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CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)
Jun. 30, 2019
Dec. 31, 2018
ASSETS    
Cash and due from banks $ 9,843,665 $ 6,325,457
Interest-bearing deposits at the Federal Reserve 35,252,826 25,506,784
Investment securities available for sale 101,430,963 119,668,874
Mortgage loans to be sold 2,874,982 1,199,438
Loans 283,847,630 274,664,267
Less: Allowance for loan losses (4,130,548) (4,214,331)
Net loans 279,717,082 270,449,936
Premises, equipment and leasehold improvements, net 2,689,314 2,335,207
Right of use asset 7,218,644  
Accrued interest receivable 1,565,145 1,561,915
Other assets 1,781,824 2,087,587
Total assets 442,374,445 429,135,198
Deposits:    
Non-interest bearing demand 138,577,128 130,940,138
Interest bearing demand 102,905,495 94,207,731
Money market accounts 85,539,479 87,300,433
Time deposits over $250,000 8,176,688 15,909,991
Other time deposits 17,841,257 18,558,734
Other savings deposits 30,769,858 35,461,361
Total deposits 383,809,905 382,378,388
Accrued interest payable and other liabilities 1,951,281 1,294,249
Lease liability 7,218,644  
Total liabilities 392,979,830 383,672,637
Shareholders' equity    
Common stock - no par 12,000,000 shares authorized; Issued 5,794,313 shares at June 30, 2019 and 5,777,474 shares at December 31, 2018. Shares outstanding 5,525,278 and 5,510,917 at June 30, 2019 and December 31, 2018, respectively. 0 0
Additional paid in capital 47,041,739 46,857,734
Retained earnings 4,413,687 2,650,296
Treasury stock: 269,035 shares at June 30, 2019 and 266,557 at December 31, 2018 (2,314,107) (2,268,264)
Accumulated other comprehensive income (loss), net of income taxes 253,296 (1,777,205)
Total shareholders' equity 49,394,615 45,462,561
Total liabilities and shareholders' equity $ 442,374,445 $ 429,135,198