 $ 40,886,257 $ 27,454,089
Investment securities 2,791,612 1,992,442 1,791,921
Other 1,201,367 367,005 194,723
45,226,503 43,245,704 29,440,733
Interest Expense      
Deposits 10,991,453 7,023,286 3,751,565
Federal Home Loan Bank advances 1,202,708 1,766,278 1,703,787
Subordinated debentures 970,269 1,017,552 631,202
Other 370,584 120,503
13,535,014 9,927,619 6,086,554
Net Interest Income 31,691,489 33,318,085 23,354,179
Provision for Loan Losses 200,000 1,225,000 1,750,000
Net Interest Income After Provision for Loan Losses 31,491,489 32,093,085 21,604,179
Noninterest Income      
Service charges 1,706,437 2,004,525 1,189,575
Net gain (loss) on sale of investment securities 89,564 (8,091) 46,329
Gain on sale of mortgage loans held for sale 2,222,533 2,030,746 2,021,208
Gain on sale of Small Business Administration loans 1,029,949 830,641 746,639
Net gain (loss) on foreclosed assets (235,394) (360,892) 182,004
Other income 2,291,804 2,055,011 1,541,565
7,104,893 6,551,940 5,727,320
Noninterest Expense      
Salaries and employee benefits 16,107,800 14,918,696 12,040,528
Occupancy 4,582,433 4,071,199 2,204,408
FDIC deposit insurance premiums 297,628 437,602 245,115
Data processing 1,694,459 1,477,034 987,193
Advertising 499,998 534,650 525,000
Impairment on investment tax credits 587,428
Merger costs 34,011 3,671,997 151,270
Amortization of core deposit intangible 477,000 408,571
Other expense 3,804,805 3,938,584 2,862,144
27,498,134 29,458,333 19,603,086
Income Before Income Taxes 11,098,248 9,186,692 7,728,413
Provision for Income Taxes 1,683,158 1,854,813 2,570,749
Net Income Available to Common Shareholders $ 9,415,090 $ 7,331,879 $ 5,157,664
Basic Income Per Common Share (in dollars per share) $ 2.14 $ 1.66 $ 1.18
Diluted Income Per Common Share (in dollars per share) $ 2.11 $ 1.64 $ 1.16