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CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) (USD $)
3 Months Ended 9 Months Ended
Sep. 30, 2012
Sep. 30, 2011
Sep. 30, 2012
Sep. 30, 2011
Interest and dividend income:        
Loans, including fees $ 11,373,583 $ 11,673,216 $ 34,078,132 $ 31,456,406
Taxable securities 1,306,484 1,504,393 4,142,224 4,347,409
Tax exempt securities 300,374 350,557 976,622 1,035,068
Interest-bearing deposits 34,573 65,139 122,693 166,955
Total interest and dividend income 13,015,014 13,593,305 39,319,671 37,005,838
Interest expense:        
Deposits 774,741 1,138,130 2,532,630 3,325,900
Borrowed funds 234,155 285,084 868,131 783,022
Securities sold under agreements to repurchase 231,043 326,542 763,343 1,056,095
Total interest expense 1,239,939 1,749,756 4,164,104 5,165,017
Net interest income 11,775,075 11,843,549 35,155,567 31,840,821
Provision for loan losses 225,000 583,333 753,897 833,333
Net interest income after provision for loan losses 11,550,075 11,260,216 34,401,670 31,007,488
Other operating income:        
Wealth management group fee income 1,667,628 1,746,958 5,170,016 5,131,119
Service charges on deposit accounts 1,110,897 1,130,824 3,143,061 3,180,733
Net gain on securities transactions 597 428,882 300,516 1,108,091
Other-than-temporary loss on investment securities:        
Total impairment losses 0 (67,400) 0 (67,400)
Loss recognized in other comprehensive income 0 0 0 0
Net impairment loss recognized in earnings 0 (67,400) 0 (67,400)
Net gain on sales of loans held for sale 125,885 53,571 270,265 132,902
Casualty gains 9,813 0 790,248 0
Gains on sales of other real estate owned 0 442 20,426 89,404
Income from bank owned life insurance 21,571 22,321 64,840 65,932
Other 1,123,830 1,012,865 3,328,329 3,779,231
Total other operating income 4,060,221 4,328,463 13,087,701 13,420,012
Other operating expenses:        
Salaries and wages 4,661,858 4,272,613 13,710,584 12,534,215
Pension and other employee benefits 1,381,401 1,172,044 4,137,878 3,296,814
Net occupancy expenses 1,269,165 1,230,490 3,849,173 3,663,005
Furniture and equipment expenses 503,995 486,518 1,599,842 1,549,048
Data processing expense 971,601 976,050 3,279,379 2,881,150
Amortization of intangible assets 260,069 288,001 808,258 753,192
Marketing and advertising expense 270,567 307,986 915,632 790,797
Losses on sales of other real estate owned 67,503 0 92,430 1,671
Other real estate owned expenses 154,238 37,549 286,137 86,040
FDIC insurance 205,317 294,897 615,360 737,281
Merger related expenses 21,600 20,500 30,145 2,243,919
Other 1,625,686 1,530,740 4,874,856 4,724,854
Total other operating expenses 11,393,000 10,617,388 34,199,674 33,261,986
Income before income tax expense 4,217,296 4,971,291 13,289,697 11,165,514
Income tax expense 1,383,451 1,680,351 4,397,279 3,589,455
Net income $ 2,833,845 $ 3,290,940 $ 8,892,418 $ 7,576,059
Weighted average shares outstanding (in shares) 4,641,547 4,637,392 4,639,985 4,297,777
Basic and diluted earnings per share ( in dollars per share) $ 0.61 $ 0.71 $ 1.92 $ 1.76