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Condensed Consolidated Statements of Income (Unaudited) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Interest Income        
Loans $ 10,429,973 $ 12,773,881 $ 31,128,087 $ 29,971,163
Investment securities 735,044 523,736 2,013,548 1,466,036
Other 416,604 80,258 835,929 276,117
11,581,621 13,377,875 33,977,564 31,713,316
Interest Expense        
Deposits 2,880,067 1,825,559 8,285,507 4,967,743
FHLB advances 282,845 481,968 928,131 1,221,312
Subordinated debentures 185,202 282,393 773,325 728,954
Other 111,364 58,949 243,385 62,782
3,459,478 2,648,869 10,230,348 6,980,791
Net Interest Income 8,122,143 10,729,006 23,747,216 24,732,525
Provision for loan losses 100,000 200,000 200,000 925,000
Net Interest Income After Provision for Loan Losses 8,022,143 10,529,006 23,547,216 23,807,525
Noninterest Income        
Service charges 442,051 475,484 1,262,821 1,344,661
Net gain (loss) on sale of investment securities 31,493 (885) 79,756 (8,090)
Gain on sale of mortgage loans held for sale 722,909 595,384 1,710,839 1,591,869
Gain on sale of Small Business Administration loans 301,187 263,755 798,763 659,996
Net loss on foreclosed assets (134,145) (459,308) (113,279) (338,496)
Other income 573,635 587,328 1,695,903 1,484,669
1,937,130 1,461,758 5,434,803 4,734,609
Noninterest Expense        
Salaries and employee benefits 4,144,402 3,887,582 12,056,592 11,162,747
Occupancy 1,149,242 1,112,702 3,389,417 2,920,774
FDIC deposit insurance premiums 40,000 101,762 257,628 296,897
Data processing 368,374 328,692 1,177,515 1,095,584
Advertising 102,500 131,250 402,500 397,150
Merger costs 150,877 34,011 3,570,927
Amortization of core deposit intangible 119,250 94,286 357,750 314,286
Other expense 1,029,688 858,698 2,948,085 2,605,976
6,953,456 6,665,849 20,623,498 22,364,341
Income Before Income Taxes 3,005,817 5,324,915 8,358,521 6,177,793
Provision for Income Taxes 455,275 1,390,673 1,259,116 1,230,790
Net Income Available to Common Shareholders $ 2,550,542 $ 3,934,242 $ 7,099,405 $ 4,947,003
Basic Income Per Common Share (in dollars per share) $ 0.58 $ 0.89 $ 1.60 $ 1.12
Diluted Income Per Common Share (in dollars per share) $ 0.57 $ 0.88 $ 1.58 $ 1.10