XML 14 R4.htm IDEA: XBRL DOCUMENT  v2.3.0.11
Consolidated Statements of Income (Unaudited) (USD $)
3 Months Ended 6 Months Ended
Jun. 30, 2011
Jun. 30, 2010
Jun. 30, 2011
Jun. 30, 2010
INTEREST INCOME        
Loans $ 12,045,919 $ 14,460,721 $ 23,732,841 $ 29,471,274
Investment Securities:        
Taxable 1,196,359 1,223,962 2,008,792 2,375,807
Tax exempt 340,022 387,352 671,896 761,126
Federal funds sold 2,205 5,846 14,205 20,089
Other 9,663 9,663 9,663 9,663
Total Interest Income 13,594,168 16,087,544 26,437,397 32,637,959
INTEREST EXPENSE        
Deposits 1,167,970 1,371,650 2,495,569 2,924,201
Other borrowings 11,989 581 12,112 844
Total Interest Expense 1,179,959 1,372,231 2,507,681 2,925,045
Net interest income before provision for loan losses 12,414,209 14,715,313 23,929,716 29,712,914
Provision for loan losses 1,920,000 950,000 3,320,000 2,730,000
Net interest income after provision for loan losses 10,494,209 13,765,313 20,609,716 26,982,914
NONINTEREST INCOME        
Service charges on deposits 2,497,717 2,600,980 4,876,807 5,060,303
Loan servicing income 126,920 131,261 214,999 234,003
Net gain on sale of loans 88,699 171,324 323,962 337,311
Increase in cash surrender value of life insurance 117,586 119,166 232,119 234,495
Non-accretable loan discount 715,569 199,435 1,097,195 1,347,579
Other income 157,450 691,022 334,833 1,124,484
Total Noninterest Income 3,703,941 3,913,188 7,079,915 8,338,175
NONINTEREST EXPENSE        
Salaries and employee benefits 5,521,641 5,368,604 11,167,267 10,855,349
Net occupancy costs 979,184 972,944 2,096,582 1,998,907
Furniture and equipment expenses 397,487 457,206 798,739 871,589
Computer services 930,323 880,999 1,822,733 1,692,585
Advertising and promotional 306,219 354,237 561,274 667,621
FDIC and other regulatory assessments 323,696 1,239,890 717,650 1,574,303
Office supplies 196,238 201,134 385,560 402,706
Acquisition expense   122,385   354,131
Core deposit intangible amortization 104,554 141,928 209,109 283,856
Other 1,338,645 1,283,915 2,670,582 2,416,661
Total Noninterest Expense 10,097,987 11,023,242 20,429,496 21,117,708
Income before income taxes 4,100,163 6,655,259 7,260,135 14,203,381
Less: Applicable income taxes 1,447,501 2,477,000 2,321,787 5,328,500
Net Income $ 2,652,662 $ 4,178,259 $ 4,938,348 $ 8,874,881
Basic and fully diluted earnings per share (in Dollars per share) $ 0.29 $ 0.47 $ 0.55 $ 1.00
Dividends per share (in Dollars per share)   $ 0.30   $ 0.60
Weighted average shares outstanding (in Shares) 8,904,915 8,904,915 8,904,915 8,904,915