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Condensed Consolidated Statements of Operations - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Jun. 30, 2019
Jun. 30, 2018
Interest and dividend income:        
Loans $ 453,413 $ 490,043 $ 922,430 $ 1,021,566
Investment securities 27,394 27,799 54,090 54,087
Mortgage-backed securities 174,029 135,525 325,525 262,500
Federal funds sold and other earning assets 3,942 3,283 14,737 7,309
Total interest and dividend income 658,778 656,650 1,316,782 1,345,462
Interest Expense:        
Deposits 126,222 66,357 225,559 129,861
Borrowings 11,260 1,013 23,087 1,013
Total interest expense 137,482 67,370 248,646 130,874
Net interest income 521,296 589,280 1,068,136 1,214,588
Provision for loan losses 26,231 26,231
Net interest income after provision for loan losses 495,065 589,280 1,041,905 1,214,588
Non-interest income:        
Fees and service charges 39,586 27,114 65,991 54,353
Income on bank owned life insurance 15,366 15,319 30,552 30,507
Total non-interest income 54,952 42,433 96,543 84,860
Non-interest expense:        
Compensation and benefits 318,160 300,870 643,395 635,662
Occupancy and equipment, net 57,177 68,614 119,474 137,988
Data processing service fees 72,560 75,448 146,435 149,153
Professional fees 166,656 105,863 294,686 191,797
Federal deposit insurance premiums 4,622 5,241 9,423 11,392
Advertising and promotion 14,418 7,780 26,347 16,483
Other 42,365 42,942 85,153 86,461
Total non-interest expense 675,958 606,758 1,324,913 1,228,936
Income (loss) before income taxes (benefit) (125,941) 24,955 (186,465) 70,512
Income tax expense (benefit) (24,905) 4,692 (39,027) 14,726
Net income (loss) $ (101,036) $ 20,263 $ (147,438) $ 55,786
Basic and diluted income (loss) per share $ (0.13) $ 0.03 $ (0.20) $ 0.07
Weighted average shares outstanding, basic and diluted 751,893 749,984 751,614 749,708