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CONSOLIDATED STATEMENTS OF INCOME - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
INTEREST INCOME        
Loans, including fees $ 21,571,378 $ 11,491,016 $ 61,451,480 $ 32,448,666
Securities and interest-bearing deposits at other financial institutions 1,326,310 739,905 3,573,243 2,092,948
Federal funds sold and other earning assets 170,019 86,267 414,423 237,213
Total interest income 23,067,707 12,317,188 65,439,146 34,778,827
INTEREST EXPENSE        
Deposits 3,968,613 1,373,236 9,607,966 3,712,326
Securities sold under agreements to repurchase 11,697 15,054 35,106 46,593
Subordinated debt 18,750 0 18,750 0
Federal Home Loan Bank advances and other borrowings 209,144 4,769 568,478 31,925
Total interest expense 4,208,204 1,393,059 10,230,300 3,790,844
Net interest income before provision for loan losses 18,859,503 10,924,129 55,208,846 30,987,983
Provision for loan losses 301,676 30,000 1,607,074 340,482
Net interest income after provision for loan losses 18,557,827 10,894,129 53,601,772 30,647,501
NONINTEREST INCOME        
Customer service fees 623,160 294,315 1,753,379 849,614
Gain (loss) on sale of securities, net 0 143,508 (1,200) 143,508
Gain on sale of loans and other assets 493,099 224,494 1,140,027 910,250
Interchange and debit card transaction fees 144,167 232,607 410,921 648,329
Other noninterest income 570,155 352,014 1,600,809 894,689
Total noninterest income 1,830,581 1,246,938 4,903,936 3,446,390
NONINTEREST EXPENSES        
Salaries and employee benefits 7,933,610 5,035,443 22,758,511 14,471,602
Net occupancy and equipment expense 1,638,455 1,113,542 4,693,555 3,054,594
Depository insurance 158,200 101,665 577,412 315,951
Sale of foreclosed assets and related expense, net 79,243 47,178 508,303 72,763
Advertising 227,778 176,998 626,887 470,657
Data processing 407,192 483,411 1,533,948 1,291,969
Professional services 922,428 471,707 2,738,923 1,483,108
Amortization of intangible assets 247,648 78,057 664,271 191,705
Service contracts 507,107 363,114 1,477,488 971,648
Merger expenses 837,614 303,422 2,458,331 723,415
Other operating expenses 1,800,077 1,399,916 5,257,535 3,516,179
Total noninterest expenses 14,759,352 9,574,453 43,295,164 26,563,591
Income before income tax expense 5,629,056 2,566,614 15,210,544 7,530,300
Income tax expense 1,305,096 881,745 3,540,258 2,553,293
Net income 4,323,960 1,684,869 11,670,286 4,977,007
Preferred stock dividends 0 0 0 195,000
Net income available to common shareholders $ 4,323,960 $ 1,684,869 $ 11,670,286 $ 4,782,007
EARNINGS PER COMMON SHARE        
Basic (in dollars per share) $ 0.34 $ 0.20 $ 0.97 $ 0.60
Diluted (in dollars per share) $ 0.34 $ 0.20 $ 0.96 $ 0.59
Weighted average common shares outstanding        
Basic (in shares) 12,718,861 8,234,783 12,049,151 7,994,661
Diluted (in shares) 12,817,556 8,320,774 12,143,838 8,073,846