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Consolidated Statements of Comprehensive Income - USD ($)
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Interest income    
Interest and fees on loans $ 17,489,918 $ 15,846,938
Interest on securities 972,524 654,444
Interest on other interest-earning assets 484,546 362,047
Total interest income 18,946,988 16,863,429
Interest expense    
Interest on deposits 3,799,642 2,430,616
Interest on borrowings 1,020,368 743,196
Total interest expense 4,820,010 3,173,812
Net interest income 14,126,978 13,689,617
Provision for loan losses 22,500 318,000
Net interest income after provision for loan losses 14,104,478 13,371,617
Noninterest income    
Gain on sale of loans 272,293 129,231
Service charges and fees 362,293 367,346
Bank owned life insurance 370,388 365,705
Other 14,225 38,888
Total noninterest income 1,019,199 901,170
Noninterest expense    
Salaries and benefits 6,619,148 6,131,107
Occupancy 1,462,077 1,426,701
Data processing fees 2,092,060 1,566,001
FDIC and other insurance expense 181,206 206,633
Professional fees 815,278 944,932
Advertising 260,440 170,723
Other 1,061,408 1,276,723
Total noninterest expense 12,491,617 11,722,820
Income from continuing operations before provision for income taxes 2,632,060 2,549,967
Provision for income taxes 665,953 674,712
Net income from continuing operations 1,966,107 1,875,255
Discontinued operations    
Loss from discontinued operations (1,683,555) (1,060,754)
Benefit for income taxes (427,627) (259,013)
Net loss from discontinued operations (1,255,928) (801,741)
NET INCOME 710,179 1,073,514
Other comprehensive income    
Unrealized gain (loss) on available-for-sale securities 943,533 (223,210)
Tax effect of unrealized (gain) loss on available-for-sale securities (240,130) 57,107
Unrealized gain (loss) on available-for-sale securities, net of tax 703,403 (166,103)
COMPREHENSIVE INCOME $ 1,413,582 $ 907,411
Earnings per common share - Basic    
Earnings per common share - continuing operations (in dollars per share) $ 0.64 $ 0.59
Loss per common share - discontinued operations (in dollars per share) (0.41) (0.26)
Earnings per common share - Basic (in dollars per share) 0.23 0.33
Earnings per common share - Diluted    
Earnings per common share - continuing operations (in dollars per share) 0.64 0.59
Loss per common share - discontinued operations (in dollars per share) (0.41) (0.26)
Earnings per common share - Diluted (in dollars per share) $ 0.23 $ 0.33