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Consolidated Statements of Income (Unaudited) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
Interest income:        
Interest and fees on loans $ 4,169,805 $ 3,784,837 $ 11,995,851 $ 11,017,174
Interest on taxable securities available for sale 283,567 220,638 876,365 733,346
Interest on taxable securities held to maturity 31,135 42,079 101,715 137,402
Interest on tax exempt securities 301,712 312,819 933,590 944,124
Dividends 26,152 22,031 72,531 67,976
Interest on deposits in other banks 35,238 26,024 125,437 64,784
Interest on certificates of deposit in other banks 11,822 0 23,058 52
Total interest income 4,859,431 4,408,428 14,128,547 12,964,858
Interest expense:        
Interest on deposits 280,202 242,930 821,006 676,128
Interest on federal funds purchased 409 3 1,064 8
Interest on other short-term borrowings 61,556 28,470 114,050 76,048
Interest on long-term debt 130,284 140,933 407,550 429,473
Total interest expense 472,451 412,336 1,343,670 1,181,657
Net interest income 4,386,980 3,996,092 12,784,877 11,783,201
Provision for loan losses 75,000 45,000 225,000 115,000
Net interest income after provision for loan losses 4,311,980 3,951,092 12,559,877 11,668,201
Noninterest income:        
Service charges on deposit accounts 259,949 276,733 787,061 808,294
Income from trust services 54,407 53,528 163,840 156,791
Income from retail brokerage services 84,194 89,684 280,928 258,220
Income from insurance services 347,244 310,145 1,157,949 1,123,928
Income from mortgage banking services 15,452 89,438 154,421 272,102
Net gain (loss) on sale or disposition of assets 394 410 (9,388) (177)
Net gain on sale of securities 19,795 57,052 186,610 168,919
Other income 187,445 183,288 631,127 595,505
Total noninterest income 968,880 1,060,278 3,352,548 3,383,582
Noninterest expense:        
Salaries and employee benefits 2,335,463 2,221,615 6,953,403 6,575,324
Occupancy expense 290,240 297,253 845,015 864,372
Equipment expense 214,814 182,431 632,768 632,589
Data processing expense 374,867 349,621 1,145,937 1,004,167
Amortization of intangible assets 3,906 3,906 11,719 11,719
Other operating expenses 848,901 683,905 2,348,324 2,058,939
Total noninterest expenses 4,068,191 3,738,731 11,937,166 11,147,110
Income before income taxes 1,212,669 1,272,639 3,975,259 3,904,673
Provision for income taxes 261,140 299,884 885,001 872,699
Net income $ 951,529 $ 972,755 $ 3,090,258 $ 3,031,974
Earnings per share of common stock:        
Net income, basic $ 0.37 $ 0.38 $ 1.21 $ 1.19
Net income, diluted 0.37 0.38 1.21 1.19
Dividends paid per share $ 0.11 $ 0.11 $ 0.33 $ 0.31
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