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CONSOLIDATED STATEMENTS OF INCOME (Unaudited) (USD $)
3 Months Ended9 Months Ended
Sep. 30, 2011
Sep. 30, 2010
Sep. 30, 2011
Sep. 30, 2010
INTEREST AND DIVIDEND INCOME    
Loans, including fees$ 11,673,215$ 8,742,046$ 31,456,406$ 26,412,468
Taxable securities1,504,3931,555,3014,347,4094,968,287
Tax exempt securities350,557300,9171,035,068888,938
Interest-bearing deposits65,13941,709166,955123,984
Total interest and dividend income13,593,30410,639,97337,005,83832,393,677
INTEREST EXPENSE    
Deposits1,138,1301,335,7703,325,9004,452,535
Borrowed funds285,084239,634783,022711,231
Securities sold under agreements to repurchase362,542383,0951,056,0951,257,428
Total interest expense1,749,7561,958,4995,165,0176,421,194
Net interest income11,843,5488,681,47431,840,82125,972,483
Provision for loan losses583,333375,000833,3331,125,000
Net interest income after provision for loan losses11,260,2158,306,47431,007,48824,847,483
Other operating income:    
Wealth management group fee income1,746,9582,183,7655,131,1196,256,974
Service charges on deposit accounts1,130,8241,106,4153,180,7333,428,277
Net gain on securities transactions428,88201,108,091451,094
Other-than-temporary loss on investment securities:    
Total impairment losses(67,400)(56,380)(67,400)(393,005)
Loss recognized in other comprehensive income0000
Net impairment loss recognized in earnings(67,400)(56,380)(67,400)(393,005)
Net gain on sales of loans held for sale53,57132,681132,902166,247
Credit card merchant earnings57,15348,937162,215148,107
Gains on sales of other real estate owned442089,40433,550
Income from bank owned life insurance22,32122,07565,93265,213
Other955,712909,9513,617,0162,750,745
Total other operating income4,328,4634,247,44413,420,01212,907,202
Other operating expenses:    
Salaries and wages4,272,6123,768,76112,534,21411,362,716
Pension and other employee benefits1,172,044809,9403,296,8142,828,493
Net occupancy expenses1,230,4901,065,9303,663,0053,272,432
Furniture and equipment expenses486,518465,2621,549,0481,441,030
Data processing expense976,050822,3412,881,1502,457,347
Amortization of intangible assets288,001180,363753,192550,531
Losses on sales of other real estate owned0(7,575)1,67117,983
Other real estate owned expenses37,549112,30786,040305,147
FDIC insurance294,897287,298737,281912,652
Merger related expenses20,50002,243,9190
Other1,838,7261,378,3955,515,6524,395,221
Total other operating expenses10,617,3878,883,02233,261,98627,543,552
Income before income tax expense4,971,2913,670,89611,165,51410,211,133
Income tax expense1,680,3511,119,9603,589,4553,157,001
Net income$ 3,290,940$ 2,550,936$ 7,576,059$ 7,054,132
Weighted average shares outstanding4,637,3923,602,2774,297,7773,604,502
Basic and diluted earnings per share$ 0.71$ 0.71$ 1.76$ 1.96