XML 14 R4.htm IDEA: XBRL DOCUMENT v3.7.0.1
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Interest income    
Interest and fees on loans $ 3,438,270 $ 2,918,231
Interest on securities 130,466 120,407
Interest on other interest-earning assets 53,981 22,299
Total interest income 3,622,717 3,060,937
Interest expense    
Interest on deposits 376,308 364,808
Interest on borrowings 103,075 10,808
Total interest expense 479,383 375,616
Net interest income 3,143,334 2,685,321
Provision for loan losses 250,000 52,000
Net interest income after provision for loan losses 2,893,334 2,633,321
Noninterest income    
Gain on sale of loans 1,964,472 1,688,434
Service charges and fees 85,957 99,157
Bank owned life insurance income 42,813 43,024
Other 6,791 53,151
Total noninterest income 2,100,033 1,883,766
Noninterest expense    
Salaries and benefits 3,299,346 2,581,184
Occupancy 423,758 451,529
Data processing fees 607,023 358,690
FDIC and other insurance expense 56,611 71,400
Professional fees 377,870 402,951
Advertising 141,881 52,389
Net other real estate expenses 80 2,756
Other 430,220 575,332
Total noninterest expense 5,336,789 4,496,231
(Loss) Income before income taxes (343,422) 20,856
Provision (benefit) for income taxes (145,672) 15,000
NET (LOSS) INCOME (197,750) 5,856
Other comprehensive income    
Decrease in unrealized loss on available-for-sale securities 8,512 225,683
COMPREHENSIVE (LOSS) INCOME $ (189,238) $ 231,539
Income per common share:    
Basic $ (0.06) $ 0
Diluted $ (0.06) $ 0