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Consolidated Statements of Income (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Interest and dividend income:    
Loans/leases, including fees $ 27,211,417 $ 19,700,370
Securities:    
Taxable 1,142,235 1,356,203
Nontaxable 2,647,722 2,242,015
Interest-bearing deposits at financial institutions 198,652 60,317
Restricted investment securities 130,430 130,564
Federal funds sold 14,643 12,590
Total interest and dividend income 31,345,099 23,502,059
Interest expense:    
Deposits 2,232,756 1,289,798
Short-term borrowings 23,960 43,066
Federal Home Loan Bank advances 403,469 441,704
Other borrowings 683,208 825,083
Junior subordinated debentures 332,823 304,886
Total interest expense 3,676,216 2,904,537
Net interest income 27,668,883 20,597,522
Provision for loan/lease losses (2,105,109) (2,072,985)
Net interest income after provision for loan/lease losses 25,563,774 18,524,537
Noninterest income:    
Trust department fees 1,740,207 1,575,907
Investment advisory and management fees 961,599 658,385
Deposit service fees 1,316,390 931,079
Gains on sales of residential real estate loans 96,323 60,386
Gains on sales of government guaranteed portions of loans 950,641 878,528
Swap fee income 113,520 856,958
Securities gains, net 358,480
Earnings on bank-owned life insurance 469,687 393,609
Debit card fees 702,801 307,651
Correspondent banking fees 245,189 302,130
Other 687,397 499,360
Total noninterest income 7,283,754 6,822,473
Noninterest expense:    
Salaries and employee benefits 13,307,331 10,800,907
Occupancy and equipment expense 2,502,219 1,826,988
Professional and data processing fees 2,083,392 1,447,413
FDIC insurance, other insurance and regulatory fees 621,242 634,365
Loan/lease expense 293,538 162,819
Net cost of operations of other real estate 14,230 102,183
Advertising and marketing 609,431 386,259
Bank service charges 423,901 415,931
Losses on debt extinguishment, net 83,197
Correspondent banking expense 198,351 176,989
Other 1,219,482 917,447
Total noninterest expense 21,273,117 16,954,498
Net income before income taxes 11,574,411 8,392,512
Federal and state income tax expense 2,389,446 2,019,023
Net income $ 9,184,965 $ 6,373,489
Basic earnings (loss) per common share (in dollars per share) (in dollars per share) $ 0.70 $ 0.54
Diluted earnings (loss) per common share (in dollars per share) (in dollars per share) $ 0.68 $ 0.53
Weighted average common shares outstanding (in shares) [1] 13,133,382 11,793,620
Weighted average common and common equivalent shares outstanding (in shares) 13,488,417 11,953,949
Common cash dividends declared, dividends per share (in dollars per share) $ 0.05 $ 0.04
[1] The increase in weighted average common shares outstanding from 2014 to 2015 was primarily due to the common stock issuance discussed in Note 16 to the Consolidated Financial Statements. The increase in weighted average common shares outstanding from 2015 to 2016 was primarily due to the common stock issuance discussed in Note 2 to the Consolidated Financial Statements.