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Consolidated Statements of Income (Unaudited) - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Jun. 30, 2019
Jun. 30, 2018
Interest Income:        
Loans $ 6,046,834 $ 5,685,638 $ 12,050,336 $ 11,075,125
Mortgage-Backed Securities 1,621,616 1,276,967 3,170,738 2,592,387
Investment Securities 1,434,119 1,057,234 2,848,112 2,117,900
Other 25,832 8,908 90,037 17,156
Total Interest Income 9,128,401 8,028,747 18,159,223 15,802,568
Interest Expense:        
NOW and Money Market Accounts 570,965 262,005 1,056,438 449,210
Savings Accounts 18,868 12,747 35,194 24,300
Certificate Accounts 1,064,133 612,197 1,976,793 1,149,758
FHLB Advances and Other Borrowed Money 167,050 164,848 324,160 355,870
Interest Expense, Other 11,738 62,263 35,515 138,934
Senior Convertible Debentures 120,880 121,280 241,760 242,560
Junior Subordinated Debentures 55,771 50,331 113,181 94,016
Total Interest Expense 2,009,405 1,285,671 3,783,041 2,454,648
Net Interest Income 7,118,996 6,743,076 14,376,182 13,347,920
Provision For Loan Losses 0 0 100,000 0
Net Interest Income After Provision For Loan Losses 7,118,996 6,743,076 14,276,182 13,347,920
Non-Interest Income:        
Gain on Sale of Investment Securities 670,134 0 960,902 436,304
Gain on Sale of Loans 372,048 367,646 546,331 653,649
Service Fees on Deposit Accounts 254,610 250,493 506,627 507,672
Commissions From Insurance Agency 175,693 149,111 326,993 328,336
Trust Income 258,600 243,500 517,200 476,000
BOLI Income 135,000 135,000 270,000 270,000
Grant Revenue 17,414 0 277,029 0
Check card revenue 355,321 338,611 697,655 645,657
Other 253,741 260,185 585,656 470,948
Total Non-Interest Income 2,492,561 1,744,546 4,688,393 3,788,566
Non-Interest Expense:        
Compensation and Employee Benefits 4,137,872 3,842,295 8,316,906 7,651,419
Occupancy 576,987 540,175 1,129,220 1,091,443
Advertising 176,480 85,418 349,164 274,090
Depreciation and Maintenance of Equipment 639,840 557,423 1,250,197 1,097,720
Federal Deposit Insurance Corporation (FDIC) Insurance Premiums 69,306 66,595 142,482 133,381
Net Recovery of OREO Operation (160,033) (198,493) (252,147) (159,760)
Other 1,800,656 1,346,846 3,049,801 2,670,912
Total Non-Interest Expense 7,241,108 6,240,259 13,985,623 12,759,205
Income Before Income Taxes 2,370,449 2,247,363 4,978,952 4,377,281
Provision For Income Taxes 486,418 427,409 1,006,048 827,210
Net Income 1,884,031 1,819,954 3,972,904 3,550,071
Net Income $ 1,884,031 $ 1,819,954 $ 3,972,904 $ 3,550,071
Net Income Per Common Share (Basic) $ 0.64 $ 0.62 $ 1.34 $ 1.20
Net Income Per Common Share (Diluted) 0.61 0.59 1.28 1.15
Cash Dividend Per Share on Common Stock $ 0.09 $ 0.09 $ 0.18 $ 0.18
Weighted Average Shares Outstanding (Basic) 2,955,650 2,953,412 2,955,086 2,953,297
Weighted Average Shares Outstanding (Diluted) 3,257,850 3,257,017 3,257,286 3,256,929