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Consolidated Statements of Income (Unaudited) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Interest income:        
Interest and fees on loans $ 5,552,489 $ 4,876,093 $ 16,001,240 $ 13,641,165
Interest on taxable securities available for sale 395,051 323,189 1,102,547 932,172
Interest on taxable securities held to maturity 50,941 23,610 157,612 77,419
Interest on tax exempt securities 205,132 270,316 668,875 840,399
Dividends 31,148 44,560 79,101 112,055
Interest on deposits in other banks 101,719 90,408 402,289 356,414
Interest on certificates of deposit in other banks 18,765 11,822 53,064 35,081
Total interest income 6,355,245 5,639,998 18,464,728 15,994,705
Interest expense:        
Interest on deposits 974,686 629,627 2,999,624 1,483,373
Interest on federal funds purchased 6 1,085 17 1,093
Interest on other short-term borrowings 26,080 105,803 99,425 338,996
Interest on long-term debt 149,846 130,351 342,432 382,843
Total interest expense 1,150,618 866,866 3,441,498 2,206,305
Net interest income 5,204,627 4,773,132 15,023,230 13,788,400
Provision for loan losses 378,897 249,000 745,195 604,500
Net interest income after provision for loan losses 4,825,730 4,524,132 14,278,035 13,183,900
Noninterest income:        
Service charges on deposit accounts 233,903 245,682 701,893 736,641
Income from trust services 54,940 56,420 166,866 178,271
Income from retail brokerage services 82,176 89,510 276,879 274,698
Income from insurance services 412,345 388,562 1,305,330 1,193,978
Income from mortgage banking services 0 622 0 1,865
Net gain (loss) on sale or disposition of assets (666) (7,274) 244,062 (7,175)
Net gain on sale of securities 174,283 0 174,283 0
Net gain on extinguishment of debt 0 0 143,031 0
Other income 235,031 203,781 723,978 653,494
Total noninterest income 1,192,012 977,303 3,736,322 3,031,772
Noninterest expense:        
Salaries and employee benefits 2,443,329 2,431,229 7,523,967 7,160,476
Occupancy expense 341,129 335,589 974,698 919,658
Equipment expense 302,619 207,149 921,188 584,609
Data processing expense 411,550 383,173 1,220,363 1,088,081
Amortization of intangible assets 0 3,906 3,907 11,719
Other operating expenses 721,837 787,500 2,542,411 2,511,495
Total noninterest expenses 4,220,464 4,148,546 13,186,534 12,276,038
Income before income taxes 1,797,278 1,352,889 4,827,823 3,939,634
Provision for income taxes 365,183 209,320 868,813 416,009
Net income $ 1,432,095 $ 1,143,569 $ 3,959,010 $ 3,523,625
Earnings per share of common stock:        
Net income, basic $ 0.56 $ 0.45 $ 1.56 $ 1.38
Net income, diluted 0.56 0.45 1.56 1.38
Dividends paid per share $ 0.12 $ 0.12 $ 0.36 $ 0.35
Weighted average shares outstanding 2,545,776 2,545,776 2,545,776 2,545,494
Diluted average shares outstanding 2,545,776 2,545,776 2,545,776 2,545,494