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CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
Interest and fee income        
Loans, including fees $ 3,801,459 $ 3,721,184 $ 7,907,630 $ 7,392,166
Taxable securities 484,721 382,993 938,178 746,432
Tax-exempt securities 62,748 82,783 132,354 207,408
Other 14,982 16,251 26,863 158,631
Total interest and fee income 4,363,910 4,203,211 9,005,025 8,504,637
Interest expense        
Deposits 42,317 76,005 96,841 170,077
Total interest expense 42,317 76,005 96,841 170,077
Net interest income 4,321,593 4,127,206 8,908,184 8,334,560
Provision for loan losses 120,000
Net interest income after provision for loan losses 4,321,593 4,127,206 8,788,184 8,334,560
Other income        
Service charges and fees 304,539 250,337 592,763 525,927
Mortgage banking income 635,351 446,119 1,281,246 792,202
Other non-interest income 7,061 7,166 12,856 13,124
Total other income 946,951 703,622 1,886,865 1,331,253
Other expense        
Salaries and employee benefits 1,853,918 1,812,832 3,652,924 3,584,613
Net occupancy expense 615,637 554,534 1,227,905 1,079,841
Other operating expenses 302,182 204,241 582,596 443,364
Professional fees 151,171 129,958 327,764 290,834
Data processing fees 161,688 168,658 324,122 328,042
Total other expense 3,084,596 2,870,223 6,115,311 5,726,694
Income before income tax expense 2,183,948 1,960,605 4,559,738 3,939,119
Income tax expense 515,264 459,582 1,080,979 916,915
Net income $ 1,668,684 $ 1,501,023 $ 3,478,759 $ 3,022,204
Weighted average shares outstanding        
Basic 5,528,835 5,529,632 5,525,291 5,529,944
Diluted 5,686,026 5,714,121 5,690,024 5,708,718
Basic income per common share $ 0.30 $ 0.27 $ 0.63 $ 0.55
Diluted income per common share $ 0.29 $ 0.26 $ 0.61 $ 0.53