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Consolidated Statements of Income (Unaudited) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Sep. 30, 2016
Sep. 30, 2015
Loans/leases, including fees $ 23,001,107 $ 19,278,335 $ 62,939,656 $ 55,528,578
Securities:        
Taxable 1,057,204 1,639,534 3,605,948 5,317,794
Nontaxable 2,510,169 2,021,804 7,028,387 5,642,692
Interest-bearing deposits at financial institutions 103,216 66,604 225,775 208,323
Restricted investment securities 132,047 127,172 396,157 377,651
Federal funds sold 12,992 7,663 36,155 18,416
Total interest and dividend income 26,816,735 23,141,112 74,232,078 67,093,454
Interest expense:        
Deposits 1,472,031 1,140,419 4,106,227 3,296,351
Short-term borrowings 12,541 63,815 73,672 181,084
Federal Home Loan Bank advances 420,570 537,473 1,278,207 2,982,834
Other borrowings 974,634 944,903 2,624,154 3,285,231
Junior subordinated debentures 306,182 316,976 912,706 937,375
Total interest expense 3,185,958 3,003,586 8,994,966 10,682,875
Net interest income 23,630,777 20,137,526 65,237,112 56,410,579
Provision for loan/lease losses 1,607,986 1,635,263 4,878,821 5,694,384
Net interest income after provision for loan/lease losses 22,022,791 18,502,263 60,358,291 50,716,195
Noninterest income:        
Trust department fees 1,518,600 1,531,964 4,606,590 4,676,535
Investment advisory and management fees 765,977 782,442 2,117,100 2,250,918
Deposit service fees 1,150,869 984,631 3,028,758 2,790,456
Gains on sales of residential real estate loans, net 144,105 84,609 288,904 266,284
Gains on sales of government guaranteed portions of loans, net 218,785 759,668 2,701,203 899,987
Swap fee income 333,772 62,700 1,358,312 1,182,630
Securities gains, net 4,251,773 56,580 4,628,283 473,513
Earnings on bank-owned life insurance 450,251 407,018 1,324,380 1,318,909
Debit card fees 475,182 333,144 1,126,581 912,030
Correspondent banking fees 253,823 310,759 800,892 915,759
Participation service fees on commercial loan participations 237,456 201,822 694,175 647,598
Fee income from early termination of leases 95,129 89,332 172,922 250,892
Credit card issuing fees 137,620 133,904 413,348 403,713
Lawsuit award 387,045 387,045
Other 390,059 277,068 746,827 775,142
Total noninterest income 10,423,401 6,402,686 24,008,275 18,151,411
Noninterest expense:        
Salaries and employee benefits 11,202,460 10,583,361 32,920,840 32,709,765
Occupancy and equipment expense 2,086,331 1,863,648 5,797,875 5,507,533
Professional and data processing fees 1,931,329 1,742,268 4,921,064 4,683,480
Acquisition costs 2,046,036 2,401,005
FDIC insurance, other insurance and regulatory fees 582,835 702,136 1,866,804 2,151,756
Loan/lease expense 102,678 90,415 419,846 601,888
Net cost of operations of other real estate 133,055 (1,117,671) 513,149 (1,088,696)
Advertising and marketing 547,768 460,411 1,367,478 1,368,152
Postage and communications 237,569 220,895 711,226 683,993
Stationery and supplies 167,887 144,967 490,682 424,330
Bank service charges 415,401 392,352 1,246,682 1,088,806
Losses on debt extinguishment, net 4,137,310 4,220,507 6,894,185
Correspondent banking expense 205,998 176,977 564,763 517,770
Other 683,826 687,332 1,736,813 1,775,637
Total noninterest expense 24,480,483 15,947,091 59,178,734 57,318,599
Net income before income taxes 7,965,709 8,957,858 25,187,832 11,549,007
Federal and state income tax expense 1,858,208 2,468,871 6,030,375 1,405,949
Net income $ 6,107,501 $ 6,488,987 $ 19,157,457 $ 10,143,058
Basic earnings (loss) per common share (in dollars per share) (in dollars per share) $ 0.47 $ 0.55 $ 1.55 $ 1.03
Diluted earnings (loss) per common share (in dollars per share) (in dollars per share) $ 0.46 $ 0.55 $ 1.52 $ 1.01
Weighted average common shares outstanding (in shares) [1] 13,066,777 11,713,993 12,398,491 9,878,882
Weighted average common and common equivalent shares outstanding (in shares) 13,269,703 11,875,930 12,580,042 10,024,441
Common cash dividends declared, dividends per share (in dollars per share) $ 0.04 $ 0.12 $ 0.04
Loans/leases, including fees $ 23,001,107 $ 19,278,335 $ 62,939,656 $ 55,528,578
[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.