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Consolidated Statements of Income (Unaudited) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Interest income:        
Loans, including fees $ 23,939,803 $ 19,075,414 $ 72,660,409 $ 58,628,395
Investment securities available-for-sale 264,809 35,695 777,891 67,886
Federal funds sold and deposits in other banks 194,639 130,910 516,885 690,368
Total interest income 24,399,251 19,242,019 73,955,185 59,386,649
Interest expense:        
Deposit accounts 2,023,356 3,005,335 6,613,095 9,685,540
FHLB advances and notes payable 373,562 538,918 1,408,382 1,492,341
Total interest expense 2,396,918 3,544,253 8,021,477 11,177,881
Net interest income 22,002,333 15,697,766 65,933,708 48,208,768
Provision for loan losses 2,323,000   3,823,000 2,550,000
Net interest income after provision for loan losses 19,679,333 15,697,766 62,110,708 45,658,768
Noninterest income:        
Services charges and fees 558,793 442,675 1,801,100 1,202,208
Gain on sales of SBA loans 174,664   174,664 266,422
Gain on disposal of fixed assets       8,890
Other 230,520 190,485 847,729 625,358
Total noninterest income 963,977 633,160 2,823,493 2,102,878
Noninterest expense:        
Salaries and employee benefits 12,138,027 6,964,626 34,612,913 22,136,129
Data processing and network expense 844,248 1,064,709 2,274,442 2,495,675
Occupancy and equipment expense 1,419,484 1,098,155 3,810,160 3,022,406
Legal and professional 1,164,168 359,150 3,843,340 3,047,946
Loan operations and other real estate owned expense 495,249 205,603 1,688,350 1,161,051
Advertising and marketing expenses 422,032 350,937 1,231,924 906,412
Telephone and communications 119,181 169,299 479,885 446,328
Software purchases and maintenance 260,808 123,423 603,619 297,900
Regulatory assessments 252,333 336,404 594,988 814,152
Loss on sale of other real estate owned     344,049  
Other 525,249 426,094 1,454,951 1,306,675
Total noninterest expense 17,640,779 11,098,400 50,938,621 35,634,674
Net income before income tax expense 3,002,531 5,232,526 13,995,580 12,126,972
Income tax expense 617,287 1,098,830 2,925,827 2,546,664
Net income $ 2,385,244 $ 4,133,696 $ 11,069,753 $ 9,580,308
Earnings per common share:        
Basic earnings per share $ 0.29 $ 0.66 $ 1.60 $ 1.54
Diluted earnings per share $ 0.28 $ 0.65 $ 1.55 $ 1.51