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Consolidated Statements of Income (Unaudited) (USD $)
3 Months Ended 9 Months Ended
Sep. 30, 2012
Sep. 30, 2011
Sep. 30, 2012
Sep. 30, 2011
Interest income        
Interest and fees on loans $ 5,356,710 $ 5,334,992 $ 15,786,521 $ 15,998,085
Interest on debt securities        
Taxable 119,586 74,842 439,642 229,612
Tax-exempt 285,099 235,399 713,081 762,129
Dividends 20,575 18,641 62,162 56,519
Interest on federal funds sold and overnight deposits 111 17,290 3,434 52,730
Total interest income 5,782,081 5,681,164 17,004,840 17,099,075
Interest expense        
Interest on deposits 866,591 964,303 2,636,745 3,119,596
Interest on federal funds purchased and other borrowed funds 94,636 99,803 280,788 316,135
Interest on repurchase agreements 33,600 36,744 100,249 110,968
Interest on junior subordinated debentures 243,564 243,564 730,693 730,693
Total interest expense 1,238,391 1,344,414 3,748,475 4,277,392
Net interest income 4,543,690 4,336,750 13,256,365 12,821,683
Provision for loan losses 249,999 287,500 750,001 712,500
Net interest income after provision for loan losses 4,293,691 4,049,250 12,506,364 12,109,183
Non-interest income        
Service fees 597,567 612,163 1,751,912 1,761,951
Income from sold loans 418,594 205,743 1,256,763 913,802
Other income from loans 246,566 165,178 667,633 508,673
Net realized gains on sale of securities available-for-sale 99,676 0 140,971 0
Other income 167,814 131,364 600,947 668,686
Total non-interest income 1,530,217 1,114,448 4,418,226 3,853,112
Non-interest expense        
Salaries and wages 1,547,284 1,473,800 4,523,882 4,409,491
Employee benefits 486,103 552,834 1,673,327 1,671,174
Occupancy expenses, net 796,029 767,948 2,481,921 2,360,165
FDIC insurance 92,343 84,199 301,925 344,810
Amortization of core deposit intangible 85,217 106,522 255,652 319,565
Other expenses 1,546,047 1,267,350 4,584,461 3,883,621
Total non-interest expense 4,553,023 4,252,653 13,821,168 12,988,826
Income before income taxes 1,270,885 911,045 3,103,422 2,973,469
Income tax expense 3,534 90,421 (149,970) 336,658
Net income $ 1,267,351 $ 820,624 $ 3,253,392 $ 2,636,811
Earnings per common share $ 0.26 $ 0.17 $ 0.65 $ 0.54
Weighted average number of common shares used in computing earnings per share 4,781,877 4,687,718 4,759,383 4,662,261
Dividends declared per common share $ 0.14 $ 0.14 $ 0.42 $ 0.42
Book value per share on common shares outstanding at September 30, 8.42 8.07 8.42 8.07