XML 14 R4.htm IDEA: XBRL DOCUMENT v3.19.2
Consolidated Statements of Income (Unaudited) - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Jun. 30, 2019
Jun. 30, 2018
Interest and dividend income:        
Interest and fees on loans $ 2,852,347 $ 2,546,964 $ 5,712,939 $ 4,945,633
Securities:        
Residential mortgage-backed securities 73,858 71,353 156,319 138,819
State and municipal securities 100,610 103,203 198,021 203,651
Dividends on non-marketable equity securities 6,277 5,208 12,711 9,394
Interest-bearing deposits 54,168 29,554 99,547 45,348
Total interest and dividend income 3,087,260 2,756,282 6,179,537 5,342,845
Interest expense:        
Deposits 672,145 400,605 1,280,535 733,129
Borrowings 68,445 48,401 141,146 96,545
Total interest expense 740,590 449,006 1,421,681 829,674
Net interest income 2,346,670 2,307,276 4,757,856 4,513,171
Provision for loan losses 170,000 187,000 300,000 312,500
Net interest income after provision for loan losses 2,176,670 2,120,276 4,457,856 4,200,671
Other income:        
Gain on sale of loans 173,334 175,660 258,291 308,871
Gain/(Loss) on sale of foreclosed real estate, net (2,438) 39,597
Loan origination and servicing income 200,108 208,146 354,391 371,018
Origination of mortgage servicing rights, net of amortization (3,045) 9,999 (12,735) 22,853
Increase in cash surrender value of life insurance 11,912 11,865 23,846 23,635
Gain/(Loss) on sale of repossessed assets, net 8,544 2,470 7,796 (238)
Other 24,184 23,696 45,946 48,634
Total other income 540,116 555,410 918,480 1,063,377
Other expenses:        
Salaries and employee benefits 1,188,291 1,103,496 2,286,849 2,115,940
Directors fees 43,000 46,750 86,000 94,750
Occupancy 157,060 160,390 328,010 334,461
Deposit insurance premium 14,465 16,430 31,565 32,826
Legal and professional services 102,398 100,949 197,933 189,650
Data processing 148,855 161,121 335,443 315,894
Loan expense 172,623 193,862 337,035 362,669
Valuation adjustments and expenses on foreclosed real estate 6,419 11,788 12,003 20,800
Other 315,864 412,323 598,751 676,739
Total other expenses 2,148,975 2,207,109 4,213,589 4,143,729
Income before income tax expense 567,811 468,577 1,162,747 1,120,319
Income tax expense 133,199 112,704 328,064 284,864
Net income $ 434,612 $ 355,873 $ 834,683 $ 835,455
Basic earnings per share (in dollars per share) $ 0.14 $ 0.11 $ 0.26 $ 0.26
Diluted earnings per share (in dollars per share) 0.14 0.11 0.26 0.26
Dividends per share (in dollars per share) $ 0.43 $ 0.05 $ 0.49 $ 0.165
Bank Servicing [Member]        
Other income:        
Customer service fees $ 125,079 $ 126,012 $ 240,945 $ 249,007