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CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Interest and fee income        
Loans, including fees $ 4,059,536 $ 3,905,954 $ 12,101,678 $ 11,169,692
Taxable securities 369,803 465,180 1,256,468 1,406,094
Tax-exempt securities 129,986 171,916 428,822 575,657
Other 268,359 122,536 546,894 258,019
Total interest and fee income 4,827,684 4,665,586 14,333,862 13,409,462
Interest expense        
Deposits 213,876 195,434 702,860 444,961
Total interest expense 213,876 195,434 702,860 444,961
Net interest income 4,613,808 4,470,152 13,631,002 12,964,501
Provision for loan losses 10,000 100,000 155,000 230,000
Net interest income after provision for loan losses 4,603,808 4,370,152 13,476,002 12,734,501
Other income        
Service charges and fees 295,908 284,046 876,394 875,709
Mortgage banking income 291,082 168,004 671,123 558,473
Gain on sales of securities     28,897 4,735
Other non-interest income 9,080 6,643 21,178 22,817
Total other income 596,070 458,693 1,597,592 1,461,734
Other expense        
Salaries and employee benefits 1,664,631 1,595,706 4,985,591 4,744,878
Net occupancy expense 419,465 389,973 1,233,844 1,195,364
Other operating expenses 497,727 797,319 1,656,531 2,111,968
Net other real estate owned expenses   33,476   57,613
Total other expense 2,581,823 2,816,474 7,875,966 8,109,823
Income before income tax expense 2,618,055 2,012,371 7,197,628 6,086,412
Income tax expense 603,264 234,218 1,652,726 969,672
Net income $ 2,014,791 $ 1,778,153 $ 5,544,902 $ 5,116,740
Weighted average shares outstanding        
Basic (in shares) 5,526,233 5,506,649 5,519,337 5,496,346
Diluted (in shares) 5,595,056 5,589,549 5,588,532 5,579,989
Basic income per common share (in dollars per share) $ 0.36 $ 0.32 $ 1.00 $ 0.93
Diluted income per common share (in dollars per share) $ 0.36 $ 0.32 $ 0.99 $ 0.92