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CONSOLIDATED STATEMENTS OF INCOME - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Sep. 30, 2016
Sep. 30, 2015
INTEREST INCOME        
Loans, including fees $ 10,110,680 $ 6,655,919 $ 29,439,355 $ 15,851,555
Securities and interest-bearing deposits at other financial institutions 601,624 452,114 1,983,606 1,233,366
Federal funds sold and other earning assets 51,172 41,077 164,653 97,004
Total interest income 10,763,476 7,149,110 31,587,614 17,181,925
INTEREST EXPENSE        
Deposits 1,065,092 687,992 3,039,044 1,688,661
Securities sold under agreements to repurchase 16,614 7,394 48,353 13,071
Federal Home Loan Bank advances and other borrowings 17,165 31,326 91,714 34,838
Total interest expense 1,098,871 726,712 3,179,111 1,736,570
Net interest income before provision for loan losses 9,664,605 6,422,398 28,408,503 15,445,355
Provision for loan losses 260,567 32,397 616,543 356,325
Net interest income after provision for loan losses 9,404,038 6,390,001 27,791,960 15,089,030
NONINTEREST INCOME        
Customer service fees 295,951 207,878 850,632 487,193
Gain on sale of securities 18,224 0 199,587 52,255
Gain on sale of loans and other assets 286,966 66,041 706,371 161,896
Gain (loss) on sale of foreclosed assets 130,383 (445,980) 184,626 (426,168)
Other noninterest income 472,300 350,648 1,294,318 817,676
Total noninterest income 1,203,824 178,587 3,235,534 1,092,852
NONINTEREST EXPENSES        
Salaries and employee benefits 4,311,708 3,184,662 13,292,864 7,721,381
Net occupancy and equipment expense 965,159 707,670 3,120,234 1,826,556
Depository insurance 153,353 144,417 440,100 339,376
Foreclosed assets 78,988 90,574 199,419 179,796
Advertising 179,145 131,875 536,657 353,341
Data processing 456,889 292,996 1,352,882 696,773
Professional services 558,368 907,755 1,564,973 1,593,621
Amortization of intangible assets 79,761 58,301 266,467 139,851
Service contracts 271,921 196,553 873,160 507,548
Other operating expenses 994,324 778,505 2,827,086 1,755,973
Total noninterest expenses 8,049,616 6,493,308 24,473,842 15,114,216
Income before income tax expense 2,558,246 75,280 6,553,652 1,067,666
Income tax expense 947,354 152,189 2,402,267 740,081
Net income 1,610,892 (76,909) 4,151,385 327,585
Preferred stock dividends 270,000 30,000 752,000 90,000
Net income (loss) available to common stockholders $ 1,340,892 $ (106,909) $ 3,399,385 $ 237,585
EARNINGS PER COMMON SHARE        
Basic (in dollars per share) $ 0.23 $ (0.03) $ 0.58 $ 0.07
Diluted (in dollars per share) $ 0.22 $ (0.03) $ 0.56 $ 0.06
Weighted average common shares outstanding        
Basic (in shares) 5,834,520 3,936,638 5,820,834 3,391,274
Diluted (in shares) 6,096,333 4,243,853 6,092,035 3,698,822
Dividends per share (in dollars per share) $ 0 $ 0 $ 0 $ 0