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CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)
Sep. 30, 2019
Dec. 31, 2018
ASSETS    
Cash and due from banks $ 7,165,177 $ 6,325,457
Interest-bearing deposits at the Federal Reserve 51,250,282 25,506,784
Investment securities available for sale 98,297,968 119,668,874
Mortgage loans to be sold 4,935,431 1,199,438
Loans 275,527,284 274,664,267
Less: Allowance for loan losses (4,141,415) (4,214,331)
Net loans 271,385,869 270,449,936
Premises, equipment and leasehold improvements, net 3,658,203 2,335,207
Right of use asset 13,325,792  
Accrued interest receivable 1,351,401 1,561,915
Other assets 1,690,242 2,087,587
Total assets 453,060,365 429,135,198
Deposits:    
Non-interest bearing demand 127,564,403 130,940,138
Interest bearing demand 114,347,461 94,207,731
Money market accounts 87,925,624 87,300,433
Time deposits over $250,000 6,200,799 15,909,991
Other time deposits 17,412,508 18,558,734
Other savings deposits 33,753,552 35,461,361
Total deposits 387,204,347 382,378,388
Accrued interest payable and other liabilities 2,209,735 1,294,249
Lease liability 13,325,792  
Total liabilities 402,739,874 383,672,637
Shareholders' equity    
Common stock - no par 12,000,000 shares authorized; Issued 5,799,637 shares at September 30, 2019 and 5,777,474 shares at December 31, 2018. Shares outstanding 5,530,001 and 5,510,917 at September 30, 2019 and December 31, 2018, respectively. 0 0
Additional paid in capital 47,110,889 46,857,734
Retained earnings 4,990,680 2,650,296
Treasury stock: 269,636 and 269,035 shares at September 30, 2019 and December 31, 2018, respectively. (2,325,225) (2,268,264)
Accumulated other comprehensive income (loss), net of income taxes 544,147 (1,777,205)
Total shareholders' equity 50,320,491 45,462,561
Total liabilities and shareholders' equity $ 453,060,365 $ 429,135,198