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Consolidated Statements of Income (Unaudited) (USD $)
3 Months Ended 6 Months Ended
Jun. 30, 2012
Jun. 30, 2011
Jun. 30, 2012
Jun. 30, 2011
Interest income        
Interest and fees on loans $ 5,250,077 $ 5,359,227 $ 10,429,811 $ 10,663,093
Interest on debt securities        
Taxable 147,215 83,960 320,056 154,770
Tax-exempt 214,709 264,841 427,982 526,730
Dividends 20,854 18,981 41,587 37,878
Interest on federal funds sold and overnight deposits 7 13,788 3,323 35,440
Total interest income 5,632,862 5,740,797 11,222,759 11,417,911
Interest expense        
Interest on deposits 866,863 1,042,510 1,770,154 2,155,293
Interest on federal funds purchased and other borrowed funds 94,983 99,123 186,152 216,332
Interest on repurchase agreements 33,746 36,310 66,649 74,224
Interest on junior subordinated debentures 243,564 243,564 487,129 487,129
Total interest expense 1,239,156 1,421,507 2,510,084 2,932,978
Net interest income 4,393,706 4,319,290 8,712,675 8,484,933
Provision for loan losses 249,999 237,500 500,002 425,000
Net interest income after provision for loan losses 4,143,707 4,081,790 8,212,673 8,059,933
Non-interest income        
Service fees 587,729 599,270 1,154,345 1,149,788
Income from sold loans 450,958 205,324 838,169 708,059
Other income from loans 250,620 188,430 421,067 343,495
Net realized gains on securities 41,295 0 41,295 0
Other income 202,430 286,171 433,133 537,322
Total non-interest income 1,533,032 1,279,195 2,888,009 2,738,664
Non-interest expense        
Salaries and wages 1,542,878 1,468,875 2,976,598 2,935,691
Employee benefits 593,617 577,903 1,187,224 1,118,340
Occupancy expenses, net 812,580 784,605 1,685,892 1,592,217
FDIC insurance 99,101 90,314 209,582 260,611
Amortization of core deposit intangible 85,217 106,521 170,435 213,043
Other expenses 1,584,820 1,358,441 3,038,413 2,616,271
Total non-interest expense 4,718,213 4,386,659 9,268,144 8,736,173
Income before income taxes 958,526 974,326 1,832,538 2,062,424
Income tax (benefit) expense (62,666) 103,008 (153,504) 246,237
Net income $ 1,021,192 $ 871,318 $ 1,986,042 $ 1,816,187
Earnings per common share $ 0.2 $ 0.18 $ 0.4 $ 0.37
Weighted average number of common shares used in computing earnings per share 4,760,169 4,663,166 4,748,013 4,649,322
Dividends declared per common share $ 0.14 $ 0.14 $ 0.28 $ 0.28
Book value per share on common shares outstanding 8.3 8.04 8.3 8.04