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Consolidated Statements of Income (Unaudited) (USD $)
3 Months Ended9 Months Ended
Sep. 30, 2011
Sep. 30, 2010
Sep. 30, 2011
Sep. 30, 2010
Interest income    
Interest and fees on loans$ 5,334,992$ 5,514,561$ 15,998,085$ 16,446,720
Interest on debt securities    
Taxable74,84273,272229,612272,026
Tax-exempt235,399347,666762,129970,611
Dividends18,64116,13956,51948,415
Interest on federal funds sold and overnight deposits17,290152,730228
Total interest income5,681,1645,951,63917,099,07517,738,000
Interest expense    
Interest on deposits964,3031,163,4703,119,5963,610,516
Interest on federal funds purchased and other borrowed funds99,803161,640316,135456,747
Interest on repurchase agreements36,74441,584110,968136,886
Interest on junior subordinated debentures243,564243,564730,693730,693
Total interest expense1,344,4141,610,2584,277,3924,934,842
Net interest income4,336,7504,341,38112,821,68312,803,158
Provision for loan losses287,500433,334712,500858,334
Net interest income after provision for loan losses4,049,2503,908,04712,109,18311,944,824
Non-interest income    
Service fees612,163577,5141,761,9511,700,021
Income from sold loans138,322216,788463,048536,471
Income on bank owned life insurance33,06029,79797,72689,406
Other income330,903406,6831,530,3871,323,117
Total non-interest income1,114,4481,230,7823,853,1123,649,015
Non-interest expense    
Salaries and wages1,473,8001,521,7634,409,4914,354,779
Employee benefits552,834556,3311,671,1741,698,749
Occupancy expenses, net767,948738,8382,360,1652,282,320
FDIC insurance84,199158,031344,810474,265
Amortization of core deposit intangible106,522133,152319,565399,456
Other expenses1,267,3501,218,4443,883,6213,766,269
Total non-interest expense4,252,6534,326,55912,988,82612,975,838
Income before income taxes911,045812,2702,973,4692,618,001
Income tax expense90,42124,465336,658158,751
Net income$ 820,624$ 787,805$ 2,636,811$ 2,459,250
Earnings per common share (in dollars per share)$ 0.17$ 0.16$ 0.54$ 0.51
Weighted average number of common shares used in computing earnings per share (in shares)4,687,7184,591,5304,662,2614,574,857
Dividends declared per common share (in dollars per share)$ 0.14$ 0.12$ 0.42$ 0.36
Book value per share on common shares outstanding at September 30, (in dollars per share)$ 8.07$ 7.73$ 8.07$ 7.73