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Consolidated Balance Sheets - USD ($)
Dec. 31, 2017
Dec. 31, 2016
Cash and due from banks $ 75,721,663 $ 70,569,993
Federal funds sold 30,197,000 22,257,000
Interest-bearing deposits at financial institutions 55,765,012 63,948,925
Securities held to maturity, at amortized cost 379,474,205 322,909,056
Securities available for sale, at fair value 272,907,907 251,113,139
Total securities 652,382,112 574,022,195
Loans receivable, held for sale 645,001 1,135,500
Loans/leases receivable, held for investment 2,963,840,399 2,404,351,485
Gross loans/leases receivable 2,964,485,400 2,405,486,985
Less allowance for estimated losses on loans/leases (34,355,728) (30,757,448)
Net loans/leases receivable [1] 2,930,129,672 2,374,729,537
Bank-owned life insurance 59,059,494 57,257,051
Premises and equipment, net 62,838,255 60,643,508
Restricted investment securities, at cost 19,782,525 14,997,025
Other real estate owned, net 13,558,308 5,523,104
Goodwill 28,334,092 13,110,913
Core deposit intangible 9,078,953 7,381,213
Other assets 45,817,687 37,503,284
Total assets 3,982,664,773 3,301,943,748
Liabilities and Stockholders' Equity    
Noninterest-bearing 789,547,696 797,415,090
Interest-bearing 2,477,107,360 1,871,846,183
Total deposits 3,266,655,056 2,669,261,273
Short-term borrowings 13,993,122 39,971,387
Federal Home Loan Bank advances 192,000,000 137,500,000
Other borrowings 66,000,000 80,000,000
Junior subordinated debentures, net 37,486,487 33,480,202
Other liabilities 53,242,979 55,690,087
Total liabilities 3,629,377,644 3,015,902,949
Commitments and Contingencies
Stockholders' Equity:    
Preferred stock, $1 par value; shares authorized 250,000 December 2017 and 2016 - No shares issued or outstanding
Common stock, $1 par value; shares authorized 20,000,000 December 2017 - 13,918,168 shares issued and outstanding December 2016 - 13,106,845 shares issued and outstanding 13,918,168 13,106,845
Additional paid-in capital 189,077,550 156,776,642
Retained earnings 151,962,661 118,616,901
Accumulated other comprehensive loss:    
Securities available for sale (866,223) (1,527,433)
Interest rate cap derivatives (805,027) (932,156)
Total stockholders' equity 353,287,129 286,040,799
Total liabilities and stockholders' equity $ 3,982,664,773 $ 3,301,943,748
[1] Management performs an evaluation of the estimated unguaranteed residual values of leased assets on an annual basis, at a minimum. The evaluation consists of discussions with reputable and current vendors, which is combined with management's expertise and understanding of the current states of particular industries to determine informal valuations of the equipment. As necessary and where available, management will utilize valuations by independent appraisers. The large majority of leases with residual values contain a lease options rider, which requires the lessee to pay the residual value directly, finance the payment of the residual value, or extend the lease term to pay the residual value. In these cases, the residual value is protected and the risk of loss is minimal. There were no losses related to residual values for the three and nine months ended September 30, 2017 and 2016.