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Consolidated Statements Of Income (unaudited) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Interest income        
Loans $ 7,018,200 $ 5,967,013 $ 18,403,802 $ 17,116,855
Securities        
Taxable 1,013,034 410,867 2,582,869 1,473,018
Tax-exempt 48,027 13,411 115,305 38,794
Other interest-earning assets 96,139 94,343 263,634 332,603
Total interest income 8,175,400 6,485,634 21,365,610 18,961,270
Interest expense        
Deposits 1,249,693 1,040,669 2,925,685 3,354,897
FHLB advances 716,705 369,352 1,402,741 1,176,985
Total interest expense 1,966,398 1,410,021 4,328,426 4,531,882
Net interest income 6,209,002 5,075,613 17,037,184 14,429,388
Provision (credit) for loan losses 175,000 25,000 275,000 (88,000)
Net interest income after provision for loan losses 6,034,002 5,050,613 16,762,184 14,517,388
Non-interest income        
Fees and service charges 47,090 53,696 136,886 98,989
Gain on sale of loans   127,111 86,913 647,213
Bargain purchase gain       1,933,397
Bank-owned life insurance 185,085 156,992 510,527 391,825
Other 37,336 36,613 133,325 154,882
Total non-interest income 269,511 374,412 867,651 3,226,306
Non-interest expense        
Salaries and employee benefits 2,154,654 2,029,021 6,316,898 5,603,408
Occupancy and equipment 347,036 338,604 1,033,846 899,777
FDIC insurance assessment 54,000 49,000 162,000 163,300
Data processing 311,106 256,953 920,293 777,789
Advertising 156,145 60,000 368,435 180,000
Director fees 189,424 207,012 607,749 622,131
Professional fees 163,500 128,514 459,253 596,280
Merger fees       392,197
Core conversion costs   370,000   730,000
Other 262,890 337,002 905,428 820,803
Total non-interest expense 3,638,755 3,776,106 10,773,902 10,785,685
Income before income taxes 2,664,758 1,648,919 6,855,933 6,958,009
Income tax expense 734,152 606,744 1,882,423 1,470,803
Net income $ 1,930,606 $ 1,042,175 $ 4,973,510 $ 5,487,206
Earnings per Share - basic $ 0.14 $ 0.07 $ 0.36 $ 0.40
Earnings per Share - diluted $ 0.14 $ 0.07 $ 0.36 $ 0.40
Weighted average shares outstanding- basic 13,468,751 14,019,317 13,661,851 13,694,117
Weighted average shares outstanding - diluted 13,529,857 14,019,317 13,704,688 13,694,117