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Consolidated Statements of Income - USD ($)
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Interest Income      
Loans $ 36,380,771 $ 36,225,797 $ 41,233,524
Investment securities 4,351,916 3,843,325 2,791,612
Other 462,663 800,754 1,201,367
Interest and Dividend Income, Operating, Total 41,195,350 40,869,876 45,226,503
Interest Expense      
Deposits 4,010,316 6,924,826 10,991,453
Federal Home Loan Bank advances 888,675 1,177,491 1,202,708
Other 6,648 280,473 370,584
Interest Expense, Total 6,524,954 9,611,201 13,535,014
Net Interest Income 34,670,396 31,258,675 31,691,489
Provision for Loan Losses 800,000 3,600,000 200,000
Net Interest Income After Provision for Loan Losses 33,870,396 27,658,675 31,491,489
Noninterest Income      
Service charges 1,804,935 1,469,160 1,706,437
Net gain on sale of investment securities 2,740,341 461,029 89,564
Gain on sale of mortgage loans held for sale 4,031,697 3,702,098 2,222,533
Gain on sale of Small Business Administration loans 1,948,027 618,506 1,029,949
Commercial loan referral income 105,405 1,148,681 0
Net gain (loss) on foreclosed assets (121,440) 36,057 (235,394)
Other income 3,163,467 2,637,913 2,291,804
Noninterest Income, Total 13,672,432 10,073,444 7,104,893
Noninterest Expense      
Salaries and employee benefits 18,317,787 17,348,133 16,107,800
Occupancy 4,544,303 4,623,440 4,582,433
FDIC deposit insurance premiums 594,583 312,121 297,628
Loss on early termination of interest rate swap 2,580,000 0 0
Data processing 2,603,351 2,369,224 1,694,459
Advertising 407,500 488,998 499,998
Merger costs 573,000 0 34,011
Amortization of core deposit intangible 477,000 477,000 477,000
Other expense 4,127,377 4,045,811 3,804,805
Noninterest Expense, Total 34,224,901 29,664,727 27,498,134
Income Before Income Taxes 13,317,927 8,067,392 11,098,248
Provision for Income Taxes 2,679,785 1,235,178 1,683,158
Net Income $ 10,638,142 $ 6,832,214 $ 9,415,090
Basic Income Per Common Share (in dollars per share) $ 2.45 $ 1.58 $ 2.14
Diluted Income Per Common Share (in dollars per share) $ 2.44 $ 1.57 $ 2.11
Subordinated Debentures Issued to Capital Trusts [Member]      
Interest Expense      
Subordinated debentures $ 569,315 $ 785,078 $ 970,269
Subordinated Notes, Net [Member]      
Interest Expense      
Subordinated debentures $ 1,050,000 $ 443,333 $ 0