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Consolidated Statements Of Income - USD ($)
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Interest income    
Loans $ 5,464,961 $ 5,097,251
Securities    
Taxable 673,547 431,053
Tax-exempt 12,585 11,661
Other interest-earning assets 123,004 377,363
Total interest income 6,274,097 5,917,328
Interest expense    
Deposits 1,263,682 2,316,321
FHLB advances 431,125 517,072
Total interest expense 1,694,807 2,833,393
Net interest income 4,579,290 3,083,935
(Credit) Provision for loan losses (59,000) 25,000
Net interest income after (credit) provision for loan losses 4,638,290 3,058,935
Non-interest income    
Fees and service charges 52,527 19,717
Gain on Sale of Loans 236,037  
Bargain Purchase gain 1,933,397  
Bank owned life insurance 89,666 99,711
Other 6,979 1,954
Total non-interest income 2,318,606 121,382
Non-interest expense    
Salaries and employee benefits 1,538,920 1,257,598
Occupancy and equipment 266,479 169,540
FDIC insurance assessment 45,000 45,000
Data processing 208,309 146,025
Core conversion costs 360,000  
Advertising 60,000 59,634
Director fees 198,239 186,281
Professional fees 258,917 132,333
Merger fees 318,265  
Contribution to Charitable Foundation   2,881,500
Other 178,317 194,703
Total non-interest expense 3,432,446 5,072,614
Income (loss) before income taxes 3,524,450 (1,892,297)
Income tax (benefit) expense 518,143 (554,714)
Net income (loss) $ 3,006,307 $ (1,337,583)
Earnings (loss)per Share $ 0.23 $ (0.13)
Weighted average shares outstanding 13,107,593 10,699,272