XML 15 R4.htm IDEA: XBRL DOCUMENT v3.20.2
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Interest and fee income        
Loans, including fees $ 3,760,212 $ 4,059,536 $ 11,152,378 $ 12,101,678
Taxable securities 433,280 369,803 1,179,712 1,256,468
Tax-exempt securities 82,550 129,986 289,958 428,822
Other 16,303 268,359 174,934 546,894
Total interest and fee income 4,292,345 4,827,684 12,796,982 14,333,862
Interest expense        
Deposits 72,198 213,876 242,275 702,860
Total interest expense 72,198 213,876 242,275 702,860
Net interest income 4,220,147 4,613,808 12,554,707 13,631,002
Provision for loan losses 40,000 10,000 40,000 155,000
Net interest income after provision for loan losses 4,180,147 4,603,808 12,514,707 13,476,002
Other income        
Service charges and fees 275,318 295,908 801,245 876,394
Mortgage banking income 694,045 291,082 1,486,247 671,123
Gain on sales of securities       28,900
Other non-interest income 8,689 9,080 21,813 21,175
Total other income 978,052 596,070 2,309,305 1,597,592
Other expense        
Salaries and employee benefits 1,775,498 1,664,631 5,360,111 4,985,591
Net occupancy expense 566,949 419,465 1,646,790 1,233,844
Other operating expenses 275,468 213,832 718,881 759,277
Professional fees 158,640 128,426 449,475 447,208
Data processing fees 158,443 155,469 486,485 450,046
Total other expense 2,934,998 2,581,823 8,661,742 7,875,966
Income before income tax expense 2,223,201 2,618,055 6,162,270 7,197,628
Income tax expense 519,930 603,264 1,436,845 1,652,726
Net income $ 1,703,271 $ 2,014,791 $ 4,725,425 $ 5,544,902
Weighted average shares outstanding        
Basic (in shares) 5,527,696 5,526,233 5,529,189 5,519,337
Diluted (in shares) 5,696,247 5,595,056 5,695,614 5,588,532
Basic income per common share (in dollars per share) $ 0.31 $ 0.36 $ 0.85 $ 1.00
Diluted income per common share (in dollars per share) $ 0.30 $ 0.36 $ 0.83 $ 0.99