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CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2009
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net income $ 10,537,755 $ 10,101,873 $ 5,232,835
Adjustments to reconcile net income to net cash provided by operating activities:      
Amortization of intangible assets 1,041,193 730,894 933,305
Deferred income tax expense (benefit) 3,416,135 153,450 (1,949,446)
Provision for loan losses 958,333 1,125,000 2,450,000
Depreciation and amortization of fixed assets 2,861,644 2,778,065 2,792,807
Amortization of premiums on securities, net 1,394,115 608,257 386,612
Gains on sales of loans held for sale, net (179,096) (241,537) (258,572)
Proceeds from sales of loans held for sale 7,778,633 9,105,462 13,514,127
Loans originated and held for sale (7,507,967) (9,151,419) (13,374,645)
Net (gain) loss on sale of other real estate owned (91,533) (24,563) 4,913
Net gain on trading assets (2,506) 0 0
Net gains on securities transactions (1,108,091) (450,666) (784,589)
Net impairment loss recognized on investment securities 67,400 393,005 2,242,446
Proceeds from sales of trading assets 19,938 0 0
Purchase of trading assets (311,813) 0 0
(Increase) decrease in other assets (9,890,546) 2,708,278 1,408,261
Decrease (increase) in prepaid FDIC Assessment 164,744 1,074,474 (3,941,521)
Decrease in accrued interest payable (287,822) (344,853) (333,978)
Expense related to restricted stock units for directors' deferred compensation plan 80,083 111,772 104,929
Expense related to employee stock compensation 55,000 55,000 50,000
Expense related to employee restricted stock awards 28,141 1,143 0
Increase (decrease) in other liabilities 206,721 (933,414) (1,689,170)
Income from bank owned life insurance (88,389) (87,489) (51,129)
Proceeds from sales of student loans 0 137,509 1,942,673
Net cash provided by operating activities 9,142,072 17,850,241 8,679,858
CASH FLOWS FROM INVESTING ACTIVITIES:      
Proceeds from sales and calls of securities available for sale 88,741,210 85,440,031 68,234,755
Proceeds from maturities and principal collected on securities available for sale 31,200,076 59,166,409 58,694,145
Proceeds from maturities and principal collected on securities held to maturity 3,965,483 10,057,026 8,266,171
Purchases of securities available for sale (127,405,986) (136,077,171) (161,072,813)
Purchases of securities held to maturity (4,562,281) (5,612,297) (11,987,188)
Purchase of Federal Home Loan Bank and Federal Reserve Bank stock (1,002,500) (58,200) (443,650)
Redemption of Federal Home Loan Bank and Federal Reserve Bank stock 400,350 9,900 535,500
Purchases of premises and equipment (2,551,969) (2,084,537) (1,819,689)
Cash paid Fort Orange Financial Corp. acquisition (8,137,816) 0 0
Cash received Fort Orange Financial Corp. acquisition 33,284,995 0 0
Net cash received in Bank of Canton acquisition 0 0 2,876,462
Proceeds from sale of other real estate owned 327,087 317,823 421,871
Net (increase) decrease in loans (19,322,219) (20,117,424) 24,994,960
Net cash used by investing activities (5,063,570) (8,958,440) (11,299,476)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Net increase in demand deposits, NOW accounts, savings accounts, and insured money market accounts 55,243,997 13,959,189 90,109,046
Net decrease in time deposits and individual retirement accounts (43,578,345) (28,663,430) (18,809,498)
Net decrease in securities sold under agreements to repurchase (18,236,546) (9,488,642) (9,149,257)
Net decrease in Federal Home Loan Bank long term advances (910,246) 0 0
Purchase of treasury stock (501,299) (425,567) (156,143)
Sale of treasury stock 242,610 127,500 229,520
Cash dividends paid (4,056,597) (3,519,470) (3,517,034)
Net cash (used) provided by financing activities (11,796,426) (28,010,420) 58,706,634
Net (decrease) increase in cash and cash equivalents (7,717,924) (19,118,619) 56,087,016
Cash and cash equivalents, beginning of period 60,619,777 79,738,396 23,651,380
Cash and cash equivalents, end of period 52,901,853 60,619,777 79,738,396
Cash paid during the year for:      
Interest 6,782,999 8,560,664 11,472,434
Income Taxes 5,110,847 5,475,675 7,399,018
Supplemental disclosure of non-cash activity:      
Transfer of loans to other real estate owned $ 533,976 $ 554,246 $ 427,108