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Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Interest income        
Interest and fees on loans $ 4,466,516 $ 4,414,091 $ 9,087,742 $ 8,567,298
Interest on securities 356,845 230,266 644,072 454,073
Interest on other interest-earning assets 17,956 128,265 91,395 250,254
Total interest income 4,841,317 4,772,622 9,823,209 9,271,625
Interest expense        
Interest on deposits 851,395 912,081 1,836,964 1,773,350
Interest on borrowings 212,374 265,698 402,589 543,863
Total interest expense 1,063,769 1,177,779 2,239,553 2,317,213
Net interest income 3,777,548 3,594,843 7,583,656 6,954,412
Provision for loan losses 577,000 85,000 1,049,000 172,500
Net interest income after provision for loan losses 3,200,548 3,509,843 6,534,656 6,781,912
Noninterest income        
Gain on sale of loans 2,641 31,390 2,641 58,297
Gain on sale of securities 10,157 10,157
Service charges and fees 73,687 114,068 195,404 209,267
Bank owned life insurance 90,550 92,709 181,362 183,971
Loss on disposal of fixed assets (205,663) (205,663)
Other 19,398 9,835 66,765 20,991
Total noninterest income (loss) (9,230) 248,002 250,666 472,526
Noninterest expense        
Salaries and benefits 1,300,507 1,644,543 3,060,057 3,232,069
Occupancy 351,003 349,276 719,710 700,692
Data processing fees 518,628 507,933 980,455 992,659
FDIC and other insurance expense 44,408 60,460 96,336 146,063
Professional fees 141,917 227,331 433,354 409,490
Advertising 43,063 38,141 103,725 104,198
Other 179,607 269,152 380,621 502,640
Total noninterest expense 2,579,133 3,096,836 5,774,258 6,087,811
Income from continuing operations before provision for income taxes 612,185 661,009 1,011,064 1,166,627
Provision for income taxes 110,049 148,277 230,871 266,752
Net income from continuing operations 502,136 512,732 780,193 899,875
Discontinued operations        
Loss from discontinued operations (1,132,237) (1,590,638)
Benefit for income taxes (279,727) (392,193)
Net loss from discontinued operations (852,510) (1,198,445)
NET INCOME (LOSS) 502,136 (339,778) 780,193 (298,570)
Other comprehensive income (loss)        
Unrealized gain on available-for-sale securities 473,260 634,099 1,572,665 988,018
Tax effect of unrealized gain on available-for-sale securities (120,444) (161,378) (400,243) (251,450)
Unrealized gain on available-for-sale securities, net of tax 352,816 472,721 1,172,422 736,568
Unrecognized defined benefit ("DB") plan prior service cost (1,542,112) (1,542,112)
Tax effect of unrecognized DB plan prior service cost 393,237 393,237
Unrecognized DB plan prior service cost, net of tax (1,148,875) (1,148,875)
Other comprehensive income (loss), net of tax (796,059) 472,721 23,547 736,568
COMPREHENSIVE (LOSS) INCOME $ (293,923) $ 132,943 $ 1,952,615 $ 437,998
Earnings per common share - Basic        
Earnings per common share - continuing operations (in dollars per share) $ 0.17 $ 0.16 $ 0.26 $ 0.29
Loss per common share - discontinued operations (in dollars per share) (0.27) (0.38)
Earnings per common share - Basic (in dollars per share) 0.17 (0.11) 0.26 (0.09)
Earnings per common share - Diluted        
Earnings per common share - continuing operations (in dollars per share) 0.17 0.16 0.26 0.29
Loss per common share - discontinued operations (in dollars per share) (0.27) (0.38)
Earnings per common share - Diluted (in dollars per share) $ 0.17 $ (0.11) $ 0.26 $ (0.09)