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CONSOLIDATED STATEMENTS OF INCOME - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Jun. 30, 2017
Jun. 30, 2016
INTEREST INCOME        
Interest and fees on loans $ 6,429,464 $ 4,994,892 $ 12,349,608 $ 9,839,212
Interest on loans held for sale 13,025 38,786 19,908 78,452
Interest and dividends on securities 388,435 205,639 739,319 417,023
Interest on deposits with banks and federal funds sold 67,334 12,181 145,009 31,226
Total Interest Income 6,898,258 5,251,498 13,253,844 10,365,913
INTEREST EXPENSE        
Interest on deposits 444,997 292,480 900,847 601,657
Interest on federal funds purchased 89 28 89 28
Interest on short-term borrowings 107,931 79,784 168,134 143,579
Total Interest Expense 553,017 372,292 1,069,070 745,264
Net Interest Income 6,345,241 4,879,206 12,184,774 9,620,649
Provision for loan losses 522,323 357,533 962,844 655,533
Net interest income after provision for loan losses 5,822,918 4,521,673 11,221,930 8,965,116
NONINTEREST INCOME        
Payment sponsorship fees 844,810 591,550 1,501,002 1,142,559
Mortgage banking fees and gains 199,447 262,736 382,391 421,283
Service charges on deposit accounts 79,637 77,013 142,269 147,627
Gain on securities sold   213,571 5,521 486,534
Other income 228,776 180,133 647,849 318,077
Total Noninterest Income 1,352,670 1,325,003 2,679,032 2,516,080
NONINTEREST EXPENSES        
Salary and employee benefits 2,924,599 2,784,504 5,781,843 5,673,960
Occupancy and equipment expenses 667,228 809,075 1,424,873 1,680,270
Legal, accounting and other professional fees 295,493 217,453 528,449 528,014
Data processing and item processing services 304,718 252,822 632,512 534,814
FDIC insurance costs 101,928 86,702 166,942 164,181
Advertising and marketing related expenses 122,849 108,211 147,169 140,739
Foreclosed property expenses and REO sales, net 21,234 96,106 38,093 170,585
Loan collection costs 36,176 13,790 70,842 34,590
Core deposit intangible amortization 197,877 155,325 433,342 348,132
Merger related expenses   131,333 149,543 188,590
Other expenses 531,494 450,654 1,011,549 972,097
Total Noninterest Expenses 5,203,596 5,105,975 10,385,157 10,435,972
Income before income taxes 1,971,992 740,701 3,515,805 1,045,224
Income tax expense 746,633 291,597 1,333,638 409,721
NET INCOME 1,225,359 449,104 2,182,167 635,503
Net income available to common stockholders $ 1,225,359 $ 449,104 $ 2,182,167 $ 635,503
Weighted average shares outstanding, Basic 10,597,629 10,908,156 10,549,229 10,956,698
Weighted average shares outstanding, Diluted 10,718,725 11,007,113 10,671,622 11,053,383
Basic net income per common share $ 0.12 $ 0.04 $ 0.21 $ 0.06
Diluted net income per common share $ 0.11 $ 0.04 $ 0.20 $ 0.06