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Consolidated Statements Of Income - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Interest income        
Loans $ 5,967,013 $ 5,391,077 $ 17,116,855 $ 15,734,259
Securities        
Taxable 410,867 367,857 1,473,018 1,204,056
Tax-exempt 13,411 13,136 38,794 38,017
Other interest-earning assets 94,343 131,215 332,603 660,492
Total interest income 6,485,634 5,903,285 18,961,270 17,636,824
Interest expense        
Deposits 1,040,669 1,836,627 3,354,897 6,194,460
FHLB advances 369,352 472,506 1,176,985 1,478,432
Total interest expense 1,410,021 2,309,133 4,531,882 7,672,892
Net interest income 5,075,613 3,594,152 14,429,388 9,963,932
Provision (credit) for loan losses 25,000 25,000 (88,000) 275,000
Net interest income after provision (credit) for loan losses 5,050,613 3,569,152 14,517,388 9,688,932
Non-interest income        
Fees and service charges 53,696 13,407 98,989 45,451
Gain on sale of loans 127,111   647,213  
Bargain purchase gain     1,933,397  
Bank-owned life insurance 156,992 90,359 391,825 939,160
Other 36,613 4,287 154,882 12,470
Total non-interest income 374,412 108,053 3,226,306 997,081
Non-interest expense        
Salaries and employee benefits 2,029,021 1,330,540 5,603,408 3,790,526
Occupancy and equipment 338,604 166,592 899,777 495,509
FDIC insurance assessment 49,000 45,000 163,300 116,000
Data processing 256,953 182,202 777,789 493,439
Advertising 60,000 30,000 180,000 131,814
Director fees 207,012 181,916 622,131 547,091
Professional fees 128,514 239,375 596,280 642,888
Merger fees     392,197  
Core conversion costs 370,000   730,000  
Contribution to charitable foundation       2,881,500
Other 337,002 218,395 820,803 527,560
Total non-interest expense 3,776,106 2,394,020 10,785,685 9,626,327
Income before income taxes 1,648,919 1,283,185 6,958,009 1,059,686
Income tax expense 606,744 326,769 1,470,803 37,781
Net income $ 1,042,175 $ 956,416 $ 5,487,206 $ 1,021,905
Earnings per Share (basic and diluted) $ 0.07 $ 0.08 $ 0.40 $ 0.09
Weighted average shares outstanding 14,019,317 12,657,453 13,694,117 12,004,881