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Consolidated Statements of Income - USD ($)
12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Interest Income      
Loans $ 40,886,257 $ 27,454,089 $ 23,314,776
Investment securities 1,992,442 1,791,921 1,895,395
Other 367,005 194,723 179,155
43,245,704 29,440,733 25,389,326
Interest Expense      
Deposits 7,023,286 3,751,565 2,283,982
Federal Home Loan Bank advances 1,766,278 1,703,787 1,313,620
Subordinated debentures 1,017,552 631,202 579,410
Other 120,503
9,927,619 6,086,554 4,177,012
Net Interest Income 33,318,085 23,354,179 21,212,314
Provision for Loan Losses 1,225,000 1,750,000 1,375,000
Net Interest Income After Provision for Loan Losses 32,093,085 21,604,179 19,837,314
Noninterest Income      
Service charges 2,004,525 1,189,575 1,134,664
Gain (loss) on sale of investment securities (8,091) 46,329 192,537
Gain on sale of mortgage loans held for sale 2,030,746 2,021,208 1,708,478
Gain on sale of Small Business Administration loans 830,641 746,639 297,462
Net gain (loss) on foreclosed assets (360,892) 182,004 1,270
Other income 2,055,011 1,541,565 1,535,796
6,551,940 5,727,320 4,870,207
Noninterest Expense      
Salaries and employee benefits 14,918,696 12,040,528 10,686,564
Occupancy 4,071,199 2,204,408 1,827,209
FDIC deposit insurance premiums 437,602 245,115 350,475
Data processing 1,477,034 987,193 889,575
Advertising 534,650 525,000 525,000
Impairment on investment tax credits 587,428
Merger costs 3,671,997 151,270
Other expense 4,347,155 2,862,144 2,821,923
29,458,333 19,603,086 17,100,746
Income Before Income Taxes 9,186,692 7,728,413 7,606,775
Provision for Income Taxes 1,854,813 2,570,749 2,012,764
Net Income Available to Common Shareholders $ 7,331,879 $ 5,157,664 $ 5,594,011
Basic Income Per Common Share (in dollars per share) $ 1.66 $ 1.18 $ 1.28
Diluted Income Per Common Share (in dollars per share) $ 1.64 $ 1.16 $ 1.27