XML 15 R4.htm IDEA: XBRL DOCUMENT v3.20.2
Consolidated Statements of Income (Unaudited) - USD ($)
 3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Interest and dividend income:        
Loans, including fees $ 12,865,021 $ 10,513,426 $ 38,021,904 $ 32,022,997
Securities:        
Taxable 1,986,904 1,671,572 5,725,476 4,715,137
Tax-exempt 891,093 945,769 2,755,515 3,114,298
Other interest and dividend income 175,397 400,963 888,412 928,996
Total interest income 15,918,415 13,531,730 47,391,307 40,781,428
Interest expense:        
Deposits 1,718,746 2,547,763 6,267,158 7,512,979
Other borrowed funds 39,787 170,082 238,314 553,930
Total interest expense 1,758,533 2,717,845 6,505,472 8,066,909
Net interest income 14,159,882 10,813,885 40,885,835 32,714,519
Provision for loan losses 541,844 378,789 4,424,475 545,203
Net interest income after provision for loan losses 13,618,038 10,435,096 36,461,360 32,169,316
Noninterest income:        
Securities gains, net 0 15,141 429,925 17,031
Gain on sale of loans held for sale 646,589 289,033 1,486,047 685,790
Other noninterest income 271,803 184,399 707,884 615,688
Total noninterest income 2,794,743 2,119,229 7,854,159 6,257,876
Noninterest expense:        
Salaries and employee benefits 5,839,963 4,780,894 17,427,608 14,294,219
Data processing 1,209,973 1,085,951 3,737,426 2,849,396
Occupancy expenses, net 668,003 526,360 2,015,941 1,643,924
FDIC insurance assessments 135,859 1,698 185,716 193,593
Professional fees 407,118 386,339 1,148,597 1,158,168
Business development 307,386 310,786 753,075 827,561
Intangible asset amortization 215,575 124,243 650,021 427,221
New market tax credit projects amortization 145,395 0 436,166 0
Other operating expenses, net 361,280 259,048 1,085,562 755,971
Total noninterest expense 9,290,552 7,475,319 27,440,112 22,150,053
Income before income taxes 7,122,229 5,079,006 16,875,407 16,277,139
Provision for income taxes 1,450,750 1,037,845 3,221,750 3,380,950
Net income $ 5,671,479 $ 4,041,161 $ 13,653,657 $ 12,896,189
Basic and diluted earnings per share (in dollars per share) $ 0.62 $ 0.44 $ 1.49 $ 1.40
Cash dividends declared, per share (in dollars per share) $ 0.25 $ 0.24 $ 0.50 $ 0.72
Fiduciary and Trust [Member]        
Noninterest income:        
Noninterest income $ 1,036,131 $ 857,664 $ 2,807,592 $ 2,661,421
Financial Service [Member]        
Noninterest income:        
Noninterest income 380,620 400,919 1,126,857 1,158,348
Credit and Debit Card [Member]        
Noninterest income:        
Noninterest income $ 459,600 $ 372,073 $ 1,295,854 $ 1,119,598