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CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Jun. 30, 2016
Jun. 30, 2015
Interest and fee income        
Loans, including fees $ 3,208,836 $ 2,958,135 $ 6,242,879 $ 5,822,901
Taxable securities 290,486 333,111 613,619 672,891
Tax-exempt securities 240,171 252,973 479,485 516,154
Other 31,176 6,444 66,750 13,318
Total interest and fee income 3,770,669 3,550,663 7,402,733 7,025,264
Interest expense        
Deposits 92,981 99,423 187,120 192,157
Short-term borrowings 7 156 7 893
Total interest expense 92,988 99,579 187,127 193,050
Net interest income 3,677,681 3,451,084 7,215,606 6,832,214
Provision for loan losses 140,000 70,000 185,000 75,000
Net interest income after provisions for loan losses 3,537,681 3,381,084 7,030,606 6,757,214
Other income        
Service charges, fees and commissions 265,736 251,207 526,267 488,493
Mortgage banking income 296,891 457,590 648,764 834,736
Other non-interest income 6,554 6,607 12,243 11,520
Loss on sale of other real estate     (13,450)  
Gain on sale of securities 160,391 153,088 348,327 264,401
Total other income 729,572 868,492 1,522,151 1,599,150
Other expense        
Salaries and employee benefits 1,480,420 1,475,677 2,995,446 2,891,850
Net occupancy expense 380,311 376,029 756,710 739,627
Other operating expenses 576,150 547,752 1,207,422 1,107,035
Total other expense 2,436,881 2,399,458 4,959,578 4,738,512
Income before income tax expense 1,830,372 1,850,118 3,593,179 3,617,852
Income tax expense 518,262 596,680 1,085,333 1,159,455
Net income $ 1,312,110 $ 1,253,438 $ 2,507,846 $ 2,458,397
Weighted average shares outstanding        
Basic (in shares) 4,929,722 4,910,501 4,923,266 4,908,871
Diluted (in shares) 5,056,523 5,024,167 5,047,601 5,025,554
Basic income per common share (in dollars per share) $ 0.27 $ 0.26 $ 0.51 $ 0.50
Diluted income per common share (in dollars per share) $ 0.26 $ 0.25 $ 0.50 $ 0.49