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Consolidated Statements of Income (Unaudited) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Sep. 30, 2015
Sep. 30, 2014
Interest and fee income        
Interest and fees on loans $ 2,975,653 $ 2,868,904 $ 8,798,553 $ 8,392,884
Interest and dividends on investment securities 581,708 536,034 1,770,754 1,516,239
Other interest income 12,311 14,927 25,629 33,483
Total interest and fee income 3,569,672 3,419,865 10,594,936 9,942,606
Interest expense        
Interest on deposits 101,199 104,009 293,356 308,655
Interest on short-term borrowings 31 244 924 244
Total interest expense 101,230 104,253 294,280 308,899
Net interest income 3,468,442 3,315,612 10,300,656 9,633,707
Provision for loan losses 7,500 12,500 82,500 62,500
Net interest income after provision for loan losses 3,460,942 3,303,112 10,218,156 9,571,207
Other income        
Service charges, fees and commissions 240,306 223,369 728,799 679,806
Mortgage banking income 413,077 383,304 1,247,813 913,646
Other non-interest income $ 8,655 8,330 $ 20,175 20,384
Gain on sale of other real estate owned $ 2,382 2,382
Gain on sale of securities $ 264,401 223,735
Total other income $ 662,038 $ 617,385 2,261,188 1,839,953
Other expense        
Salaries and employee benefits 1,450,852 1,349,779 4,342,702 4,008,738
Net occupancy expense 372,727 369,201 1,112,354 1,101,929
Other operating expenses 549,163 522,998 1,656,198 1,624,749
Total other expense 2,372,742 2,241,978 7,111,254 6,735,416
Income before income tax expense 1,750,238 1,678,519 5,368,090 4,675,744
Income tax expense 551,319 536,806 1,710,774 1,468,306
Net income $ 1,198,919 $ 1,141,713 $ 3,657,316 $ 3,207,438
Basic income per common share (in dollars per share) $ 0.24 $ 0.23 $ 0.74 $ 0.65
Diluted income per common share (in dollars per share) $ 0.24 $ 0.23 $ 0.72 $ 0.64
Weighted average shares outstanding        
Basic (in shares) 4,915,610 4,907,203 4,911,142 4,907,203
Diluted (in shares) 5,061,685 5,020,082 5,062,695 5,019,905
Cash Dividend Per Share (in dollars per share) $ 0.13 $ 0.23 $ 0.39 $ 0.49