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Consolidated Statements of Income (Unaudited) - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Interest income:        
Interest and fees on loans $ 4,471,832 $ 4,040,964 $ 8,765,072 $ 7,826,046
Interest on taxable securities available for sale 320,337 303,024 608,983 591,723
Interest on taxable securities held to maturity 25,661 33,638 53,808 70,580
Interest on tax exempt securities 279,079 315,860 570,082 631,878
Dividends 35,548 23,736 67,495 47,454
Interest on deposits in other banks 148,177 39,970 266,005 90,199
Interest on certificates of deposit in other banks 11,693 9,884 23,259 11,235
Total interest income 5,292,327 4,767,076 10,354,704 9,269,115
Interest expense:        
Interest on deposits 481,273 269,128 853,747 540,804
Interest on federal funds purchased 2 653 8 655
Interest on other short-term borrowings 117,525 26,392 233,192 52,494
Interest on long-term debt 126,659 139,399 252,492 277,266
Total interest expense 725,459 435,572 1,339,439 871,219
Net interest income 4,566,868 4,331,504 9,015,265 8,397,896
Provision for loan losses 140,000 75,000 355,500 150,000
Net interest income after provision for loan losses 4,426,868 4,256,504 8,659,765 8,247,896
Noninterest income:        
Service charges on deposit accounts 266,369 257,388 490,959 527,112
Income from trust services 63,018 55,021 121,850 109,433
Income from retail brokerage services 96,793 108,202 185,188 196,734
Income from insurance services 417,177 377,659 805,417 810,705
Income from mortgage banking services 623 66,614 1,243 138,969
Net gain (loss) on sale or disposition of assets 7,254 (10,148) 99 (9,782)
Net gain on sale of securities 0 42,604 0 166,815
Other income 208,831 203,102 449,713 443,682
Total noninterest income 1,060,065 1,100,442 2,054,469 2,383,668
Noninterest expense:        
Salaries and employee benefits 2,388,128 2,319,785 4,729,247 4,617,940
Occupancy expense 294,644 276,137 584,069 554,775
Equipment expense 187,191 212,523 377,460 417,954
Data processing expense 351,117 384,307 704,908 771,070
Amortization of intangible assets 3,906 3,906 7,812 7,812
Other operating expenses 906,928 771,599 1,723,995 1,499,423
Total noninterest expenses 4,131,914 3,968,257 8,127,491 7,868,974
Income before income taxes 1,355,019 1,388,689 2,586,743 2,762,590
Provision for income taxes 207,332 315,265 206,689 623,861
Net income $ 1,147,687 $ 1,073,424 $ 2,380,054 $ 2,138,729
Earnings per share of common stock:        
Net income, basic $ 0.45 $ 0.42 $ 0.93 $ 0.84
Net income, diluted 0.45 0.42 0.93 0.84
Dividends paid per share $ 0.12 $ 0.11 $ 0.23 $ 0.22
Weighted average shares outstanding 2,545,776 2,547,437 2,545,351 2,547,437
Diluted average shares outstanding 2,545,776 2,547,437 2,545,351 2,547,437