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CONSOLIDATED STATEMENTS OF INCOME AND 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 $ 12,524,220 $ 10,111,318 $ 35,041,659 $ 28,378,286
Interest on investment securities 248,783 185,750 644,954 475,926
Other interest income 232,864 122,439 561,449 350,954
Total interest income 13,005,867 10,419,507 36,248,062 29,205,166
Interest expense        
Interest on deposits 2,477,159 1,154,156 6,070,578 3,126,087
Interest on borrowed funds 43,684 57,164 146,158 70,641
Total interest expense 2,520,843 1,211,320 6,216,736 3,196,728
Net interest income 10,485,024 9,208,187 30,031,326 26,008,438
Provision for loan losses 438,514 278,148 1,047,179 989,231
Net interest income after provision for loan losses 10,046,510 8,930,039 28,984,147 25,019,207
Noninterest income        
Service charges on deposits 483,867 393,685 1,418,857 1,201,075
Loan servicing fees, net of amortization 310,484 317,702 1,006,097 1,057,644
Gain on sale of loans 1,135,351 1,191,822 3,852,087 3,536,854
Other income 354,307 351,808 1,002,536 912,592
Total noninterest income 2,284,009 2,255,017 7,279,577 6,708,165
Noninterest expense        
Salaries and employee benefits 4,802,904 4,263,620 13,628,703 12,412,020
Occupancy and equipment 975,945 986,062 3,065,238 2,918,686
Data processing and communication 320,354 330,737 947,749 996,949
Professional fees 294,000 149,000 612,100 435,220
FDIC insurance and regulatory assessments 105,909 100,867 305,969 300,515
Promotion and advertising 221,756 157,596 598,481 458,027
Directors’ fees 215,676 202,044 633,597 597,936
Foundation donation and other contributions 369,000 283,800 1,084,000 751,800
Other expenses 399,041 270,123 1,117,574 813,503
Total noninterest expense 7,704,585 6,743,849 21,993,411 19,684,656
Income before income taxes 4,625,934 4,441,207 14,270,313 12,042,716
Income tax expense 1,144,471 1,713,390 3,781,548 4,706,144
Net income $ 3,481,463 $ 2,727,817 $ 10,488,765 $ 7,336,572
Earnings per share - Basic $ 0.22 $ 0.20 $ 0.68 $ 0.54
Earnings per share - Diluted $ 0.21 $ 0.19 $ 0.66 $ 0.52
Other comprehensive income (loss):        
Change in unrealized income (loss) on securities available for sale $ (257,328) $ (27,303) $ (862,894) $ 164,798
Less tax effect (76,076) (11,235) (179,720) 67,814
Total other comprehensive income (loss) (181,252) (16,068) (683,174) 96,984
Comprehensive income $ 3,300,211 $ 2,711,749 $ 9,805,591 $ 7,433,556