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Condensed Consolidated Statements of Income (Unaudited) - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
Interest Income        
Loans $ 8,884,455 $ 9,094,159 $ 17,701,548 $ 18,647,540
Investment securities 1,199,801 923,189 2,224,703 1,807,617
Other 105,403 141,710 240,012 502,758
Interest and Dividend Income, Operating, Total 10,189,659 10,159,058 20,166,263 20,957,915
Interest Expense        
Deposits 1,091,474 1,541,976 2,393,169 4,036,278
FHLB advances 313,302 283,830 623,942 557,426
Other 1,683 115,209 3,379 238,064
Interest Expense, Total 1,828,156 2,136,409 3,899,289 5,222,934
Net Interest Income 8,361,503 8,022,649 16,266,974 15,734,981
Provision for loan losses 300,000 750,000 700,000 1,250,000
Net Interest Income After Provision for Loan Losses 8,061,503 7,272,649 15,566,974 14,484,981
Noninterest Income        
Service charges 441,119 313,423 805,181 722,627
Net gain (loss) on sale of investment securities (5,553) 135,293 66,660 163,192
Gain on sale of mortgage loans held for sale 1,043,526 883,223 2,115,338 1,426,634
Gain on sale of Small Business Administration loans 473,887 0 897,426 0
Commercial loan referral income 62,612 380,996 62,612 936,486
Net loss on foreclosed assets (126,281) (73,778) (127,430) (80,704)
Other income 926,300 673,561 1,611,305 1,243,615
Noninterest Income, Total 2,815,610 2,312,718 5,431,092 4,411,850
Noninterest Expense        
Salaries and employee benefits 4,481,689 4,138,779 8,848,068 8,088,393
Occupancy 1,142,604 1,164,853 2,271,252 2,315,942
FDIC deposit insurance premiums 147,299 85,000 290,505 85,000
Data processing 611,838 576,722 1,225,374 1,174,336
Advertising 122,250 122,250 244,500 244,500
Amortization of core deposit intangible 119,250 119,250 238,500 238,500
Other expense 1,012,977 1,046,477 1,974,791 1,905,289
Noninterest Expense, Total 7,637,907 7,253,331 15,092,990 14,051,960
Income Before Income Taxes 3,239,206 2,332,036 5,905,076 4,844,871
Provision for Income Taxes 723,024 448,653 1,172,878 856,643
Net Income Available to Common Shareholders $ 2,516,182 $ 1,883,383 $ 4,732,198 $ 3,988,228
Basic Income Per Common Share (in dollars per share) $ 0.58 $ 0.43 $ 1.09 $ 0.92
Diluted Income Per Common Share (in dollars per share) $ 0.58 $ 0.43 $ 1.09 $ 0.92
Subordinated Debentures Issued to Capital Trusts [Member]        
Interest Expense        
Subordinated debentures $ 159,197 $ 195,394 $ 353,799 $ 391,166
Subordinated Notes, Net [Member]        
Interest Expense        
Subordinated debentures $ 262,500 $ 0 $ 525,000 $ 0