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Consolidated Statements of Income (Unaudited) - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Jun. 30, 2019
Jun. 30, 2018
Interest income:        
Interest and fees on loans $ 5,327,565 $ 4,471,832 $ 10,448,751 $ 8,765,072
Interest on taxable securities available for sale 373,062 320,337 707,496 608,983
Interest on taxable securities held to maturity 52,613 25,661 106,671 53,808
Interest on tax exempt securities 225,971 279,079 463,742 570,082
Dividends 21,096 35,548 47,953 67,495
Interest on deposits in other banks 129,677 148,177 300,570 266,005
Interest on certificates of deposit in other banks 17,453 11,693 34,300 23,259
Total interest income 6,147,437 5,292,327 12,109,483 10,354,704
Interest expense:        
Interest on deposits 974,632 481,273 2,024,938 853,747
Interest on federal funds purchased 6 2 12 8
Interest on other short-term borrowings 37,360 117,525 73,346 233,192
Interest on long-term debt 83,163 126,659 192,586 252,492
Total interest expense 1,095,161 725,459 2,290,882 1,339,439
Net interest income 5,052,276 4,566,868 9,818,601 9,015,265
Provision for loan losses 250,390 140,000 366,298 355,500
Net interest income after provision for loan losses 4,801,886 4,426,868 9,452,303 8,659,765
Noninterest income:        
Service charges on deposit accounts 229,841 266,369 467,990 490,959
Income from trust services 55,321 63,018 111,926 121,850
Income from retail brokerage services 87,955 96,793 194,703 185,188
Income from insurance services 456,336 417,177 892,984 805,417
Income from mortgage banking services 0 623 0 1,243
Net gain on sale or disposition of assets 243,830 7,254 244,728 99
Net gain on extinguishment of debt 0 0 143,031 0
Other income 233,983 208,831 488,949 449,713
Total noninterest income 1,307,266 1,060,065 2,544,311 2,054,469
Noninterest expense:        
Salaries and employee benefits 2,584,434 2,388,128 5,080,638 4,729,247
Occupancy expense 319,059 294,644 633,569 584,069
Equipment expense 310,549 187,191 618,569 377,460
Data processing expense 405,260 351,117 808,813 704,908
Amortization of intangible assets 0 3,906 3,907 7,812
Other operating expenses 931,176 906,928 1,820,573 1,723,995
Total noninterest expenses 4,550,478 4,131,914 8,966,069 8,127,491
Income before income taxes 1,558,674 1,355,019 3,030,545 2,586,743
Provision for income taxes 260,462 207,332 503,630 206,689
Net income $ 1,298,212 $ 1,147,687 $ 2,526,915 $ 2,380,054
Earnings per share of common stock:        
Net income, basic $ 0.51 $ 0.45 $ 0.99 $ 0.93
Net income, diluted 0.51 0.45 0.99 0.93
Dividends paid per share $ 0.12 $ 0.12 $ 0.24 $ 0.23
Weighted average shares outstanding 2,545,776 2,545,776 2,545,776 2,545,351
Diluted average shares outstanding 2,545,776 2,545,776 2,545,776 2,545,351