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CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($)
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Interest and fee income    
Loans, including fees $ 3,670,982 $ 3,951,719
Taxable securities 363,439 463,454
Tax-exempt securities 124,625 161,721
Other 142,380 115,939
Total interest and fee income 4,301,426 4,692,833
Interest expense    
Deposits 94,072 243,758
Total interest expense 94,072 243,758
Net interest income 4,207,354 4,449,075
Provision for loan losses   10,000
Net interest income after provision for loan losses 4,207,354 4,439,075
Other income    
Service charges and fees 275,590 279,933
Mortgage banking income 346,083 123,662
Other non-interest income 5,958 5,188
Total other income 627,631 408,783
Other expense    
Salaries and employee benefits 1,771,781 1,656,524
Net occupancy expense 525,307 387,132
Other operating expenses 400,049 470,049
Data processing fees 159,384 145,656
Total other expense 2,856,521 2,659,361
Income before income tax expense 1,978,464 2,188,497
Income tax expense 457,333 499,233
Net income $ 1,521,131 $ 1,689,264
Weighted average shares outstanding    
Basic (in shares) 5,530,256 5,514,413
Diluted (in shares) 5,585,622 5,592,352
Basic income per common share (in dollars per share) $ 0.28 $ 0.31
Diluted income per common share (in dollars per share) $ 0.27 $ 0.3