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Consolidated Statements of Income (Loss) (Unaudited) - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Jun. 30, 2016
Jun. 30, 2015
Loans/leases, including fees $ 20,238,179 $ 18,245,724 $ 39,938,549 $ 36,250,243
Securities:        
Taxable 1,192,541 1,735,495 2,548,744 3,678,260
Nontaxable 2,276,203 1,890,320 4,518,218 3,620,888
Interest-bearing deposits at financial institutions 62,242 64,665 122,559 141,719
Restricted investment securities 133,546 108,161 264,110 250,479
Federal funds sold 10,573 6,247 23,163 10,753
Total interest and dividend income 23,913,284 22,050,612 47,415,343 43,952,342
Interest expense:        
Deposits 1,344,398 1,083,487 2,634,196 2,155,932
Short-term borrowings 18,065 53,244 61,131 117,269
Federal Home Loan Bank advances 415,933 1,001,646 857,637 2,445,361
Other borrowings 824,437 1,108,442 1,649,520 2,340,328
Junior subordinated debentures 301,638 312,957 606,524 620,399
Total interest expense 2,904,471 3,559,776 5,809,008 7,679,289
Net interest income 21,008,813 18,490,836 41,606,335 36,273,053
Provision for loan/lease losses 1,197,850 2,348,665 3,270,835 4,059,121
Net interest income after provision for loan/lease losses 19,810,963 16,142,171 38,335,500 32,213,932
Other borrowings 824,437 1,108,442 1,649,520 2,340,328
Noninterest income:        
Trust department fees 1,512,083 1,511,176 3,087,990 3,144,571
Investment advisory and management fees 692,738 758,433 1,351,123 1,468,476
Deposit service fees 946,810 924,642 1,877,889 1,825,998
Gains on sales of residential real estate loans, net 84,413 95,535 144,799 181,675
Gains on sales of government guaranteed portions of loans, net 1,603,890 69,346 2,482,418 140,319
Swap fee income 167,582 393,723 1,024,540 1,119,930
Securities gains, net 18,030 376,510 416,933
Earnings on bank-owned life insurance 480,520 433,152 874,129 911,891
Debit card fees 343,748 255,000 651,399 493,000
Correspondent banking fees 244,939 285,379 547,069 605,000
Participation service fees on commercial loan participations 246,010 223,827 456,719 445,776
Fee income from early termination of leases 66,043 76,722 77,793 161,560
Credit card issuing fees 139,073 135,649 275,728 269,810
Other 216,522 298,650 356,768 498,073
Total noninterest income 6,762,401 5,461,234 13,584,874 11,683,012
Noninterest expense:        
Salaries and employee benefits 10,917,473 11,091,952 21,718,380 22,126,404
Occupancy and equipment expense 1,884,556 1,865,552 3,711,544 3,659,723
Professional and data processing fees 1,542,322 1,470,695 2,989,735 2,941,212
Acquisition costs 354,969 354,969
FDIC insurance, other insurance and regulatory fees 649,604 730,563 1,283,969 1,449,620
Loan/lease expense 154,349 208,552 317,168 511,475
Net cost of operations of other real estate 277,911 (47,876) 380,094 28,975
Advertising and marketing 433,451 489,504 819,710 907,741
Postage and communications 256,567 214,142 473,657 463,098
Stationery and supplies 157,924 136,808 322,795 279,363
Bank service charges 415,350 358,996 831,281 696,454
Losses on debt extinguishment, net 6,894,185 83,197 6,894,185
Correspondent banking expense 181,776 165,091 358,765 340,794
Other 517,501 523,470 1,052,987 1,006,751
Total noninterest expense 17,743,753 24,101,634 34,698,251 41,305,795
Net income (loss) before income taxes 8,829,611 (2,498,229) 17,222,123 2,591,149
Federal and state income tax expense (benefit) 2,153,144 (1,974,411) 4,172,167 (1,062,922)
Net income (loss) $ 6,676,467 $ (523,818) $ 13,049,956 $ 3,654,071
Basic earnings (loss) per common share (in dollars per share) (in dollars per share) $ 0.54 $ (0.05) $ 1.08 $ 0.41
Diluted earnings (loss) per common share (in dollars per share) (in dollars per share) $ 0.53 $ (0.05) $ 1.07 $ 0.40
Weighted average common shares outstanding (in shares) [1] 12,335,077 9,946,744 12,064,349 8,961,327
Weighted average common and common equivalent shares outstanding (in shares) 12,516,474 9,946,744 12,235,212 9,098,697
Cash dividends declared per common share (in dollars per share) $ 0.04 $ 0.04 $ 0.08 $ 0.04
Loans/leases, including fees $ 20,238,179 $ 18,245,724 $ 39,938,549 $ 36,250,243
Business Combination, Acquisition Related Costs $ 354,969 $ 354,969
[1] The increase in the weighted average common shares outstanding was primarily due to the common stock issuance discussed in Note 9 to the Consolidated Financial Statements.