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Consolidated Statements of Income (Unaudited) - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Jun. 30, 2017
Jun. 30, 2016
Interest income:        
Interest and fees on loans $ 4,040,964 $ 3,657,204 $ 7,826,046 $ 7,232,337
Interest on taxable securities available for sale 304,100 230,182 592,798 512,708
Interest on taxable securities held to maturity 33,638 44,808 70,580 95,323
Interest on tax exempt securities 315,859 315,048 631,878 631,304
Dividends 22,661 23,495 46,379 45,945
Interest on deposits in other banks 39,970 16,567 90,199 38,760
Interest on certificates of deposit in other banks 9,884 0 11,235 52
Total interest income 4,767,076 4,287,304 9,269,115 8,556,429
Interest expense:        
Interest on deposits 269,128 225,460 540,804 433,198
Interest on federal funds purchased 653 2 655 5
Interest on other short-term borrowings 26,392 24,260 52,494 47,578
Interest on long-term debt 139,399 144,269 277,266 288,539
Total interest expense 435,572 393,991 871,219 769,320
Net interest income 4,331,504 3,893,313 8,397,896 7,787,109
Provision for loan losses 75,000 40,000 150,000 70,000
Net interest income after provision for loan losses 4,256,504 3,853,313 8,247,896 7,717,109
Noninterest income:        
Service charges on deposit accounts 257,388 255,251 527,112 531,561
Income from trust services 55,021 51,165 109,433 103,263
Income from retail brokerage services 108,202 87,988 196,734 168,535
Income from insurance services 377,659 341,602 810,705 813,783
Income from mortgage banking services 66,614 92,144 138,969 182,665
Net loss on sale or disposition of assets (10,148) (953) (9,782) (587)
Net gain on sale of securities 42,604 83,961 166,815 111,867
Other income 203,102 185,698 443,682 412,217
Total noninterest income 1,100,442 1,096,856 2,383,668 2,323,304
Noninterest expense:        
Salaries and employee benefits 2,319,785 2,177,423 4,617,940 4,353,709
Occupancy expense 276,137 278,795 554,775 567,119
Equipment expense 212,523 228,285 417,954 450,158
Data processing expense 384,307 311,410 771,070 654,546
Amortization of intangible assets 3,906 3,906 7,812 7,813
Other operating expenses 771,599 680,303 1,499,423 1,375,034
Total noninterest expenses 3,968,257 3,680,122 7,868,974 7,408,379
Income before income taxes 1,388,689 1,270,047 2,762,590 2,632,034
Provision for income taxes 315,265 258,473 623,861 572,815
Net income $ 1,073,424 $ 1,011,574 $ 2,138,729 $ 2,059,219
Earnings per share of common stock:        
Net income, basic $ 0.42 $ 0.40 $ 0.84 $ 0.81
Net income, diluted 0.42 0.40 0.84 0.81
Dividends paid per share $ 0.11 $ 0.10 $ 0.22 $ 0.20
Weighted average shares outstanding 2,547,437 2,547,837 2,547,437 2,547,837
Diluted average shares outstanding 2,547,437 2,547,837 2,547,437 2,547,837