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Consolidated Statements of Comprehensive Income (Unaudited) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
Interest income        
Interest and fees on loans $ 4,344,337 $ 3,972,449 $ 12,219,260 $ 11,224,945
Interest on securities 172,342 128,649 468,330 403,962
Interest on other interest-earning assets 103,818 42,151 245,394 142,507
Total interest income 4,620,497 4,143,249 12,932,984 11,771,414
Interest expense        
Interest on deposits 635,340 423,373 1,642,042 1,190,324
Interest on borrowings 380,571 187,060 804,007 432,941
Total interest expense 1,015,911 610,433 2,446,049 1,623,265
Net interest income 3,604,586 3,532,816 10,486,935 10,148,149
Provision for loan losses 150,000 93,000 550,000
Net interest income after provision for loan losses 3,604,586 3,382,816 10,393,935 9,598,149
Noninterest income        
Gain on sale of loans 3,409,098 3,557,724 10,822,238 8,066,795
Service charges and fees 94,581 102,657 273,545 277,833
Bank owned life insurance income 93,214 43,642 272,960 129,818
Other 6,449 18,992 33,390 42,589
Total noninterest income 3,603,342 3,723,015 11,402,133 8,517,035
Noninterest expense        
Salaries and benefits 4,660,722 3,702,578 13,750,104 10,552,327
Occupancy 547,203 538,956 1,577,865 1,449,574
Data processing fees 757,576 574,578 2,216,407 1,765,943
FDIC and other insurance expense 48,941 50,809 150,806 140,116
Professional fees 303,679 311,201 890,734 992,630
Advertising 135,825 107,089 412,599 350,444
Net other real estate expenses 80
Other 587,300 521,683 1,666,244 1,420,700
Total noninterest expense 7,041,246 5,806,894 20,664,759 16,671,814
Income before provision for income taxes 166,682 1,298,937 1,131,309 1,443,370
Provision for income taxes 24,440 487,209 238,879 491,293
NET INCOME 142,242 811,728 892,430 952,077
Other comprehensive income        
Unrealized (loss) gain on available-for-sale securities (183,705) 52,944 (674,063) 123,744
Tax effect of unrealized (loss) gain on available-for-sale securities 46,753 (20,134) 171,849 (46,832)
Unrealized (loss) gain on available-for-sale securities, net of tax (136,952) 32,810 (502,214) 76,912
COMPREHENSIVE INCOME $ 5,290 $ 844,538 $ 390,216 $ 1,028,989
Earnings per common share:        
Basic (in dollars per share) $ 0.04 $ 0.25 $ 0.28 $ 0.29
Diluted (in dollars per share) $ 0.04 $ 0.25 $ 0.27 $ 0.29