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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:        
Interest and fees on loans $ 3,784,837 $ 3,215,018 $ 11,017,174 $ 9,424,445
Interest on taxable securities available for sale 220,638 264,592 733,346 825,897
Interest on taxable securities held to maturity 42,079 60,699 137,402 198,004
Interest on tax exempt securities 312,819 313,436 944,124 929,409
Dividends 22,031 17,941 67,976 53,613
Interest on deposits in other banks 26,024 14,426 64,784 41,530
Interest on certificates of deposit in other banks 0 2,877 52 9,652
Total interest income 4,408,428 3,888,989 12,964,858 11,482,550
Interest expense:        
Interest on deposits 242,930 202,174 676,128 588,348
Interest on federal funds purchased 3 86 8 423
Interest on other short-term borrowings 28,470 18,688 76,048 47,245
Interest on long-term debt 140,933 104,398 429,473 328,493
Total interest expense 412,336 325,346 1,181,657 964,509
Net interest income 3,996,092 3,563,643 11,783,201 10,518,041
Provision for loan losses 45,000 51,300 115,000 141,300
Net interest income after provision for loan losses 3,951,092 3,512,343 11,668,201 10,376,741
Noninterest income:        
Service charges on deposit accounts 276,733 283,612 808,294 839,519
Income from trust services 53,528 52,552 156,791 190,408
Income from retail brokerage services 89,684 82,436 258,220 280,638
Income from insurance services 310,145 331,052 1,123,928 1,066,898
Income from mortgage banking services 89,438 79,657 272,102 235,666
Net gain (loss) on sale or disposition of assets 410 252 (177) 22,092
Net gain on sale of securities 57,052 0 168,919 3,587
Other income 183,288 178,925 595,505 575,519
Total noninterest income 1,060,278 1,008,486 3,383,582 3,214,327
Noninterest expense:        
Salaries and employee benefits 2,221,615 1,907,517 6,575,324 5,879,758
Occupancy expense 297,253 298,935 864,372 855,002
Equipment expense 182,431 226,560 632,589 664,623
Data processing expense 349,621 313,905 1,004,167 921,314
Amortization of intangible assets 3,906 3,906 11,719 11,719
Other operating expenses 683,905 708,257 2,058,939 2,107,120
Total noninterest expenses 3,738,731 3,459,080 11,147,110 10,439,536
Income before income taxes 1,272,639 1,061,749 3,904,673 3,151,532
Provision for income taxes 299,884 204,468 872,699 620,936
Net income $ 972,755 $ 857,281 $ 3,031,974 $ 2,530,596
Earnings per share of common stock:        
Net income, basic $ 0.38 $ 0.33 $ 1.19 $ 0.99
Net income, diluted 0.38 0.33 1.19 0.99
Dividends paid per share $ 0.11 $ 0.10 $ 0.31 $ 0.30
Weighted average shares outstanding 2,547,837 2,547,837 2,547,837 2,547,837
Diluted average shares outstanding 2,547,837 2,547,837 2,547,837 2,547,837