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Consolidated Statements Of Income (unaudited) - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
Interest income        
Loans $ 5,848,522 $ 5,684,881 $ 11,385,602 $ 11,149,842
Securities        
Taxable 932,714 388,604 1,569,835 1,062,151
Tax-exempt 46,282 12,798 67,278 25,383
Other interest-earning assets 83,682 115,256 167,495 238,260
Total interest income 6,911,200 6,201,539 13,190,210 12,475,636
Interest expense        
Deposits 849,808 1,050,546 1,675,992 2,314,228
FHLB advances 356,203 376,508 686,036 807,633
Total interest expense 1,206,011 1,427,054 2,362,028 3,121,861
Net interest income 5,705,189 4,774,485 10,828,182 9,353,775
Credit for loan losses 100,000 (54,000) 100,000 (113,000)
Net interest income after provision for loan losses 5,605,189 4,828,485 10,728,182 9,466,775
Non-interest income        
Fees and service charges 50,478 68,576 89,796 121,103
Gain on sale of loans (217) 284,065 86,913 520,102
Bargain purchase gain       1,933,397
Bank-owned life insurance 169,449 145,167 325,442 234,833
Other 34,007 35,480 95,989 42,459
Total non-interest income 253,717 533,288 598,140 2,851,894
Non-interest expense        
Salaries and employee benefits 2,098,897 2,035,467 4,162,244 3,574,387
Occupancy and equipment 342,381 294,694 686,810 561,173
FDIC insurance assessment 54,000 69,300 108,000 114,300
Data processing 330,840 312,527 609,187 520,836
Advertising 91,145 60,000 212,290 120,000
Director fees 203,534 216,880 418,325 415,119
Professional fees 151,490 208,849 295,753 467,766
Merger fees   73,932   392,197
Core conversion costs       360,000
Other 321,585 305,484 642,538 483,801
Total non-interest expense 3,593,872 3,577,133 7,135,147 7,009,579
Income before income taxes 2,265,034 1,784,640 4,191,175 5,309,090
Income tax expense 623,027 345,916 1,148,271 864,059
Net income $ 1,642,007 $ 1,438,724 $ 3,042,904 $ 4,445,031
Earnings per Share - basic $ 0.12 $ 0.10 $ 0.22 $ 0.33
Earnings per Share - diluted $ 0.12 $ 0.10 $ 0.22 $ 0.33
Weighted average shares outstanding- basic 13,662,222 13,945,423 13,760,002 13,528,822
Weighted average shares outstanding - diluted 13,701,674 13,945,423 13,800,168 13,528,822