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Consolidated Statements of Income - USD ($)
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Interest income    
Interest and fees on loans $ 31,609,216 $ 29,883,352
Interest on taxable debt securities 1,030,761 1,089,201
Dividends 81,942 100,609
Interest on federal funds sold and overnight deposits 340,375 685,646
Total interest income 33,062,294 31,758,808
Interest expense    
Interest on deposits 4,095,985 5,124,651
Interest on borrowed funds 19,261 24,550
Interest on repurchase agreements 254,774 299,347
Interest on junior subordinated debentures 476,666 694,573
Total interest expense 4,846,686 6,143,121
Net interest income 28,215,608 25,615,687
Provision for loan losses 1,589,000 1,066,167
Net interest income after provision for loan losses 26,626,608 24,549,520
Non-interest income    
Service fees 3,137,956 3,313,833
Income from sold loans 1,469,863 706,306
Other income from loans 1,054,562 904,156
Net realized gain (loss) on sale of securities AFS 39,086 (26,490)
Other income 1,070,257 1,048,261
Total non-interest income 6,771,724 5,946,066
Non-interest expense    
Salaries and wages 7,597,745 7,271,722
Employee benefits 3,084,435 3,118,631
Occupancy expenses, net 2,672,720 2,605,995
Other expenses 7,036,841 6,884,932
Total non-interest expense 20,391,741 19,881,280
Income before income taxes 13,006,591 10,614,306
Income tax expense 2,248,089 1,789,860
Net income $ 10,758,502 $ 8,824,446
Earnings per common share $ 2.03 $ 1.68
Weighted average number of common shares used in computing earnings per share 5,274,785 5,204,768
Dividends declared per common share $ 0.76 $ 0.76