XML 14 R4.htm IDEA: XBRL DOCUMENT v3.8.0.1
Consolidated Statements of Income (Unaudited) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
Interest Income        
Loans, including fees $ 16,336,443 $ 15,889,132 $ 48,747,075 $ 47,760,159
Investment securities:        
Taxable interest 982,833 722,238 2,807,329 2,295,632
Tax-exempt interest 151,789 166,968 470,807 510,493
Other investments and deposits 194,664 68,860 402,555 195,449
Total interest income 17,665,729 16,847,198 52,427,766 50,761,733
Interest Expense        
Deposits 1,396,087 912,756 3,538,017 2,763,761
Short-term FHLB advances   53,829 94,606 143,412
Long-term FHLB advances 313,293 341,693 972,141 1,040,522
Total interest expense 1,709,380 1,308,278 4,604,764 3,947,695
Net interest income 15,956,349 15,538,920 47,823,002 46,814,038
Provision for loan losses 660,447 800,000 1,117,278 2,700,000
Net interest income after provision for loan losses 15,295,902 14,738,920 46,705,724 44,114,038
Noninterest Income        
Service fees and charges 1,055,631 1,045,591 2,982,992 3,083,858
Bank card fees 717,894 658,799 2,168,015 1,936,305
Gain on sale of loans, net 303,120 418,276 918,731 1,205,815
Income from bank-owned life insurance 120,508 120,618 360,874 361,297
(Loss) gain on the closure or sale of assets, net (42,835)   (147,323) 640,580
Other income 138,694 271,392 999,475 1,301,616
Total noninterest income 2,293,012 2,514,676 7,282,764 8,529,471
Noninterest Expense        
Compensation and benefits 7,061,889 6,723,365 20,729,750 20,845,310
Occupancy 1,219,173 1,307,336 3,711,301 3,939,275
Marketing and advertising 287,340 193,483 801,743 649,498
Data processing and communication 927,563 1,133,136 3,076,073 3,824,169
Professional services 406,431 244,278 819,319 797,829
Forms, printing and supplies 119,380 137,336 409,823 487,794
Franchise and shares tax 193,323 219,773 587,106 659,318
Regulatory fees 317,052 319,482 952,327 971,197
Foreclosed assets, net (70,323) (472,274) (230,194) (46,472)
Other expenses 878,726 836,706 2,564,896 2,711,401
Total noninterest expense 11,340,554 10,642,621 33,422,144 34,839,319
Income before income tax expense 6,248,360 6,610,975 20,566,344 17,804,190
Income tax expense 2,158,307 2,250,866 6,984,794 6,077,908
Net Income $ 4,090,053 $ 4,360,109 $ 13,581,550 $ 11,726,282
Earnings per share:        
Basic $ 0.58 $ 0.63 $ 1.95 $ 1.72
Diluted 0.56 0.61 1.88 1.65
Cash dividends declared per common share $ 0.14 $ 0.12 $ 0.41 $ 0.32