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Consolidated Statements of Income (Unaudited) - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Interest Income:        
Loans $ 8,071,689 $ 6,205,296 $ 15,481,852 $ 12,301,982
Investments 7,014,243 3,128,220 13,787,725 5,729,178
Other 467,123 54,047 501,555 56,263
Total Interest Income 15,553,055 9,387,563 29,771,132 18,087,423
Interest Expense:        
Deposits 5,171,281 397,630 8,086,549 742,697
FHLB Advances and Other Borrowed Money 822,547 17,220 1,450,329 47,003
Subordinated Debentures 347,812 393,750 695,625 787,500
Junior Subordinated Debentures 87,134 35,213 170,740 61,252
Total Interest Expense 6,428,774 843,813 10,403,243 1,638,452
Net Interest Income 9,124,281 8,543,750 19,367,889 16,448,971
Provision for Credit Losses 221,000 0 221,000 0
Net Interest Income After Provision for Credit Losses 8,903,281 8,543,750 19,146,889 16,448,971
Non-Interest Income:        
Gain on Sale of Loans [1] 201,059 510,931 394,940 1,224,824
Commissions From Insurance Agency [1] 185,568 245,769 348,367 385,273
Trust Income 457,098 355,673 839,306 720,419
BOLI Income [1] 156,233 148,962 306,437 306,203
Grant Income 0 170,699 0 170,699
Other 200,193 229,664 439,843 482,846
Total Non-Interest Income 2,251,229 2,637,718 4,451,606 5,241,042
Non-Interest Expense:        
Compensation and Employee Benefits 5,024,089 4,904,606 10,264,885 9,961,226
Occupancy 772,722 694,650 1,579,156 1,407,436
Advertising 261,801 279,596 506,396 539,929
Depreciation and Maintenance of Equipment 598,388 585,216 1,186,347 1,138,537
FDIC Insurance Premiums 217,503 84,183 307,809 196,225
Writedown of Land Held for Sale 0 93,733 0 433,077
Consulting 142,396 169,231 355,731 333,981
Debit Card Expenses 352,287 326,344 688,933 610,133
Data Processing 315,844 278,687 628,077 513,078
Other 1,223,613 1,012,303 2,421,897 1,889,771
Total Non-Interest Expense 8,908,643 8,428,549 17,939,231 17,023,393
Income Before Income Taxes 2,245,867 2,752,919 5,659,264 4,666,620
Provision for Income Taxes 467,670 589,116 1,206,967 953,786
Net Income $ 1,778,197 $ 2,163,803 $ 4,452,297 $ 3,712,834
Net Income Per Common Share (Basic) (in dollars per share) $ 0.55 $ 0.67 $ 1.37 $ 1.14
Cash Dividend Per Share on Common Stock (in dollars per share) $ 0.13 $ 0.40 $ 0.26 $ 0.52
Weighted Average Shares Outstanding (Basic) (in shares) 3,253,736 3,252,884 3,253,736 3,252,884
Deposit Account [Member]        
Non-Interest Income:        
Fees income $ 301,264 $ 271,887 $ 570,877 $ 529,378
ATM and Credit Card [Member]        
Non-Interest Income:        
Fees income $ 749,814 $ 704,133 $ 1,551,836 $ 1,421,400
[1] Not within the scope of ASC 606