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Condensed Consolidated Statements of Income (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Interest Income    
Loans $ 9,553,381 $ 10,303,185
Investment securities 884,428 597,534
Other 361,048 195,717
Interest and Dividend Income, Operating, Total 10,798,857 11,096,436
Interest Expense    
Deposits 2,494,302 2,606,220
FHLB advances 273,596 356,576
Subordinated debentures 195,772 291,352
Other 122,855 67,570
Interest Expense, Total 3,086,525 3,321,718
Net Interest Income 7,712,332 7,774,718
Provision for Loan Losses 500,000
Net Interest Income After Provision for Loan Losses 7,212,332 7,774,718
Noninterest Income    
Service charges 409,204 401,832
Gain (loss) on sale of investment securities 27,899 (30,648)
Gain on sale of mortgage loans held for sale 543,411 425,998
Gain on sale of Small Business Administration loans 250,119
Commercial loan referral income 555,490 0
Net loss on foreclosed assets (6,926) (19,057)
Other income 570,054 536,091
Noninterest Income, Total 2,099,132 1,564,335
Noninterest Expense    
Salaries and employee benefits 3,949,614 3,959,320
Occupancy 1,151,089 1,133,363
FDIC deposit insurance premiums 99,535
Data processing 597,614 388,944
Advertising 122,250 150,000
Amortization of core deposit intangible 119,250 119,250
Other expense 858,812 993,147
Noninterest Expense, Total 6,798,629 6,843,559
Income Before Income Taxes 2,512,835 2,495,494
Provision for Income Taxes 407,990 375,130
Net Income Available to Common Shareholders $ 2,104,845 $ 2,120,364
Basic Income Per Common Share (in dollars per share) $ 0.49 $ 0.48
Diluted Income Per Common Share (in dollars per share) $ 0.49 $ 0.47