XML 15 R4.htm IDEA: XBRL DOCUMENT v3.20.2
Consolidated Statements of Income (Unaudited) - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Interest and dividend income:        
Loans, including fees $ 12,569,869 $ 10,808,142 $ 25,156,883 $ 21,509,571
Securities:        
Taxable 1,917,332 1,554,713 3,738,572 3,043,565
Tax-exempt 954,525 1,067,955 1,864,422 2,168,529
Other interest and dividend income 195,703 290,465 713,015 528,033
Total interest income 15,637,429 13,721,275 31,472,892 27,249,698
Interest expense:        
Deposits 1,898,046 2,606,384 4,548,412 4,965,216
Other borrowed funds 59,355 184,634 198,527 383,848
Total interest expense 1,957,401 2,791,018 4,746,939 5,349,064
Net interest income 13,680,028 10,930,257 26,725,953 21,900,634
Provision for loan losses 1,566,476 68,320 3,882,631 166,414
Net interest income after provision for loan losses 12,113,552 10,861,937 22,843,322 21,734,220
Noninterest income:        
Securities gains, net 43,910 1,890 429,925 1,890
Gain on sale of loans held for sale 572,718 224,031 839,458 396,757
Other noninterest income 185,910 194,358 436,081 431,289
Total noninterest income 2,428,224 2,212,939 5,059,416 4,138,647
Noninterest expense:        
Salaries and employee benefits 5,812,449 4,797,497 11,587,645 9,513,325
Data processing 1,336,401 872,064 2,527,453 1,763,445
Occupancy expenses, net 656,752 518,559 1,347,938 1,117,564
FDIC insurance assessments 49,857 91,666 49,857 191,895
Professional fees 397,755 382,983 741,479 771,829
Business development 181,546 248,178 445,689 516,775
Intangible asset amortization 217,223 139,314 434,446 302,978
New market tax credit projects amortization 145,390 0 290,771 0
Other operating expenses, net 302,138 167,717 724,282 496,923
Total noninterest expense 9,099,511 7,217,978 18,149,560 14,674,734
Income before income taxes 5,442,265 5,856,898 9,753,178 11,198,133
Provision for income taxes 1,014,600 1,239,305 1,771,000 2,343,105
Net income $ 4,427,665 $ 4,617,593 $ 7,982,178 $ 8,855,028
Basic and diluted earnings per share (in dollars per share) $ 0.49 $ 0.50 $ 0.87 $ 0.96
Cash dividends declared, per share (in dollars per share) $ 0 $ 0.24 $ 0.25 $ 0.48
Fiduciary and Trust [Member]        
Noninterest income:        
Noninterest income $ 909,728 $ 1,019,143 $ 1,771,461 $ 1,803,757
Financial Service [Member]        
Noninterest income:        
Noninterest income 305,544 387,133 746,237 757,429
Credit and Debit Card [Member]        
Noninterest income:        
Noninterest income $ 410,414 $ 386,384 $ 836,254 $ 747,525