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Consolidated Statements of Income (Unaudited) (USD $)
3 Months Ended
Mar. 31, 2012
Mar. 31, 2011
Interest income    
Interest and fees on loans $ 5,179,734 $ 5,303,865
Interest on debt securities    
Taxable 172,841 70,810
Tax-exempt 213,273 261,889
Dividends 20,732 18,896
Interest on federal funds sold and overnight deposits 3,316 21,652
Total interest income 5,589,896 5,677,112
Interest expense    
Interest on deposits 903,291 1,112,783
Interest on federal funds purchased and other borrowed funds 91,169 117,209
Interest on repurchase agreements 32,903 37,914
Interest on junior subordinated debentures 243,564 243,564
Total interest expense 1,270,927 1,511,470
Net interest income 4,318,969 4,165,642
Provision for loan losses 250,003 187,500
Net interest income after provision for loan losses 4,068,966 3,978,142
Non-interest income    
Service fees 566,616 550,518
Income from sold loans 387,211 502,734
Other income from loans 170,447 155,065
Other income 230,703 251,152
Total non-interest income 1,354,977 1,459,469
Non-interest expense    
Salaries and wages 1,433,720 1,466,816
Employee benefits 593,607 540,437
Occupancy expenses, net 873,312 807,612
FDIC insurance 110,481 170,297
Amortization of core deposit intangible 85,218 106,522
Other expenses 1,453,594 1,257,830
Total non-interest expense 4,549,932 4,349,514
Income before income taxes 874,011 1,088,097
Income tax (benefit) expense (90,838) 143,229
Net income $ 964,849 $ 944,868
Earnings per common share (in dollars per share) $ 0.19 $ 0.19
Weighted average number of common shares used in computing earnings per share (in shares) 4,735,857 4,635,324
Dividends declared per common share (in dollars per share) $ 0.14 $ 0.14
Book value per share on common shares outstanding at March 31, (in dollars per share) $ 8.19 $ 7.97