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CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Interest and fee income        
Loans, including fees $ 4,037,017 $ 3,610,842 $ 11,326,953 $ 11,518,472
Taxable securities 675,306 468,862 1,848,955 1,407,040
Tax-exempt securities 156,104 90,176 398,160 222,530
Other 179,325 31,189 311,896 58,052
Total interest and fee income 5,047,752 4,201,069 13,885,964 13,206,094
Interest expense        
Deposits 37,519 39,319 112,140 136,160
Total interest expense 37,519 39,319 112,140 136,160
Net interest income 5,010,233 4,161,750 13,773,824 13,069,934
Provision (recovery) for loan losses (75,000) 120,000
Net interest income after provision for loan losses 5,010,233 4,161,750 13,848,824 12,949,934
Other income        
Service charges and fees 324,610 338,854 975,233 931,617
Mortgage banking fees 107,798 524,016 606,526 1,805,262
Gain on sales of securities 266,944 61,780 266,944
Other non-interest income 10,932 8,617 28,053 21,473
Total other income 443,340 1,138,431 1,671,592 3,025,296
Other expense        
Salaries and employee benefits 1,875,576 1,849,254 5,551,871 5,502,178
Net occupancy expense 641,547 587,682 1,888,977 1,815,587
Other operating expenses 289,579 302,863 929,787 965,188
Professional fees 120,103 149,125 424,901 397,160
Data processing fees 140,928 158,610 427,175 482,732
Total other expense 3,067,733 3,047,534 9,222,711 9,162,845
Income before income tax expense 2,385,840 2,252,647 6,297,705 6,812,385
Income tax expense 545,573 525,710 1,450,350 1,606,689
Net income $ 1,840,267 $ 1,726,937 $ 4,847,355 $ 5,205,696
Weighted average shares outstanding        
Basic 5,552,351 5,535,906 5,549,312 5,528,868
Diluted 5,650,799 5,686,250 5,642,262 5,684,484
Basic income per common share $ 0.33 $ 0.31 $ 0.87 $ 0.94
Diluted income per common share $ 0.33 $ 0.30 $ 0.86 $ 0.92