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Consolidated Statements of Comprehensive Income (Unauidted) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
Interest income        
Interest and fees on loans $ 3,972,449 $ 3,333,737 $ 11,224,945 $ 9,469,550
Interest on securities 128,649 113,849 403,962 355,716
Interest on other interest-earning assets 42,151 24,345 142,507 63,524
Total interest income 4,143,249 3,471,931 11,771,414 9,888,790
Interest expense        
Interest on deposits 423,373 368,437 1,190,324 1,098,207
Interest on borrowings 187,060 73,968 432,941 98,663
Total interest expense 610,433 442,405 1,623,265 1,196,870
Net interest income 3,532,816 3,029,526 10,148,149 8,691,920
Provision for loan losses 150,000 155,000 550,000 306,000
Net interest income after provision for loan losses 3,382,816 2,874,526 9,598,149 8,385,920
Noninterest income        
Gain on sale of loans 3,557,724 3,241,642 8,066,795 7,525,079
Service charges and fees 102,657 89,847 277,833 282,965
Gain (Loss) on sale and impairments of other real estate 0 3,233 0 (89,779)
Bank owned life insurance income 43,642 43,676 129,818 129,989
Other 18,992 17,659 42,589 94,570
Total noninterest income 3,723,015 3,396,057 8,517,035 7,942,824
Noninterest expense        
Salaries and benefits 3,702,578 3,636,894 10,552,327 9,467,031
Occupancy 538,956 469,075 1,449,574 1,373,718
Data processing fees 574,578 537,456 1,765,943 1,503,367
FDIC and other insurance expense 50,809 66,701 140,116 163,901
Professional fees 311,201 356,333 992,630 1,096,565
Advertising 107,089 65,318 350,444 180,520
Net other real estate expenses 0 347 80 3,651
Other 521,683 527,829 1,420,700 1,422,853
Total noninterest expense 5,806,894 5,659,953 16,671,814 15,211,606
Income before income taxes 1,298,937 610,629 1,443,370 1,117,138
Provision for income taxes 487,209 27,000 491,293 42,000
NET INCOME 811,728 583,629 952,077 1,075,138
Other comprehensive income        
Change in unrealized gain on available-for-sale securities, net of income tax 32,810 (85,785) 76,912 220,312
COMPREHENSIVE INCOME $ 844,538 $ 497,844 $ 1,028,989 $ 1,295,450
Income per common share:        
Basic (in dollars per share) $ 0.25 $ 0.17 $ 0.29 $ 0.32
Diluted (in dollars per share) $ 0.25 $ 0.17 $ 0.29 $ 0.32