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Consolidated Statements of Income - USD ($)
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Interest income:      
Interest and fees on loans $ 21,835,586 $ 18,762,728 $ 16,299,091
Interest on debt securities: Taxable 1,684,048 1,363,123 1,286,473
Interest on debt securities: Tax-exempt 843,575 1,090,871 1,228,479
Dividends 105,011 144,856 102,360
Interest on deposits in other banks 496,582 484,724 195,032
Interest on certificates of deposit in other banks 71,482 47,870 34,879
Total interest income 25,036,284 21,894,172 19,146,314
Interest expense:      
Deposits 3,848,800 2,383,524 1,153,609
Federal funds purchased 22 1,097 1,068
Other short-term borrowings 123,892 395,989 224,144
Long-term debt 480,936 541,804 523,344
Total interest expense 4,453,650 3,322,414 1,902,165
Net interest income 20,582,634 18,571,758 17,244,149
Provision for loan losses 856,676 829,500 300,000
Net interest income after provision for loan losses 19,725,958 17,742,258 16,944,149
Noninterest income:      
Service charges on deposit accounts 928,777 1,015,498 1,005,270
Income from trust services 221,006 234,649 218,657
Income from brokerage services 359,501 399,278 362,416
Income from insurance services 1,741,018 1,603,557 1,523,309
Income from mortgage banking services 0 2,475 155,053
Net gain (loss) on sale or disposition of assets 288,049 (79,529) (9,022)
Net gain (loss) on sale of securities 174,283 (165,369) 186,610
Net gain on extinguishment of debt 143,031 317,832 0
Other income 960,902 878,340 870,229
Total noninterest income 4,816,567 4,206,731 4,312,522
Noninterest expense:      
Salaries and employee benefits 10,247,200 9,724,826 9,250,777
Occupancy expense 1,259,476 1,194,552 1,124,028
Equipment expense 1,219,682 933,485 850,376
Data processing expense 1,648,936 1,445,215 1,513,630
Amortization of intangible assets 3,907 15,625 15,625
Other operating expenses 3,726,498 3,319,751 3,074,843
Total noninterest expenses 18,105,699 16,633,454 15,829,279
Income before income taxes 6,436,826 5,315,535 5,427,392
Provision for income taxes 1,146,586 668,416 1,619,900
Net income $ 5,290,240 $ 4,647,119 $ 3,807,492
Basic earnings per share:      
Net income $ 2.08 $ 1.83 $ 1.49
Weighted average shares outstanding 2,545,672 2,545,565 2,547,421
Diluted earnings per share:      
Net income $ 2.08 $ 1.83 $ 1.49
Weighted average shares outstanding 2,545,672 2,545,565 2,547,422