XML 16 R4.htm IDEA: XBRL DOCUMENT v2.4.0.8
Consolidated Statements of Income (Unaudited) (USD $)
3 Months Ended 6 Months Ended
Jun. 30, 2013
Jun. 30, 2012
Jun. 30, 2013
Jun. 30, 2012
Interest income        
Interest and fees on loans $ 5,444,092 $ 5,250,077 $ 10,651,981 $ 10,429,811
Interest on debt securities        
Taxable 85,301 147,215 162,503 320,056
Tax-exempt 258,637 214,709 514,183 427,982
Dividends 15,282 20,854 30,361 41,587
Interest on federal funds sold and overnight deposits 1,537 7 7,869 3,323
Total interest income 5,804,849 5,632,862 11,366,897 11,222,759
Interest expense        
Interest on deposits 733,372 866,863 1,507,142 1,770,154
Interest on federal funds purchased and other borrowed funds 20,671 94,983 43,936 186,152
Interest on repurchase agreements 33,034 33,746 69,053 66,649
Interest on junior subordinated debentures 105,326 243,564 207,069 487,129
Total interest expense 892,403 1,239,156 1,827,200 2,510,084
Net interest income 4,912,446 4,393,706 9,539,697 8,712,675
Provision for loan losses 120,000 249,999 326,250 500,002
Net interest income after provision for loan losses 4,792,446 4,143,707 9,213,447 8,212,673
Non-interest income        
Service fees 627,981 587,729 1,186,932 1,154,345
Income from sold loans 451,934 450,958 839,525 838,169
Other income from loans 190,376 250,620 333,689 421,067
Net realized gains on sale of securities available-for-sale 0 41,295 0 41,295
Other income 250,567 202,430 528,904 433,133
Total non-interest income 1,520,858 1,533,032 2,889,050 2,888,009
Non-interest expense        
Salaries and wages 1,609,601 1,542,878 3,266,786 2,976,598
Employee benefits 622,454 593,617 1,231,744 1,187,224
Occupancy expenses, net 834,161 812,580 1,706,064 1,685,892
FDIC insurance 94,388 99,101 197,057 209,582
Amortization of core deposit intangible 68,175 85,217 136,350 170,435
Other expenses 1,589,484 1,584,820 2,869,551 3,038,413
Total non-interest expense 4,818,263 4,718,213 9,407,552 9,268,144
Income before income taxes 1,495,041 958,526 2,694,945 1,832,538
Income tax expense (benefit) 256,697 (62,666) 414,823 (153,504)
Net income $ 1,238,344 $ 1,021,192 $ 2,280,122 $ 1,986,042
Earnings per common share $ 0.25 $ 0.20 $ 0.46 $ 0.40
Weighted average number of common shares used in computing earnings per share 4,831,307 4,760,169 4,823,988 4,748,013
Dividends declared per common share $ 0.14 $ 0.14 $ 0.28 $ 0.28
Book value per share on common shares outstanding at March 31, $ 8.65 $ 8.30 $ 8.65 $ 8.30