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Consolidated Statements Of Income (unaudited) - USD ($)
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Interest income    
Loans $ 5,537,080 $ 5,464,961
Securities    
Taxable 637,121 673,547
Tax-exempt 20,996 12,585
Other interest-earning assets 83,813 123,004
Total interest income 6,279,010 6,274,097
Interest expense    
Deposits 826,184 1,263,682
FHLB advances 329,833 431,125
Total interest expense 1,156,017 1,694,807
Net interest income 5,122,993 4,579,290
Credit for loan losses   (59,000)
Net interest income after provision for loan losses 5,122,993 4,638,290
Non-interest income    
Fees and service charges 39,318 52,527
Gain on sale of loans 87,130 236,037
Bargain purchase gain   1,933,397
Bank-owned life insurance 155,993 89,666
Other 61,982 6,979
Total non-interest income 344,423 2,318,606
Non-interest expense    
Salaries and employee benefits 2,063,347 1,538,920
Occupancy and equipment 344,429 266,479
FDIC insurance assessment 54,000 45,000
Data processing 278,347 208,309
Advertising 121,145 60,000
Director fees 214,791 198,239
Professional fees 144,263 258,917
Merger fees   318,265
Core conversion costs   360,000
Other 320,953 178,317
Total non-interest expense 3,541,275 3,432,446
Income before income taxes 1,926,141 3,524,450
Income tax expense 525,244 518,143
Net income $ 1,400,897 $ 3,006,307
Earnings per Share - basic $ 0.10 $ 0.23
Earnings per Share - diluted $ 0.10 $ 0.23
Weighted average shares outstanding- basic 13,858,884 13,107,593
Weighted average shares outstanding - diluted 13,878,304 13,107,593