XML 39 R4.htm IDEA: XBRL DOCUMENT v2.4.0.6
Consolidated Statements of Income (USD $)
 3 Months Ended 9 Months Ended
Sep. 30, 2012
Sep. 30, 2011
Sep. 30, 2012
Sep. 30, 2011
INTEREST INCOME        
Loans, including fees $ 4,241,492 $ 4,531,390 $ 12,571,193 $ 13,691,565
Investment securities 478,172 573,699 1,563,433 1,763,479
Federal funds sold & other earning assets 15,647 9,269 44,075 37,597
Total interest income 4,735,311 5,114,358 14,178,701 15,492,641
INTEREST EXPENSE        
Time deposits 612,286 899,554 1,946,341 2,963,779
Other deposits 144,157 111,985 398,859 304,533
Federal funds purchased and securities sold under agreements to repurchase 21,889 33,135 77,193 97,850
Federal Home Loan Bank advances and other borrowings 394,066 465,534 1,281,010 1,590,605
Total interest expense 1,172,398 1,510,208 3,703,403 4,956,767
Net interest income before provision for loan losses 3,562,913 3,604,150 10,475,298 10,535,874
Provision for loan losses 100,000 115,000 100,000 145,000
Net interest income after provision for loan losses 3,462,913 3,489,150 10,375,298 10,390,874
NONINTEREST INCOME        
Customer service fees 197,509 216,163 602,107 656,877
Net gains from sale of securities 0 59,671 0 107,413
Net gains from sale of loans and other assets 48,199 32,322 124,109 87,866
Other noninterest income 12,944 15,256 51,844 57,066
Total noninterest income 258,652 323,412 778,060 909,222
NONINTEREST EXPENSE        
Salaries and employee benefits 1,566,359 1,458,951 4,727,049 4,503,489
Net occupancy and equipment expense 354,555 361,513 1,038,296 1,118,127
Depository insurance 236,927 233,587 682,830 797,747
Foreclosed assets, net 314,088 306,860 945,163 1,384,935
Other operating expenses 731,090 715,858 2,307,172 2,346,493
Total noninterest expenses 3,203,019 3,076,769 9,700,510 10,150,791
Income before provision for income taxes 518,546 735,793 1,452,848 1,149,305
Provision for income taxes 154,300 212,125 421,500 232,075
Net income 364,246 523,668 1,031,348 917,230
Preferred stock dividend requirements 308,893 187,538 854,780 398,626
Accretion on preferred stock discount 16,370 13,419 46,079 22,419
Net income available to common shareholders $ 38,983 $ 322,711 $ 130,489 $ 496,185
EARNINGS PER COMMON SHARE        
Basic (in dollars per share) $ 0.01 $ 0.05 $ 0.02 $ 0.07
Diluted (in dollars per share) $ 0.01 $ 0.05 $ 0.02 $ 0.07
DIVIDENDS DECLARED PER COMMON SHARE (in shares) $ 0 $ 0 $ 0 $ 0