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Consolidated Statements of Income (Unaudited) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Net Income $ 4,642,470 $ 904,711 $ 10,745,404 $ 3,985,229
Loans 7,261,810 6,774,037 20,039,222 19,333,257
Mortgage-Backed Securities 1,302,757 1,475,881 4,018,985 4,728,662
Investment Securities 1,100,446 1,085,221 3,418,605 3,417,663
Other 3,401 3,639 6,450 52,970
Interest and Dividend Income, Operating 9,668,414 9,338,778 27,483,262 27,532,552
NOW and Money Market Accounts 172,730 185,626 489,105 912,675
Savings Accounts 18,688 25,306 52,402 68,294
Certificate Accounts 184,718 575,602 715,698 2,360,497
FHLB Advances and Other Borrowed Money 50,756 224,250 389,142 700,590
Interest Expense, Subordinated Notes and Debentures 0 0 0 81,796
Interest Expense, Medium-term Notes 393,750 393,750 1,181,250 1,181,250
Interest Expense, Junior Subordinated Debentures 23,955 26,380 72,974 101,388
Interest Expense 844,597 1,430,914 2,900,571 5,406,490
Interest Income (Expense), Net 8,823,817 7,907,864 24,582,691 22,126,062
Provision For Loan Losses (665,000) 2,200,000 (2,270,000) 3,600,000
Interest Income (Expense), after Provision for Loan Loss 9,488,817 5,707,864 26,852,691 18,526,062
Gain on Sale of Investments 0 139,346 0 1,332,666
Gain on Sale of Loans 932,340 1,184,818 3,022,755 2,494,084
Service Fees on Deposit Accounts 251,440 222,085 702,548 695,561
Commissions From Insurance Agency 187,657 202,007 468,083 513,783
Trust Income 359,035 243,990 1,005,517 782,210
BOLI Income 155,000 138,250 485,000 408,250
Check card revenue 615,568 499,176 1,811,216 1,416,946
Grant Revenue 1,826,265 171,310 1,826,265 316,814
Other 202,314 187,269 669,379 629,814
Noninterest Income 4,529,619 2,988,251 9,990,763 8,590,128
General Insurance Expense 77,731 62,318 248,691 226,983
Postage Expense 16,469 94,306 147,600 249,512
Professional Fees 182,684 190,379 512,998 563,246
Supplies Expense 284,434 232,788 859,357 764,570
Communication 100,113 135,645 313,229 372,631
Compensation and Employee Benefits 4,757,937 4,743,327 14,145,363 13,654,330
Occupancy 641,555 669,258 1,922,369 1,864,202
Advertising 275,947 325,584 671,186 776,605
Depreciation and Maintenance of Equipment 781,217 689,118 2,354,958 2,126,683
Federal Deposit Insurance Corporation Premium Expense 73,845 51,858 215,181 67,938
Other Revenue (Expense) from Real Estate Operations (55,000) 22,049 115,840 27,329
Other 801,964 513,685 1,829,544 1,681,363
General and Administrative Expense $ 8,048,896 $ 7,686,217 $ 23,104,636 $ 22,320,734
Weighted Average Shares Outstanding (Basic) 3,252,884 3,252,884 3,252,884 3,199,603
Income (Loss) from Continuing Operations before Income Taxes, Domestic $ 5,969,540 $ 1,009,898 $ 13,738,818 $ 4,795,456
Provision For Income Taxes $ 1,327,070 $ 105,187 $ 2,993,414 $ 810,227
Net Income Per Common Share (Basic) $ 1.43 $ 0.28 $ 3.30 $ 1.25
Cash Dividend Per Share on Common Stock $ 0.11 $ 0.10 $ 0.33 $ 0.30
Interest Income:        
Loans $ 7,261,810 $ 6,774,037 $ 20,039,222 $ 19,333,257
Mortgage-Backed Securities 1,302,757 1,475,881 4,018,985 4,728,662
Investment Securities 1,100,446 1,085,221 3,418,605 3,417,663
Other 3,401 3,639 6,450 52,970
Total Interest Income 9,668,414 9,338,778 27,483,262 27,532,552
Interest Expense:        
NOW and Money Market Accounts 172,730 185,626 489,105 912,675
Savings Accounts 18,688 25,306 52,402 68,294
Certificate Accounts 184,718 575,602 715,698 2,360,497
FHLB Advances and Other Borrowed Money 50,756 224,250 389,142 700,590
Senior Convertible Debentures 0 0 0 81,796
Interest Expense, Medium-term Notes 393,750 393,750 1,181,250 1,181,250
Junior Subordinated Debentures 23,955 26,380 72,974 101,388
Total Interest Expense 844,597 1,430,914 2,900,571 5,406,490
Net Interest Income 8,823,817 7,907,864 24,582,691 22,126,062
Provision For Loan Losses (665,000) 2,200,000 (2,270,000) 3,600,000
Net Interest Income After Provision For Loan Losses 9,488,817 5,707,864 26,852,691 18,526,062
Non-Interest Income:        
Gain on Sale of Investments 0 139,346 0 1,332,666
Gain on Sale of Loans 932,340 1,184,818 3,022,755 2,494,084
Service Fees on Deposit Accounts 251,440 222,085 702,548 695,561
Commissions From Insurance Agency 187,657 202,007 468,083 513,783
Trust Income 359,035 243,990 1,005,517 782,210
BOLI Income 155,000 138,250 485,000 408,250
Grant Revenue 1,826,265 171,310 1,826,265 316,814
Check card revenue 615,568 499,176 1,811,216 1,416,946
Other 202,314 187,269 669,379 629,814
Total Non-Interest Income 4,529,619 2,988,251 9,990,763 8,590,128
Non-Interest Expense:        
Compensation and Employee Benefits 4,757,937 4,743,327 14,145,363 13,654,330
Occupancy 641,555 669,258 1,922,369 1,864,202
Advertising 275,947 325,584 671,186 776,605
Depreciation and Maintenance of Equipment 781,217 689,118 2,354,958 2,126,683
Federal Deposit Insurance Corporation Premium Expense 73,845 51,858 215,181 67,938
Net Cost (Recovery) from Operation of OREO 55,000 (22,049) (115,840) (27,329)
Other 801,964 513,685 1,829,544 1,681,363
Total Non-Interest Expense 8,048,896 7,686,217 23,104,636 22,320,734
Income Before Income Taxes 5,969,540 1,009,898 13,738,818 4,795,456
Provision For Income Taxes 1,327,070 105,187 2,993,414 810,227
Net Income 4,642,470 904,711 10,745,404 3,985,229
Net Income $ 4,642,470 $ 904,711 $ 10,745,404 $ 3,985,229
Net Income Per Common Share (Basic) $ 1.43 $ 0.28 $ 3.30 $ 1.25
Cash Dividend Per Share on Common Stock $ 0.11 $ 0.10 $ 0.33 $ 0.30
Weighted Average Shares Outstanding (Basic) 3,252,884 3,252,884 3,252,884 3,199,603