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CONSOLIDATED STATEMENTS OF INCOME - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
INTEREST INCOME        
Loans, including fees $ 21,652,221 $ 10,747,217 $ 39,880,101 $ 20,962,823
Securities and interest-bearing deposits at other financial institutions 1,197,577 692,223 2,246,933 1,353,043
Federal funds sold and other earning assets 143,586 78,049 244,404 150,946
Total interest income 22,993,384 11,517,489 42,371,438 22,466,812
INTEREST EXPENSE        
Deposits 3,237,891 1,241,551 5,639,354 2,339,089
Securities sold under agreements to repurchase 10,913 15,588 23,408 31,539
Federal Home Loan Bank advances and other borrowings 206,558 11,682 359,334 27,156
Total interest expense 3,455,362 1,268,821 6,022,096 2,397,784
Net interest income before provision for loan losses 19,538,022 10,248,668 36,349,342 20,069,028
Provision for loan losses 616,602 298,033 1,305,397 310,482
Net interest income after provision for loan losses 18,921,420 9,950,635 35,043,945 19,758,546
NONINTEREST INCOME        
Customer service fees 556,891 290,626 1,134,894 555,299
Loss on sale of securities (1,200) 0 (1,200) 0
Gain on sale of loans and other assets 321,584 405,418 646,928 680,583
Interchange and debit card transaction fees 121,219 223,329 266,754 415,722
Other noninterest income 578,715 332,634 985,025 542,674
Total noninterest income 1,577,209 1,252,007 3,032,401 2,194,278
NONINTEREST EXPENSES        
Salaries and employee benefits 7,648,556 4,757,618 14,824,901 9,404,367
Net occupancy and equipment expense 1,521,687 962,593 3,055,100 1,941,052
Depository insurance 317,409 60,987 419,213 214,286
Sale of foreclosed assets and related expense 239,634 11,508 429,061 25,585
Advertising 214,632 129,398 399,107 293,659
Data processing 600,448 475,343 1,126,756 808,558
Professional services 918,135 473,351 1,816,495 1,043,192
Amortization of intangible assets 228,866 61,071 416,623 113,648
Service contracts 491,774 312,905 970,381 608,534
Merger expenses 1,122,976 419,992 1,620,716 419,992
Other operating expenses 1,968,249 1,163,896 3,416,505 2,116,265
Total noninterest expenses 15,272,366 8,828,662 28,494,858 16,989,138
Income before income tax expense 5,226,263 2,373,980 9,581,488 4,963,686
Income tax expense 1,294,707 725,694 2,235,162 1,671,548
Net income 3,931,556 1,648,286 7,346,326 3,292,138
Preferred stock dividends 0 0 0 195,000
Net income available to common shareholders $ 3,931,556 $ 1,648,286 $ 7,346,326 $ 3,097,138
EARNINGS PER COMMON SHARE        
Basic (in dollars per share) $ 0.32 $ 0.20 $ 0.63 $ 0.39
Diluted (in dollars per share) $ 0.32 $ 0.20 $ 0.62 $ 0.39
Weighted average common shares outstanding        
Basic (in shares) 12,201,185 8,216,567 11,708,746 7,872,609
Diluted (in shares) 12,320,498 8,325,538 11,822,497 7,977,282