XML 14 R4.htm IDEA: XBRL DOCUMENT v2.4.0.8
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) (USD $)
3 Months Ended 9 Months Ended
Sep. 30, 2013
Sep. 30, 2012
Sep. 30, 2013
Sep. 30, 2012
Interest and dividend income:        
Loans, including fees $ 11,245,062 $ 11,373,583 $ 33,605,486 $ 34,078,132
Taxable securities 1,002,968 1,306,484 3,120,023 4,142,224
Tax exempt securities 258,478 300,374 844,736 976,622
Interest-bearing deposits 2,848 34,573 20,539 122,693
Total interest and dividend income 12,509,356 13,015,014 37,590,784 39,319,671
Interest expense:        
Deposits 572,385 759,778 1,790,994 2,486,771
Securities sold under agreements to repurchase 213,800 231,043 644,602 763,343
Borrowed funds 206,520 234,155 593,798 868,131
Total interest expense 992,705 1,224,976 3,029,394 4,118,245
Net interest income 11,516,651 11,790,038 34,561,390 35,201,426
Provision for loan losses 873,704 225,000 1,755,188 753,897
Net interest income after provision for loan losses 10,642,947 11,565,038 32,806,202 34,447,529
Other operating income:        
Wealth management group fee income 1,813,113 1,667,628 5,448,240 5,170,016
Service charges on deposit accounts 1,222,445 1,110,897 3,377,489 3,143,061
Net gain on securities transactions 0 597 1,228 300,516
Net gain on sales of loans held for sale 133,698 125,885 424,867 270,265
Casualty gains 0 9,813 0 790,248
Net gains (losses) on sales of other real estate owned 17,452 (67,503) 33,448 (72,004)
Income from bank owned life insurance 21,120 21,571 62,806 64,840
Other 1,142,825 1,123,831 3,499,290 3,328,328
Total other operating income 4,350,653 3,992,719 12,847,368 12,995,270
Other operating expenses:        
Salaries and wages 4,721,318 4,661,858 14,138,310 13,710,584
Pension and other employee benefits 1,372,179 1,381,401 4,161,178 4,137,878
Net occupancy expenses 1,315,098 1,269,165 4,016,094 3,849,173
Furniture and equipment expenses 514,369 503,995 1,599,896 1,599,842
Data processing expense 1,192,035 971,601 3,432,772 3,279,379
Professional services 187,571 185,619 713,039 694,756
Amortization of intangible assets 213,723 260,069 662,801 808,258
Marketing and advertising expense 296,947 270,567 781,804 915,632
Other real estate owned expenses 75,476 154,238 137,844 286,137
FDIC insurance 205,845 205,317 625,216 615,360
Merger and acquisition related expenses 216,968 21,600 216,968 30,145
Loan expense 202,474 223,120 537,592 548,165
Other 1,298,699 1,231,911 3,905,449 3,677,793
Total other operating expenses 11,812,702 11,340,461 34,928,963 34,153,102
Income before income tax expense 3,180,898 4,217,296 10,724,607 13,289,697
Income tax expense 1,001,728 1,383,451 3,479,062 4,397,279
Net income $ 2,179,170 $ 2,833,845 $ 7,245,545 $ 8,892,418
Weighted average shares outstanding (in shares) 4,660,336 4,641,547 4,658,199 4,639,985
Basic and diluted earnings per share (in dollars per share) $ 0.47 $ 0.61 $ 1.56 $ 1.92