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CONSOLIDATED STATEMENTS OF INCOME (Unaudited) (USD $)
3 Months Ended 6 Months Ended
Jun. 30, 2012
Jun. 30, 2011
Jun. 30, 2012
Jun. 30, 2011
Interest and dividend income:        
Loans, including fees $ 11,033,636 $ 11,207,847 $ 22,704,549 $ 19,783,190
Taxable securities 1,349,390 1,594,432 2,835,741 2,843,016
Tax exempt securities 335,626 369,088 676,247 684,511
Interest-bearing deposits 46,338 62,088 88,120 101,816
Total interest and dividend income 12,764,990 13,233,455 26,304,657 23,412,533
Interest expense:        
Deposits 829,906 1,160,405 1,757,888 2,187,770
Borrowed funds 320,936 263,513 633,976 497,938
Securities sold under agreements to repurchase 249,528 358,454 532,300 729,553
Total interest expense 1,400,370 1,782,372 2,924,164 3,415,261
Net interest income 11,364,620 11,451,083 23,380,493 19,997,272
Provision for loan losses 51,593 125,000 528,897 250,000
Net interest income after provision for loan losses 11,313,027 11,326,083 22,851,596 19,747,272
Other operating income:        
Wealth management group fee income 1,726,812 1,768,469 3,502,388 3,384,160
Service charges on deposit accounts 1,040,285 1,066,831 2,032,165 2,049,909
Net gain on securities transactions 2,750 485,811 299,919 679,209
Net gain on sales of loans held for sale 79,041 32,400 144,380 79,332
Casualty Gain 21,578 0 780,435 0
Gains on sales of other real estate owned 20,426 88,961 20,426 88,961
Income from bank owned life insurance 21,744 22,024 43,269 43,611
Other 1,217,987 1,279,561 2,204,498 2,766,368
Total other operating income 4,130,623 4,744,057 9,027,480 9,091,550
Other operating expenses:        
Salaries and wages 4,556,051 4,338,097 9,048,726 8,261,602
Pension and other employee benefits 1,466,537 1,081,663 2,756,477 2,124,770
Net occupancy expenses 1,285,131 1,258,473 2,580,009 2,432,515
Furniture and equipment expenses 577,482 565,083 1,095,848 1,062,530
Data processing expense 1,230,296 1,043,286 2,307,779 1,905,099
Amortization of intangible assets 264,050 288,689 548,190 465,192
Marketing and advertising expense 355,826 270,256 645,064 482,811
Losses on sales of other real estate owned 18,468 0 24,928 1,671
Other real estate owned expenses 88,420 21,268 131,899 48,491
FDIC insurance 183,412 189,989 410,043 442,385
Merger related expenses 4,000 1,187,347 8,545 2,223,419
Other 1,854,655 1,956,809 3,249,167 3,194,113
Total other operating expenses 11,884,328 12,200,960 22,806,675 22,644,598
Income before income tax expense 3,559,322 3,869,180 9,072,401 6,194,224
Income tax expense 1,115,282 1,249,076 3,013,828 1,909,105
Net income $ 2,444,040 $ 2,620,104 $ 6,058,573 $ 4,285,119
Weighted average shares outstanding (in shares) 4,636,395 4,631,504 4,639,204 4,127,969
Basic and diluted earnings per share ( in dollars per share) $ 0.53 $ 0.57 $ 1.31 $ 1.04