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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 $ 2,294,733 $ 2,274,184 $ 6,925,693 $ 6,962,546
Investment securities 432,341 426,780 1,305,746 1,201,216
Mortgage-backed securities 112,277 118,735 339,461 405,107
Other 19,200 10,413 46,570 22,313
Total interest income 2,858,551 2,830,112 8,617,470 8,591,182
INTEREST EXPENSE:        
Deposits 272,277 259,514 758,309 856,589
Other borrowings 5,326 7,919 15,388 18,036
Total interest expense 277,603 267,433 773,697 874,625
NET INTEREST INCOME 2,580,948 2,562,679 7,843,773 7,716,557
PROVISION FOR LOAN LOSSES 30,000 45,000 90,000 110,000
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES 2,550,948 2,517,679 7,753,773 7,606,557
NON-INTEREST INCOME:        
Fiduciary activities 72,091 64,637 234,765 212,075
Commission income 326,031 356,520 960,836 1,065,309
Service charges on deposit accounts 198,269 181,751 538,668 507,481
Mortgage banking operations, net 89,248 38,066 172,521 133,594
Net realized gains on sales of available-for-sale securities 83,712 55,125 291,810 267,201
Loan servicing fees 81,418 85,936 249,533 258,897
ATM and bank card interchange income 171,592 157,823 506,996 473,452
Other 65,697 81,275 206,675 259,590
Total non-interest income 1,088,058 1,021,133 3,161,804 3,177,599
NON-INTEREST EXPENSE:        
Salaries and employee benefits 1,692,942 1,653,826 5,075,624 4,915,666
Occupancy and equipment 268,360 251,957 775,342 751,271
Data processing and telecommunications 150,500 145,438 433,860 434,803
Professional 42,979 45,296 149,584 141,906
Postage and office supplies 53,602 61,134 176,928 175,577
ATM and bank card expense 96,774 126,437 286,669 301,055
Other 308,797 325,079 812,540 893,580
Total non-interest expense 2,613,954 2,609,167 7,710,547 7,613,858
INCOME BEFORE INCOME TAXES 1,025,052 929,645 3,205,030 3,170,298
INCOME TAXES 267,287 230,247 854,380 848,240
NET INCOME $ 757,765 $ 699,398 $ 2,350,650 $ 2,322,058
NET INCOME PER COMMON SHARE - BASIC (in dollars per share) $ 0.43 $ 0.40 $ 1.32 $ 1.31
NET INCOME PER COMMON SHARE - DILUTED (in dollars per share) 0.42 0.39 1.31 1.30
DIVIDENDS DECLARED PER SHARE (in dollars per share) $ 0.10 $ 0.08 $ 0.30 $ 0.24