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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        
Interest and fees on loans $ 5,359,227 $ 5,481,138 $ 10,663,093 $ 10,932,159
Interest on debt securities        
Taxable 83,960 86,473 154,770 198,754
Tax-exempt 264,841 315,495 526,730 622,945
Dividends 18,981 16,015 37,878 32,276
Interest on federal funds sold and overnight deposits 13,788 0 35,440 227
Total interest income 5,740,797 5,899,121 11,417,911 11,786,361
Interest expense        
Interest on deposits 1,042,510 1,232,566 2,155,293 2,447,046
Interest on federal funds purchased and other borrowed funds 99,123 157,906 216,332 295,107
Interest on repurchase agreements 36,310 46,451 74,224 95,302
Interest on junior subordinated debentures 243,564 243,564 487,129 487,129
Total interest expense 1,421,507 1,680,487 2,932,978 3,324,584
Net interest income 4,319,290 4,218,634 8,484,933 8,461,777
Provision for loan losses 237,500 299,999 425,000 425,000
Net interest income after provision for loan losses 4,081,790 3,918,635 8,059,933 8,036,777
Non-interest income        
Service fees 599,270 561,703 1,149,788 1,122,507
Income from sold loans 123,585 183,401 324,726 319,683
Income on bank owned life insurance 32,647 29,886 64,666 59,609
Other income 523,693 411,442 1,199,484 916,434
Total non-interest income 1,279,195 1,186,432 2,738,664 2,418,233
Non-interest expense        
Salaries and wages 1,468,875 1,440,345 2,935,691 2,833,016
Employee benefits 577,903 586,562 1,118,340 1,142,418
Occupancy expenses, net 784,605 764,307 1,592,217 1,543,482
FDIC insurance 90,314 157,866 260,611 316,234
Amortization of core deposit intangible 106,521 133,152 213,043 266,304
Other expenses 1,358,441 1,278,226 2,616,271 2,547,825
Total non-interest expense 4,386,659 4,360,458 8,736,173 8,649,279
Income before income taxes 974,326 744,609 2,062,424 1,805,731
Income tax expense 103,008 12,076 246,237 134,286
Net income $ 871,318 $ 732,533 $ 1,816,187 $ 1,671,445
Earnings per common share (in dollars per share) $ 0.18 $ 0.15 $ 0.37 $ 0.35
Weighted average number of common shares used in computing earnings per share (in shares) 4,663,166 4,574,475 4,649,322 4,566,382
Dividends declared per common share (in dollars per share) $ 0.14 $ 0.12 $ 0.28 $ 0.24
Book value per share on common shares outstanding at June 30, (in dollars per share) $ 8.04 $ 7.68 $ 8.04 $ 7.68