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Consolidated Statements of Income (Unaudited) - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Jun. 30, 2015
Jun. 30, 2014
Interest income        
Interest and fees on loans $ 5,346,764 $ 5,373,903 $ 10,811,025 $ 10,644,679
Interest on debt securities        
Taxable 102,608 73,040 207,647 139,384
Tax-exempt 276,254 241,342 547,380 497,970
Dividends 23,788 23,026 47,671 46,310
Interest on federal funds sold and overnight deposits 1,770 2,836 4,260 4,080
Total interest income 5,751,184 5,714,147 11,617,983 11,332,423
Interest expense        
Interest on deposits 529,181 642,719 1,121,638 1,299,974
Interest on federal funds purchased and other borrowed funds 23,535 20,450 38,276 39,136
Interest on repurchase agreements 17,933 14,385 37,570 30,983
Interest on junior subordinated debentures 101,655 100,442 202,333 201,193
Total interest expense 672,304 777,996 1,399,817 1,571,286
Net interest income 5,078,880 4,936,151 10,218,166 9,761,137
Provision for loan losses 150,000 135,000 300,000 270,000
Net interest income after provision for loan losses 4,928,880 4,801,151 9,918,166 9,491,137
Non-interest income        
Service fees 642,981 658,972 1,274,418 1,305,785
Income from sold loans 247,565 260,330 448,240 509,460
Other income from loans 186,433 122,066 320,632 266,466
Net realized gain on sale of securities available-for-sale 2,723 21,828 2,723 21,828
Other income 224,779 274,026 471,253 547,184
Total non-interest income 1,304,481 1,337,222 2,517,266 2,650,723
Non-interest expense        
Salaries and wages 1,683,200 1,650,000 3,338,352 3,300,000
Employee benefits 672,527 573,501 1,336,680 1,204,698
Occupancy expenses, net 609,365 623,843 1,299,667 1,308,041
Other expenses 1,814,748 1,530,104 3,501,869 3,165,947
Total non-interest expense 4,779,840 4,377,448 9,476,568 8,978,686
Income before income taxes 1,453,521 1,760,925 2,958,864 3,163,174
Income tax expense 375,817 476,539 771,320 807,223
Net income $ 1,077,704 $ 1,284,386 $ 2,187,544 $ 2,355,951
Earnings per common share $ 0.21 $ 0.26 $ 0.43 $ 0.47
Weighted average number of common shares used in computing earnings per share 4,954,879 4,889,257 4,946,734 4,880,969
Dividends declared per common share $ 0.16 $ 0.16 $ 0.32 $ 0.32
Book value per common share outstanding $ 9.57 $ 9.16 $ 9.57 $ 9.16