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Consolidated Statements of Comprehensive Income (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Interest income    
Interest and fees on loans $ 4,621,226 $ 4,153,207
Interest on securities 287,227 223,807
Interest on other interest-earning assets 73,439 121,989
Total interest income 4,981,892 4,499,003
Interest expense    
Interest on deposits 985,569 861,269
Interest on borrowings 190,215 278,165
Total interest expense 1,175,784 1,139,434
Net interest income 3,806,108 3,359,569
Provision for loan losses 472,000 87,500
Net interest income after provision for loan losses 3,334,108 3,272,069
Noninterest income    
Gain on sale of loans 26,907
Service charges and fees 121,717 56,836
Bank owned life insurance 90,812 91,261
Other 47,367 11,157
Total noninterest income 259,896 186,161
Noninterest expense    
Salaries and benefits 1,759,550 1,587,526
Occupancy 368,707 351,416
Data processing fees 461,827 484,725
FDIC and other insurance expense 51,928 85,603
Professional fees 291,437 182,159
Advertising 60,662 66,057
Other 201,014 195,126
Total noninterest expense 3,195,125 2,952,612
Income from continuing operations before provision for income taxes 398,879 505,618
Provision for income taxes 120,822 118,475
Net income from continuing operations 278,057 387,143
Discontinued operations    
Loss from discontinued operations (458,401)
Benefit for income taxes (112,466)
Net loss from discontinued operations (345,935)
NET INCOME 278,057 41,208
Other comprehensive income    
Unrealized gain on available-for-sale securities 1,099,405 353,919
Tax effect of unrealized gain on available-for-sale securities (279,798) (90,072)
Unrealized gain on available-for-sale securities, net of tax 819,607 263,847
COMPREHENSIVE INCOME $ 1,097,664 $ 305,055
Earnings per common share - Basic    
Earnings per common share - continuing operations (in dollars per share) $ 0.09 $ 0.12
Loss per common share - discontinued operations (in dollars per share) (0.11)
Earnings per common share - Basic (in dollars per share) 0.09 0.01
Earnings per common share - Diluted    
Earnings per common share - continuing operations (in dollars per share) 0.09 0.12
Loss per common share - discontinued operations (in dollars per share) (0.11)
Earnings per common share - Diluted (in dollars per share) $ 0.09 $ 0.01