Consolidated Statements of Comprehensive Income (Unaudited) - USD ($)
|
3 Months Ended |
Mar. 31, 2018 |
Mar. 31, 2017 |
| Interest income |
|
|
| Interest and fees on loans |
$ 3,876,008
|
$ 3,438,270
|
| Interest on securities |
148,581
|
130,466
|
| Interest on other interest-earning assets |
68,030
|
53,981
|
| Total interest income |
4,092,619
|
3,622,717
|
| Interest expense |
|
|
| Interest on deposits |
493,736
|
376,308
|
| Interest on borrowings |
149,430
|
103,075
|
| Total interest expense |
643,166
|
479,383
|
| Net interest income |
3,449,453
|
3,143,334
|
| Provision for loan losses |
22,000
|
250,000
|
| Net interest income after provision for loan losses |
3,427,453
|
2,893,334
|
| Noninterest income |
|
|
| Gain on sale of loans |
3,353,393
|
1,964,472
|
| Service charges and fees |
84,389
|
85,957
|
| Bank owned life insurance income |
88,597
|
42,813
|
| Other |
24,606
|
6,791
|
| Total noninterest income |
3,550,985
|
2,100,033
|
| Noninterest expense |
|
|
| Salaries and benefits |
4,229,977
|
3,299,346
|
| Occupancy |
505,951
|
423,758
|
| Data processing fees |
723,406
|
607,023
|
| FDIC and other insurance expense |
50,533
|
56,611
|
| Professional fees |
327,056
|
377,870
|
| Advertising |
156,026
|
141,881
|
| Net other real estate expenses |
|
80
|
| Other |
519,719
|
430,220
|
| Total noninterest expense |
6,512,668
|
5,336,789
|
| Income (loss) before income taxes |
465,770
|
(343,422)
|
| Provision (benefit) for income taxes |
95,143
|
(145,672)
|
| NET INCOME (LOSS) |
370,627
|
(197,750)
|
| Other comprehensive (loss) income |
|
|
| Unrealized (loss) gain on available-for-sale securities, net of $88,680 and (5,153) tax, respectively |
(258,588)
|
8,512
|
| COMPREHENSIVE INCOME (LOSS) |
$ 112,039
|
$ (189,238)
|
| Earnings per common share: |
|
|
| Basic (in dollars per share) |
$ 0.11
|
$ (0.06)
|
| Diluted (in dollars per share) |
$ 0.11
|
$ (0.06)
|