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CONSOLIDATED STATEMENTS OF INCOME (Unaudited) (USD $)
3 Months Ended 6 Months Ended
Jun. 30, 2011
Jun. 30, 2010
Jun. 30, 2011
Jun. 30, 2010
INTEREST AND DIVIDEND INCOME        
Loans, including fees $ 11,207,847 $ 8,845,646 $ 19,783,190 $ 17,670,421
Taxable securities 1,594,432 1,709,419 2,843,016 3,412,987
Tax exempt securities 369,088 295,701 684,511 588,021
Interest-bearing deposits 62,088 34,527 101,816 82,275
Total interest and dividend income 13,233,455 10,885,293 23,412,533 21,753,704
INTEREST EXPENSE        
Deposits 1,160,405 1,452,046 2,187,770 3,116,766
Borrowed funds 263,513 237,172 497,938 471,597
Securities sold under agreements to repurchase 358,454 417,553 729,553 874,333
Total interest expense 1,782,372 2,106,771 3,415,261 4,462,696
Net interest income 11,451,083 8,778,522 19,997,272 17,291,008
Provision for loan losses 125,000 375,000 250,000 750,000
Net interest income after provision for loan losses 11,326,083 8,403,522 19,747,272 16,541,008
Other operating income:        
Trust & investment services income 1,768,469 1,984,942 3,384,160 4,073,209
Service charges on deposit accounts 1,066,831 1,128,384 2,049,909 2,321,862
Net gain on securities transactions 485,811 451,094 679,209 451,094
Other-than-temporary loss on investment securities:        
Total impairment losses 0 (76,100) 0 (336,625)
Loss recognized in other comprehensive income 0 0 0 0
Net impairment loss recognized in earnings 0 (76,100) 0 (336,625)
Net gain on sales of loans held for sale 32,400 82,077 79,332 133,565
Credit card merchant earnings 54,619 51,294 105,063 99,170
Gains on sales of other real estate owned 88,961 33,550 88,961 33,550
Income from bank owned life insurance 22,024 21,801 43,611 43,138
Other 1,224,942 988,107 2,661,305 1,840,795
Total other operating income 4,744,057 4,665,149 9,091,550 8,659,758
Other operating expenses:        
Salaries and wages 4,338,097 3,759,735 8,261,602 7,593,955
Pension and other employee benefits 1,081,663 984,287 2,124,770 2,018,554
Net occupancy expenses 1,258,473 1,084,739 2,432,515 2,206,501
Furniture and equipment expenses 565,083 513,169 1,062,530 975,768
Data processing expense 1,043,286 832,131 1,905,099 1,635,006
Amortization of intangible assets 288,689 181,051 465,192 370,168
Losses on sales of other real estate owned 0 25,557 1,671 25,557
Other real estate owned expenses 21,268 109,934 48,491 192,840
FDIC insurance 189,989 320,045 442,385 625,353
Merger related expenses 1,187,347 0 2,223,419 0
Other 2,227,065 1,604,083 3,676,924 3,016,827
Total other operating expenses 12,200,960 9,414,731 22,644,598 18,660,529
Income before income tax expense 3,869,180 3,653,940 6,194,224 6,540,237
Income tax expense 1,249,076 1,150,931 1,909,105 2,037,041
Net income $ 2,620,104 $ 2,503,009 $ 4,285,119 $ 4,503,196
Weighted average shares outstanding 4,631,504 3,604,780 4,127,969 3,605,614
Basic and diluted earnings per share $ 0.57 $ 0.69 $ 1.04 $ 1.25