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Consolidated Statements of Income (Unaudited) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
Interest income:        
Interest and fees on loans $ 4,876,093 $ 4,169,805 $ 13,641,165 $ 11,995,851
Interest on taxable securities available for sale 323,189 283,567 932,172 876,365
Interest on taxable securities held to maturity 23,610 31,135 77,419 101,715
Interest on tax exempt securities 270,316 301,712 840,399 933,590
Dividends 44,560 26,152 112,055 72,531
Interest on deposits in other banks 90,408 35,238 356,414 125,437
Interest on certificates of deposit in other banks 11,822 11,822 35,081 23,058
Total interest income 5,639,998 4,859,431 15,994,705 14,128,547
Interest expense:        
Interest on deposits 629,627 280,202 1,483,373 821,006
Interest on federal funds purchased 1,085 409 1,093 1,064
Interest on other short-term borrowings 105,803 61,556 338,996 114,050
Interest on long-term debt 130,351 130,284 382,843 407,550
Total interest expense 866,866 472,451 2,206,305 1,343,670
Net interest income 4,773,132 4,386,980 13,788,400 12,784,877
Provision for loan losses 249,000 75,000 604,500 225,000
Net interest income after provision for loan losses 4,524,132 4,311,980 13,183,900 12,559,877
Noninterest income:        
Service charges on deposit accounts 245,682 259,949 736,641 787,061
Income from trust services 56,420 54,407 178,271 163,840
Income from retail brokerage services 89,510 84,194 274,698 280,928
Income from insurance services 388,562 347,244 1,193,978 1,157,949
Income from mortgage banking services 622 15,452 1,865 154,421
Net gain (loss) on sale or disposition of assets (7,274) 394 (7,175) (9,388)
Net gain on sale of securities 0 19,795 0 186,610
Other income 203,781 187,445 653,494 631,127
Total noninterest income 977,303 968,880 3,031,772 3,352,548
Noninterest expense:        
Salaries and employee benefits 2,431,229 2,335,463 7,160,476 6,953,403
Occupancy expense 335,589 290,240 919,658 845,015
Equipment expense 207,149 214,814 584,609 632,768
Data processing expense 383,173 374,867 1,088,081 1,145,937
Amortization of intangible assets 3,906 3,906 11,719 11,719
Other operating expenses 787,500 848,901 2,511,495 2,348,324
Total noninterest expenses 4,148,546 4,068,191 12,276,038 11,937,166
Income before income taxes 1,352,889 1,212,669 3,939,634 3,975,259
Provision for income taxes 209,320 261,140 416,009 885,001
Net income $ 1,143,569 $ 951,529 $ 3,523,625 $ 3,090,258
Earnings per share of common stock:        
Net income, basic $ 0.45 $ 0.37 $ 1.38 $ 1.21
Net income, diluted 0.45 0.37 1.38 1.21
Dividends paid per share $ 0.12 $ 0.11 $ 0.35 $ 0.33
Weighted average shares outstanding 2,545,776 2,547,437 2,545,494 2,547,437
Diluted average shares outstanding 2,545,776 2,547,437 2,545,494 2,547,437