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Consolidated Statements of Income - USD ($)
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Interest Income      
Loans $ 36,225,797 $ 41,233,524 $ 40,886,257
Investment securities 3,843,325 2,791,612 1,992,442
Other 800,754 1,201,367 367,005
Interest and Dividend Income, Operating, Total 40,869,876 45,226,503 43,245,704
Interest Expense      
Deposits 6,924,826 10,991,453 7,023,286
Federal Home Loan Bank advances 1,177,491 1,202,708 1,766,278
Other 280,473 370,584 120,503
Interest Expense, Total 9,611,201 13,535,014 9,927,619
Net Interest Income 31,258,675 31,691,489 33,318,085
Provision for Loan Losses 3,600,000 200,000 1,225,000
Net Interest Income After Provision for Loan Losses 27,658,675 31,491,489 32,093,085
Noninterest Income      
Service charges 1,469,160 1,706,437 2,004,525
Net gain (loss) on sale of investment securities 461,029 89,564 (8,091)
Gain on sale of mortgage loans held for sale 3,702,098 2,222,533 2,030,746
Gain on sale of Small Business Administration loans 618,506 1,029,949 830,641
Commercial loan referral income 1,148,681 0 0
Net gain (loss) on foreclosed assets 36,057 (235,394) (360,892)
Other income 2,637,913 2,291,804 2,055,011
Noninterest Income, Total 10,073,444 7,104,893 6,551,940
Noninterest Expense      
Salaries and employee benefits 17,348,133 16,107,800 14,918,696
Occupancy 4,623,440 4,582,433 4,071,199
FDIC deposit insurance premiums 312,121 297,628 437,602
Data processing 2,369,224 1,694,459 1,477,034
Advertising 488,998 499,998 534,650
Merger costs 0 34,011 3,671,997
Amortization of core deposit intangible 477,000 477,000 408,571
Other expense 4,045,811 3,804,805 3,938,584
Noninterest Expense, Total 29,664,727 27,498,134 29,458,333
Income Before Income Taxes 8,067,392 11,098,248 9,186,692
Provision for Income Taxes 1,235,178 1,683,158 1,854,813
Net Income $ 6,832,214 $ 9,415,090 $ 7,331,879
Basic Income Per Common Share (in dollars per share) $ 1.58 $ 2.14 $ 1.66
Diluted Income Per Common Share (in dollars per share) $ 1.57 $ 2.11 $ 1.64
Subordinated Debentures Issued to Capital Trusts [Member]      
Interest Expense      
Subordinated debentures $ 785,078 $ 970,269 $ 1,017,552
Subordinated Notes, Net [Member]      
Interest Expense      
Subordinated debentures $ 443,333 $ 0 $ 0