XML 16 R4.htm IDEA: XBRL DOCUMENT v3.5.0.2
CONSOLIDATED STATEMENTS OF INCOME - USD ($)
 3 Months Ended 6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Jun. 30, 2016
Jun. 30, 2015
INTEREST INCOME        
Loans, including fees $ 9,954,218 $ 4,677,088 $ 19,328,675 $ 9,195,636
Securities and interest-bearing deposits at other financial institutions 665,402 363,349 1,381,982 781,252
Federal funds sold and other earning assets 50,171 27,768 113,481 55,928
Total interest income 10,669,791 5,068,205 20,824,138 10,032,816
INTEREST EXPENSE        
Deposits 1,012,684 498,014 1,973,951 1,000,669
Securities sold under agreements to repurchase 15,279 2,727 31,739 5,678
Federal Home Loan Bank advances and other borrowings 29,263 2,819 74,549 3,513
Total interest expense 1,057,226 503,560 2,080,239 1,009,860
Net interest income before provision for loan losses 9,612,565 4,564,645 18,743,899 9,022,956
Provision for loan losses 218,420 39,986 355,976 323,928
Net interest income after provision for loan losses 9,394,145 4,524,659 18,387,923 8,699,028
NONINTEREST INCOME        
Customer service fees 258,877 148,913 554,680 279,315
Gain on sale of securities 98,100 52,255 181,363 52,255
Gain on sale of loans and other assets 197,479 31,175 419,405 3,317
Gain (loss) on sale of foreclosed assets (3,734) (362,845) 54,243 112,351
Other noninterest income 410,155 236,905 822,018 467,028
Total noninterest income 960,877 106,403 2,031,709 914,266
NONINTEREST EXPENSES        
Salaries and employee benefits 4,486,148 2,236,105 8,981,156 4,536,719
Net occupancy and equipment expense 1,136,648 574,985 2,155,075 1,118,886
Depository insurance 150,943 98,323 286,747 194,960
Foreclosed assets 63,773 47,873 120,431 89,221
Advertising 184,065 110,803 357,510 221,465
Data processing 554,612 194,064 895,992 403,777
Professional services 551,432 333,768 1,006,605 685,866
Amortization of intangible assets 93,353 40,775 186,706 81,550
Service contracts 315,611 151,925 601,239 310,995
Other operating expenses 935,740 551,765 1,832,765 977,469
Total noninterest expenses 8,472,325 4,340,386 16,424,226 8,620,908
Income before income tax expense 1,882,697 290,676 3,995,406 992,386
Income tax expense 691,067 224,574 1,454,913 587,892
Net income 1,191,630 66,102 2,540,493 404,494
Preferred stock dividends 270,000 30,000 482,000 60,000
Net income available to common stockholders $ 921,630 $ 36,102 $ 2,058,493 $ 344,494
EARNINGS PER COMMON SHARE        
Basic (in dollars per share) $ 0.16 $ 0.01 $ 0.35 $ 0.12
Diluted (in dollars per share) $ 0.15 $ 0.01 $ 0.34 $ 0.10
Weighted average common shares outstanding        
Basic (in shares) 5,820,342 2,965,783 5,813,915 2,965,783
Diluted (in shares) 6,131,820 3,293,279 6,118,530 3,293,299
Dividends per share (in dollars per share) $ 0 $ 0 $ 0 $ 0