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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Sep. 30, 2016
Sep. 30, 2015
Interest income        
Interest and fees on loans $ 3,333,737 $ 2,925,824 $ 9,469,550 $ 8,396,366
Interest on securities 113,849 106,597 355,716 399,409
Interest on other interest-earning assets 24,345 7,772 63,524 60,321
Total interest income 3,471,931 3,040,193 9,888,790 8,856,096
Interest expense        
Interest on deposits 368,437 339,220 1,098,207 1,008,730
Interest on borrowings 73,968 19,516 98,663 46,248
Total interest expense 442,405 358,736 1,196,870 1,054,978
Net interest income 3,029,526 2,681,457 8,691,920 7,801,118
Provision for loan losses 155,000 125,000 306,000 300,000
Net interest income after provision for loan losses 2,874,526 2,556,457 8,385,920 7,501,118
Noninterest income        
Gain on sale of loans 3,241,642 1,180,097 7,525,079 3,231,290
Service charges and fees 89,847 77,239 282,965 187,771
Gain (Loss) on sale and impairments of other real estate 3,233 (205,863) (89,779) (405,863)
Gain (Loss) on sale of securities 0 20,214 0 6,414
Bank owned life insurance income 43,676 33,267 129,989 98,709
Other 17,659 30,511 94,570 109,243
Total noninterest income 3,396,057 1,135,465 7,942,824 3,227,564
Noninterest expense        
Salaries and benefits 3,636,894 2,059,732 9,467,031 5,894,934
Occupancy 469,075 367,259 1,373,718 1,201,738
Data processing fees 537,456 446,072 1,503,367 1,180,625
FDIC and other insurance expense 66,701 66,196 163,901 177,454
Professional fees 356,333 200,538 1,096,565 657,331
Merger-related expenses 0 0 0 99,577
Advertising 65,318 68,866 180,520 172,087
Net other real estate expenses 347 521 3,651 14,275
Other 527,829 354,325 1,422,853 1,104,777
Total noninterest expense 5,659,953 3,563,509 15,211,606 10,502,798
Income before income taxes 610,629 128,413 1,117,138 225,885
Provision for income taxes 27,000 0 42,000 0
NET INCOME 583,629 128,413 1,075,138 225,885
Other comprehensive income        
Unrealized gain (loss) on available-for-sale securities (85,785) 127,844 220,312 73,987
COMPREHENSIVE INCOME $ 497,844 $ 256,257 $ 1,295,450 $ 299,872
Income per common share:        
Basic (in dollars per share) $ 0.35 $ 0.08 $ 0.65 $ 0.13
Diluted (in dollars per share) $ 0.35 $ 0.08 $ 0.65 $ 0.13