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CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($)
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Interest and fee income    
Loans, including fees $ 4,106,171 $ 3,670,982
Taxable securities 453,457 363,439
Tax-exempt securities 69,606 124,625
Other 11,881 142,380
Total interest and fee income 4,641,115 4,301,426
Interest expense    
Deposits 54,524 94,072
Total interest expense 54,524 94,072
Net interest income 4,586,591 4,207,354
Provision for loan losses 120,000  
Net interest income after provision for loan losses 4,466,591 4,207,354
Other income    
Service charges and fees 288,224 275,590
Mortgage banking income 645,895 346,083
Other non-interest income 5,795 5,958
Total other income 939,914 627,631
Other expense    
Salaries and employee benefits 1,799,006 1,771,781
Net occupancy expense 612,268 525,307
Other operating expenses 280,416 239,173
Professional fees 176,591 160,876
Data processing fees 162,434 159,384
Total other expense 3,030,715 2,856,521
Income before income tax expense 2,375,790 1,978,464
Income tax expense 565,715 457,333
Net income $ 1,810,075 $ 1,521,131
Weighted average shares outstanding    
Basic (in shares) 5,521,707 5,530,256
Diluted (in shares) 5,685,151 5,585,622
Basic income per common share (in dollars per share) $ 0.33 $ 0.28
Diluted income per common share (in dollars per share) $ 0.32 $ 0.27