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CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($)
3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Interest and dividend income:    
Interest and fees on loans $ 4,462,660 $ 4,293,439
Securities:    
Taxable interest income 298,872 289,183
Nontaxable interest income 267,687 284,023
Federal Reserve Bank dividends 25,437 25,051
Interest-earning deposits, federal funds sold, and other 76,061 26,225
Total interest and dividend income 5,130,717 4,917,921
Interest expense:    
Deposits 581,995 524,628
Federal Home Loan Bank advances 65,837 25,815
Securities sold under agreements to repurchase 13,264 828
Subordinated debentures 25,055 21,657
Total interest expense 686,151 572,928
Net interest income 4,444,566 4,344,993
Provision (credit) for loan losses 250,000 (500,000)
Net interest income after provision (credit) for loan losses 4,194,566 4,844,993
Non-interest income:    
Service fees on deposit accounts 127,630 106,908
Other service charges and fees 122,154 113,853
Loan servicing fees 78,624 72,768
Gain on sale of securities 29,181  
Gain on sale of loans 126,151 181,121
Other 129,471 123,776
Total Non-interest income 613,211 598,426
Non-interest expense:    
Compensation and employee benefits 1,961,299 1,851,637
Occupancy expense 365,725 390,759
Data processing services 209,282 191,790
Director fees 49,550 47,750
Professional fees 146,092 127,344
FDIC insurance premiums 90,000 110,000
Foreclosed asset related expenses 9,185 2,199
Amortization of core deposit intangible 14,485 14,485
Amortization of mortgage servicing rights 38,580 22,885
Other 613,999 595,462
Total Non-interest expense 3,498,197 3,354,311
Income before income taxes 1,309,580 2,089,108
Income tax expense 296,232 617,854
Net income $ 1,013,348 $ 1,471,254
Basic and diluted earnings per share (in dollars per share) $ 0.14 $ 0.21
Dividends per share (in dollars per share) $ 0.06 $ 0.06