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Condensed Consolidated Statements of Income (Unaudited) - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Jun. 30, 2016
Jun. 30, 2015
Interest Income        
Loans $ 5,628,133 $ 5,988,875 $ 11,330,025 $ 11,893,441
Investment securities 525,713 351,481 983,564 704,531
Other 50,468 46,154 95,770 76,175
6,204,314 6,386,510 12,409,359 12,674,147
Interest Expense        
Deposits 570,194 625,261 1,155,011 1,220,190
FHLB and Federal Reserve advancese 313,108 297,379 614,272 596,185
Subordinated debentures 143,480 133,997 282,910 266,858
Other 55,739 120,833
1,026,782 1,112,376 2,052,193 2,204,066
Net Interest Income 5,177,532 5,274,134 10,357,166 10,470,081
Provision for loan losses 375,000 750,000 150,000
Provision for Loan Losses 4,802,532 5,274,134 9,607,166 10,320,081
Noninterest Income        
Service charges 279,099 315,275 545,068 596,634
Gain on sale of investment securities 60,375 148,516 111,405 155,313
Gain on sale of mortgage loans held for sale 382,583 364,709 732,457 655,985
Gain on sale of Small Business Administration loans 82,686 344,439 152,238 344,439
Net loss on foreclosed assets (8,797) (6,663) (19,505) (17,762)
Other income 383,467 345,477 766,572 691,063
1,179,413 1,511,753 2,288,235 2,425,672
Noninterest Expense        
Salaries and employee benefits 2,705,866 2,488,220 5,256,798 4,941,312
Occupancy 433,124 463,360 877,825 936,587
FDIC deposit insurance premiums 127,864 113,578 244,714 220,338
Prepayment penalty on securities sold under agreements to repurchase 463,992 463,992
Data processing 211,535 201,342 426,665 393,823
Advertising 131,250 131,250 262,500 262,500
Other expense 699,755 690,038 1,350,368 1,375,114
4,309,394 4,551,780 8,418,870 8,593,666
Income Before Income Taxes 1,672,551 2,234,107 3,476,531 4,152,087
Provision for Income Taxes 416,399 696,158 943,774 1,284,595
Net Income Available to Common Shareholders $ 1,256,152 $ 1,537,949 $ 2,532,757 $ 2,867,492
Basic Income Per Common Share (in dollars per share) $ 0.29 $ 0.35 $ 0.58 $ 0.66
Diluted Income Per Common Share (in dollars per share) $ 0.28 $ 0.35 $ 0.57 $ 0.65