QUARTERLY RESULTS OF OPERATIONS (UNAUDITED) (Tables)

12 Months Ended

Dec. 31, 2020

Quarterly Financial Information Disclosure [Abstract]

Schedule of quarterly operating results

The tables below represent the quarterly results of operations for the years ended December 31, 2020 and 2019, respectively:

	2020
	Fourth		Third		Second		First
Total interest and fee income	$	4,442,774	$	4,292,345	$	4,203,211	$	4,301,426
Total interest expense		63,139		72,198		76,005		94,072
Net interest income		4,379,635		4,220,147		4,127,206		4,207,354
Provision for loan losses		200,000		40,000		—		—
Net interest income after provision for loan losses		4,179,635		4,180,147		4,127,206		4,207,354
Total other income		1,095,596		978,052		703,622		627,631
Total other expense		3,011,191		2,934,998		2,870,223		2,856,521
Income before income tax expense		2,264,040		2,223,201		1,960,605		1,978,464
Income tax expense		528,834		519,930		459,582		457,333
Net income	$	1,735,206	$	1,703,271	$	1,501,023	$	1,521,131
Basic income per common share	$	0.31	$	0.31	$	0.27	$	0.28
Diluted income per common share	$	0.31	$	0.30	$	0.26	$	0.27

	2019
	Fourth		Third		Second		First
Total interest and fee income	$	4,578,390	$	4,827,684	$	4,813,345	$	4,692,833
Total interest expense		112,311		213,876		245,226		243,758
Net interest income		4,466,079		4,613,808		4,568,119		4,449,075
Provision for loan losses		25,000		10,000		135,000		10,000
Net interest income after provision for loan losses		4,441,079		4,603,808		4,433,119		4,439,075
Total other income		601,017		596,070		592,739		408,783
Total other expense		2,746,019		2,581,823		2,634,782		2,659,361
Income before income tax expense		2,296,077		2,618,055		2,391,076		2,188,497
Income tax expense		522,548		603,264		550,229		499,233
Net income	$	1,773,529	$	2,014,791	$	1,840,847	$	1,689,264
Basic income per common share	$	0.33	$	0.36	$	0.33	$	0.31
Diluted income per common share	$	0.32	$	0.36	$	0.33	$	0.30