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Condensed Consolidated Statements of Income (Unaudited) - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Interest Income        
Loans $ 9,094,159 $ 10,394,929 $ 18,647,540 $ 20,698,114
Investment securities 923,189 680,970 1,807,617 1,278,504
Other 141,710 223,608 502,758 419,325
Interest and Dividend Income, Operating, Total 10,159,058 11,299,507 20,957,915 22,395,943
Interest Expense        
Deposits 1,541,976 2,799,220 4,036,278 5,405,440
FHLB advances 283,830 288,710 557,426 645,286
Subordinated debentures 195,394 296,771 391,166 588,123
Other 115,209 64,451 238,064 132,021
Interest Expense, Total 2,136,409 3,449,152 5,222,934 6,770,870
Net Interest Income 8,022,649 7,850,355 15,734,981 15,625,073
Provision for loan losses 750,000 100,000 1,250,000 100,000
Net Interest Income After Provision for Loan Losses 7,272,649 7,750,355 14,484,981 15,525,073
Noninterest Income        
Service charges 313,423 418,938 722,627 820,770
Net gain on sale of investment securities 135,293 78,911 163,192 48,263
Gain on sale of mortgage loans held for sale 883,223 561,932 1,426,634 987,930
Gain on sale of Small Business Administration loans 0 247,457 0 497,576
Commercial loan referral income 380,996 0 936,486 0
Net gain (loss) on foreclosed assets (73,778) 39,923 (80,704) 20,866
Other income 673,561 586,177 1,243,615 1,122,268
Noninterest Income, Total 2,312,718 1,933,338 4,411,850 3,497,673
Noninterest Expense        
Salaries and employee benefits 4,138,779 3,952,870 8,088,393 7,912,190
Occupancy 1,164,853 1,106,812 2,315,942 2,240,175
FDIC deposit insurance premiums 85,000 118,093 85,000 217,628
Data processing 576,722 420,197 1,174,336 809,141
Advertising 122,250 150,000 244,500 300,000
Amortization of core deposit intangible 119,250 119,250 238,500 238,500
Other expense 1,046,477 959,261 1,905,289 1,952,408
Noninterest Expense, Total 7,253,331 6,826,483 14,051,960 13,670,042
Income Before Income Taxes 2,332,036 2,857,210 4,844,871 5,352,704
Provision for Income Taxes 448,653 428,711 856,643 803,841
Net Income Available to Common Shareholders $ 1,883,383 $ 2,428,499 $ 3,988,228 $ 4,548,863
Basic Income Per Common Share (in dollars per share) $ 0.43 $ 0.55 $ 0.92 $ 1.02
Diluted Income Per Common Share (in dollars per share) $ 0.43 $ 0.54 $ 0.92 $ 1.01