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Consolidated Statements of Income (Unaudited) - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
Interest income        
Interest and fees on loans $ 7,630,710 $ 7,888,423 $ 15,117,910 $ 16,141,719
Interest on taxable debt securities 736,407 293,731 1,392,684 558,844
Interest on tax-exempt debt securities 33,786 0 44,735 0
Dividends 16,632 14,981 33,092 25,600
Interest on federal funds sold and overnight deposits 169,965 80,006 250,625 167,888
Total interest income 8,587,500 8,277,141 16,839,046 16,894,051
Interest expense        
Interest on deposits 585,458 631,093 1,137,418 1,336,337
Interest on borrowed funds 21,665 14,449 43,630 29,390
Interest on repurchase agreements 22,129 20,509 43,169 55,951
Interest on junior subordinated debentures 121,063 99,916 219,415 198,711
Total interest expense 750,315 765,967 1,443,632 1,620,389
Net interest income 7,837,185 7,511,174 15,395,414 15,273,662
Provision for loan losses 337,500 267,501 1,200,000 534,998
Net interest income after provision for loan losses 7,499,685 7,243,673 14,195,414 14,738,664
Non-interest income        
Service fees 936,382 856,631 1,799,269 1,645,255
Income from sold loans 195,542 277,061 399,384 462,067
Other income from loans 322,913 246,716 594,174 429,989
Other income 179,459 388,127 527,899 803,455
Total non-interest income 1,634,296 1,768,535 3,320,726 3,340,766
Non-interest expense        
Salaries and wages 2,034,000 1,944,999 4,074,000 3,920,002
Employee benefits 704,623 824,210 1,476,675 1,655,420
Occupancy expenses, net 673,177 652,202 1,426,541 1,396,922
Other expenses 2,022,664 1,847,985 3,910,836 3,662,103
Total non-interest expense 5,434,464 5,269,396 10,888,052 10,634,447
Income before income taxes 3,699,517 3,742,812 6,628,088 7,444,983
Income tax expense 678,365 696,406 1,201,394 1,372,876
Net income $ 3,021,152 $ 3,046,406 $ 5,426,694 $ 6,072,107
Earnings per common share $ 0.56 $ 0.57 $ 1.00 $ 1.13
Weighted average number of common shares used in computing earnings per share 5,396,060 5,338,502 5,389,406 5,330,497
Dividends declared per common share $ 0.23 $ 0.22 $ 0.46 $ 0.44