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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Jun. 30, 2017
Jun. 30, 2016
Interest income        
Interest and fees on loans $ 3,814,226 $ 3,217,582 $ 7,252,496 $ 6,135,813
Interest on securities 144,847 121,460 275,313 241,867
Interest on other interest-earning assets 46,375 16,880 100,356 39,179
Total interest income 4,005,448 3,355,922 7,628,165 6,416,859
Interest expense        
Interest on deposits 390,643 364,962 766,951 729,770
Interest on borrowings 142,806 13,887 245,881 24,695
Total interest expense 533,449 378,849 1,012,832 754,465
Net interest income 3,471,999 2,977,073 6,615,333 5,662,394
Provision for loan losses 150,000 99,000 400,000 151,000
Net interest income after provision for loan losses 3,321,999 2,878,073 6,215,333 5,511,394
Noninterest income        
Gain on sale of loans 2,544,599 2,595,003 4,509,071 4,283,437
Service charges and fees 89,219 93,961 175,176 193,118
Loss on sale and impairments of other real estate 0 (93,012) 0 (93,012)
Bank owned life insurance income 43,363 43,289 86,176 86,313
Other 16,806 23,760 23,597 76,911
Total noninterest income 2,693,987 2,663,001 4,794,020 4,546,767
Noninterest expense        
Salaries and benefits 3,550,403 3,248,954 6,849,749 5,830,138
Occupancy 486,860 453,115 910,618 904,644
Data processing fees 584,342 607,221 1,191,365 965,911
FDIC and other insurance expense 32,696 25,800 89,307 97,200
Professional fees 303,560 337,281 681,430 740,232
Advertising 101,474 62,813 243,355 115,202
Net other real estate expenses 0 548 80 3,304
Other 468,797 319,692 899,017 895,024
Total noninterest expense 5,528,132 5,055,424 10,864,921 9,551,655
Income before income taxes 487,854 485,650 144,432 506,506
Provision for income taxes 149,756 0 4,084 15,000
NET INCOME 338,098 485,650 140,348 491,506
Other comprehensive income        
Unrealized gain on available-for-sale securities 35,590 80,414 44,102 306,097
COMPREHENSIVE INCOME $ 373,688 $ 566,064 $ 184,450 $ 797,603
Income per common share:        
Basic $ 0.1 $ 0.14 $ 0.04 $ 0.14
Diluted $ 0.1 $ 0.14 $ 0.04 $ 0.14