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Consolidated Statements of Operations (Unaudited) - USD ($)
3 Months Ended 6 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Sep. 30, 2016
Sep. 30, 2015
Interest revenue        
Loans, including fees $ 3,831,123 $ 2,159,611 $ 7,147,796 $ 4,100,218
U.S. treasuries, government agencies and FHLB stock 62,534 87,767 149,108 184,475
Municipal and corporate bonds 69,640 27,617 118,667 62,423
Mortgage-backed securities 287,231 277,835 518,728 575,430
Federal funds sold and other bank deposits 52,734 8,382 119,438 13,645
Total interest revenue 4,303,262 2,561,212 8,053,737 4,936,191
Interest expense        
Deposits 674,470 410,990 1,286,282 783,433
Borrowed funds 76,569 21,342 118,641 26,295
Total interest expense 751,039 432,332 1,404,923 809,728
Net interest income 3,552,223 2,128,880 6,648,814 4,126,463
Provision for loan losses 50,006 120,000 260,006 120,000
Net interest income after provision for loan losses 3,502,217 2,008,880 6,388,808 4,006,463
Noninterest revenue        
Service charges 119,487 98,142 214,608 193,220
Gain on sale of investment securities 21,715 21,715
Gain on sale of loans held for sale 10,437 18,571 21,609 35,569
Gain on sale of property and equipment 407,188
Earnings on bank-owned life insurance 126,100 88,704 238,626 176,446
Other 26,474 20,274 77,153 43,271
Total noninterest revenue 282,498 247,406 551,996 877,409
Noninterest expenses        
Salaries 1,355,548 977,330 2,738,154 1,915,570
Employee benefits 347,420 254,140 696,754 516,323
Occupancy 258,871 179,036 474,771 353,662
Advertising 43,979 18,451 75,330 45,814
Furniture and equipment 99,437 74,234 197,760 152,675
Data processing 191,088 143,023 376,811 285,011
Legal services 63,185 35,812 113,448 57,991
Other professional services 342,400 67,986 545,514 159,907
Merger related expenses 9,081 400,795 197,233 631,580
Branch consolidation expense 437,424
Deposit insurance premiums 110,989 39,002 188,188 88,865
Foreclosed real estate expense and losses (gains) 13,079 8,108 13,887
Other operating 428,658 350,033 910,260 654,611
Total noninterest expenses 3,250,656 2,552,921 6,959,755 4,875,896
Income (loss) before income taxes 534,059 (296,635) (18,951) 7,976
Income tax expense (benefit) 210,573 (95,633) (7,228) 90,654
Net income (loss) $ 323,486 $ (201,085) $ (11,723) $ (82,678)
Net income (loss) per common share:        
Basic (in dollars per share) $ 0.10 $ (0.06) $ 0 $ (0.03)
Diluted (in dollars per share) $ 0.10 $ (0.06) $ 0 $ (0.03)