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Condensed Consolidated Statements of Income (Unaudited) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Sep. 30, 2016
Sep. 30, 2015
Interest Income        
Loans $ 5,854,069 $ 5,846,935 $ 17,184,094 $ 17,740,376
Investment securities 461,587 350,679 1,445,151 1,055,210
Other 38,647 31,477 134,417 107,652
6,354,303 6,229,091 18,763,662 18,903,238
Interest Expense        
Deposits 560,168 612,091 1,715,179 1,832,281
FHLB and Federal Reserve advancese 349,575 298,952 963,847 895,137
Subordinated debentures 146,438 135,329 429,348 402,187
Other 289 121,122
1,056,181 1,046,661 3,108,374 3,250,727
Net Interest Income 5,298,122 5,182,430 15,655,288 15,652,511
Provision for loan losses 200,000 200,000 950,000 350,000
Provision for Loan Losses 5,098,122 4,982,430 14,705,288 15,302,511
Noninterest Income        
Service charges 303,958 317,385 849,026 914,019
Gain (loss) on sale of investment securities 44,060 (4,152) 155,465 151,161
Gain on sale of mortgage loans held for sale 528,521 419,952 1,260,978 1,075,937
Gain on sale of Small Business Administration loans 85,624 378 237,862 344,817
Net loss on foreclosed assets (33,808) (21,151) (53,313) (38,913)
Other income 387,146 397,548 1,153,718 1,088,611
1,315,501 1,109,960 3,603,736 3,535,632
Noninterest Expense        
Salaries and employee benefits 2,694,069 2,483,512 7,950,867 7,424,824
Occupancy 465,237 474,885 1,343,062 1,411,472
FDIC deposit insurance premiums 117,311 105,878 362,025 326,216
Prepayment penalty on securities sold under agreements to repurchase 463,992
Data processing 223,618 198,291 650,283 592,114
Advertising 131,250 131,250 393,750 393,750
Other expense 686,222 658,187 2,036,590 2,033,301
4,317,707 4,052,003 12,736,577 12,645,669
Income Before Income Taxes 2,095,916 2,040,387 5,572,447 6,192,474
Provision for Income Taxes 554,009 621,751 1,497,783 1,906,346
Net Income Available to Common Shareholders $ 1,541,907 $ 1,418,636 $ 4,074,664 $ 4,286,128
Basic Income Per Common Share (in dollars per share) $ 0.35 $ 0.33 $ 0.93 $ 0.99
Diluted Income Per Common Share (in dollars per share) $ 0.35 $ 0.32 $ 0.92 $ 0.98