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Consolidated Statements of Income - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Sep. 30, 2015
Sep. 30, 2014
INTEREST INCOME        
Loans, including fees $ 6,660,440 $ 4,978,481 $ 15,856,077 $ 14,035,526
Securities and interest-bearing deposits at other financial institutions 458,089 430,837 1,239,340 1,357,426
Federal funds sold and other earning assets 35,101 35,001 91,029 94,679
Total interest income 7,153,630 5,444,319 17,186,446 15,487,631
INTEREST EXPENSE        
Time deposits 468,002 377,393 1,176,258 1,103,370
Other deposits 219,990 145,399 512,403 414,741
Federal funds purchased and securities sold under agreements to repurchase 7,394 3,413 16,473 8,306
Federal Home Loan Bank advances and other borrowings 31,326 0 31,437 0
Total interest expense 726,712 526,205 1,736,571 1,526,417
Net interest income before provision for loan losses 6,426,918 4,918,114 15,449,875 13,961,214
Provision (credit) for loan losses 32,397 (143,730) 356,325 299,385
Net interest income after provision for loan losses 6,394,521 5,061,844 15,093,550 13,661,829
NONINTEREST INCOME        
Customer service fees 236,698 138,089 516,013 365,882
Net gains (losses) from sale of securities 0 0 52,255 (4,174)
Net gains from sale of loans and other assets 66,041 46,804 161,896 108,070
Net losses from sale of foreclosed assets (445,980) (50,720) (426,168) (284,670)
Other noninterest income 317,202 255,370 784,230 719,445
Total noninterest income 173,961 389,543 1,088,226 904,553
NONINTEREST EXPENSE        
Salaries and employee benefits 3,186,787 2,494,991 7,723,506 6,828,348
Net occupancy and equipment expense 688,426 517,514 1,769,494 1,591,706
Depository insurance 175,697 119,329 419,747 354,402
Foreclosed assets, net 90,574 50,522 179,796 126,312
Other operating expenses 2,351,718 1,123,101 5,021,567 3,269,426
Total noninterest expenses 6,493,202 4,305,457 15,114,110 12,170,194
Income before income tax expense 75,280 1,145,930 1,067,666 2,396,188
Income tax expense 152,189 440,723 740,081 920,010
Net income (loss) (76,909) 705,207 327,585 1,476,178
Preferred stock dividend requirements 30,000 30,000 90,000 90,000
Net income (loss) available to common shareholders $ (106,909) $ 675,207 $ 237,585 $ 1,386,178
EARNINGS (LOSS) PER COMMON SHARE        
Basic (in dollars per share) $ (0.03) $ 0.22 $ 0.07 $ 0.45
Diluted (in dollars per share) (0.03) 0.20 0.06 0.42
DIVIDENDS DECLARED PER COMMON SHARE $ 0 $ 0 $ 0 $ 0