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Consolidated Statements of Comprehensive Income (Unaudited) - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Interest income        
Interest and fees on loans $ 3,998,915 $ 3,814,226 $ 7,874,923 $ 7,252,496
Interest on securities 147,407 144,847 295,988 275,313
Interest on other interest-earning assets 73,546 46,375 141,576 100,356
Total interest income 4,219,868 4,005,448 8,312,487 7,628,165
Interest expense        
Interest on deposits 512,966 390,643 1,006,702 766,951
Interest on borrowings 274,006 142,806 423,436 245,881
Total interest expense 786,972 533,449 1,430,138 1,012,832
Net interest income 3,432,896 3,471,999 6,882,349 6,615,333
Provision for loan losses 71,000 150,000 93,000 400,000
Net interest income after provision for loan losses 3,361,896 3,321,999 6,789,349 6,215,333
Noninterest income        
Gain on sale of loans 4,059,747 2,544,599 7,413,140 4,509,071
Service charges and fees 94,575 89,219 178,964 175,176
Bank owned life insurance income 91,149 43,363 179,746 86,176
Other 2,335 16,806 26,941 23,597
Total noninterest income 4,247,806 2,693,987 7,798,791 4,794,020
Noninterest expense        
Salaries and benefits 4,859,405 3,550,403 9,089,382 6,849,749
Occupancy 524,711 486,860 1,030,662 910,618
Data processing fees 735,425 584,342 1,458,831 1,191,365
FDIC and other insurance expense 51,332 32,696 101,865 89,307
Professional fees 259,999 303,560 587,055 681,430
Advertising 120,748 101,474 276,774 243,355
Net other real estate expenses 80
Other 559,225 468,797 1,078,944 899,017
Total noninterest expense 7,110,845 5,528,132 13,623,513 10,864,921
Income before provision for income taxes 498,857 487,854 964,627 144,432
Provision for income taxes 119,296 149,756 214,439 4,084
NET INCOME 379,561 338,098 750,188 140,348
Other comprehensive income        
Unrealized (loss) gain on available-for-sale securities (143,091) 57,136 (490,358) 70,801
Tax effect of unrealized (loss) gain on available-for-sale securities 36,417 (21,546) 125,096 (26,699)
Unrealized (loss) gain on available-for-sale securities, net of tax (106,674) 35,590 (365,262) 44,102
COMPREHENSIVE INCOME $ 272,887 $ 373,688 $ 384,926 $ 184,450
Earnings per common share:        
Basic (in dollars per share) $ 0.12 $ 0.10 $ 0.23 $ 0.04
Diluted (in dollars per share) $ 0.12 $ 0.10 $ 0.23 $ 0.04