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Condensed Consolidated Statements of Income (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Interest Income    
Loans $ 8,817,093 $ 9,553,381
Investment securities 1,024,902 884,428
Other 134,609 361,048
Interest and Dividend Income, Operating, Total 9,976,604 10,798,857
Interest Expense    
Deposits 1,301,695 2,494,302
FHLB advances 310,640 273,596
Other 1,696 122,855
Interest Expense, Total 2,071,133 3,086,525
Net Interest Income 7,905,471 7,712,332
Provision for loan losses 400,000 500,000
Net Interest Income After Provision for Loan Losses 7,505,471 7,212,332
Noninterest Income    
Service charges 364,062 409,204
Net gain on sale of investment securities 72,213 27,899
Gain on sale of mortgage loans held for sale 1,071,812 543,411
Gain on sale of Small Business Administration loans 423,539 0
Commercial loan referral income 0 555,490
Net loss on foreclosed assets (1,149) (6,926)
Other income 685,005 570,054
Noninterest Income, Total 2,615,482 2,099,132
Noninterest Expense    
Salaries and employee benefits 4,366,379 3,949,614
Occupancy 1,128,648 1,151,089
FDIC deposit insurance premiums 143,206 0
Data processing 613,536 597,614
Advertising 122,250 122,250
Amortization of core deposit intangible 119,250 119,250
Other expense 961,814 858,812
Noninterest Expense, Total 7,455,083 6,798,629
Income Before Income Taxes 2,665,870 2,512,835
Provision for Income Taxes 449,854 407,990
Net Income Available to Common Shareholders $ 2,216,016 $ 2,104,845
Basic Income Per Common Share (in dollars per share) $ 0.51 $ 0.49
Diluted Income Per Common Share (in dollars per share) $ 0.51 $ 0.49
Subordinated Debentures Issued to Capital Trusts [Member]    
Interest Expense    
Subordinated debentures $ 194,602 $ 195,772
Subordinated Notes, Net [Member]    
Interest Expense    
Subordinated debentures $ 262,500 $ 0