XML 46 R4.htm IDEA: XBRL DOCUMENT v3.2.0.727
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Jun. 30, 2015
Jun. 30, 2014
Interest and fee income        
Interest and fees on loans $ 2,958,135 $ 2,814,009 $ 5,822,901 $ 5,523,980
Interest and dividends on investment securities 586,084 488,798 1,189,045 980,205
Other interest income 6,444 12,949 13,318 18,556
Total interest and fee income 3,550,663 3,315,756 7,025,264 6,522,741
Interest expense        
Interest on deposits 99,423 $ 103,024 192,157 $ 204,646
Interest on short-term borrowings 156   893  
Total interest expense 99,579 $ 103,024 193,050 $ 204,646
Net interest income 3,451,084 3,212,732 6,832,214 6,318,095
Provision for loan losses 70,000 20,000 75,000 50,000
Net interest income after provision for loan losses 3,381,084 3,192,732 6,757,214 6,268,095
Other income        
Service charges, fees and commissions 251,207 233,921 488,493 456,437
Mortgage banking income 457,590 303,288 834,736 530,342
Other non-interest income 6,607 7,188 11,520 12,054
Gain on sale of securities 153,088 138,838 264,401 223,735
Total other income 868,492 683,235 1,599,150 1,222,568
Other expense        
Salaries and employee benefits 1,475,677 1,329,048 2,891,850 2,658,959
Net occupancy expense 376,029 368,057 739,627 732,728
Other operating expenses 547,752 555,835 1,107,035 1,101,751
Total other expense 2,399,458 2,252,940 4,738,512 4,493,438
Income before income tax expense 1,850,118 1,623,027 3,617,852 2,997,225
Income tax expense 596,680 513,100 1,159,455 931,500
Net income $ 1,253,438 $ 1,109,927 $ 2,458,397 $ 2,065,725
Basic income per common share (in dollars per share) $ 0.28 $ 0.25 $ 0.55 $ 0.46
Diluted income per common share (in dollars per share) $ 0.27 $ 0.24 $ 0.54 $ 0.45
Weighted average shares outstanding        
Basic (in shares) 4,464,368 4,461,388 4,462,886 4,461,388
Diluted (in shares) 4,580,750 4,583,833 4,582,404 4,584,308
Cash Dividend Per Share (in dollar per share) $ 0.13 $ 0.13 $ 0.26 $ 0.26