XML 52 R4.htm IDEA: XBRL DOCUMENT v2.4.0.6
CONSOLIDATED STATEMENTS OF INCOME (Unaudited) (USD $)
In Thousands, except Share data, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2012
Jun. 30, 2011
Jun. 30, 2012
Jun. 30, 2011
Interest Income        
Interest and Fees on Loans $ 12,098 $ 11,655 $ 23,989 $ 23,385
Interest on investment securities:        
Taxable 376 606 811 1,217
Tax-exempt 46 91 112 184
Interest on Securities Available for Sale:        
Taxable 1,394 1,603 3,011 3,261
Tax-exempt 156 119 321 240
Interest Loans Held for Sale 18 5 41 21
Interest-earning deposits 14 20 31 48
Total interest income 14,102 14,099 28,316 28,356
Interest Expense        
Interest on savings and interest-bearing deposit accounts 360 925 806 1,904
Interest on certificates of deposit over $100,000 222 268 449 553
Interest on other time deposits 341 445 710 935
Interest on borrowed funds 168 198 340 401
Interest on Capital Lease Obligation 108 80 217 159
Total Interest Expense 1,199 1,916 2,522 3,952
NET INTEREST INCOME BEFORE PROVISION FOR LOAN LOSSES 12,903 12,183 25,794 24,404
Provision for Loan Losses 1,500 2,000 3,000 4,000
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES 11,403 10,183 22,794 20,404
Other Income        
Trust department income 3,259 2,829 6,435 5,547
Service charges and fees 702 755 1,379 1,458
Bank owned life insurance 264 261 528 512
Securities gains, net 107 277 497 473
Other income 339 202 555 503
Total other income 4,671 4,324 9,394 8,493
OPERATING EXPENSES        
Salaries and employee benefits 6,408 5,817 12,521 11,790
Premises and equipment 2,413 2,386 4,744 4,736
Other operating expenses (See footnote 8) 2,883 2,832 5,519 5,752
Total operating expenses 11,704 11,035 22,784 22,278
INCOME BEFORE INCOME TAX EXPENSE 4,370 3,472 9,404 6,619
Income tax expense 1,647 1,304 3,598 2,310
NET INCOME 2,723 2,168 5,806 4,309
Dividends on preferred stock and accretion    219 474 789
NET INCOME AVAILABLE TO COMMON SHAREHOLDERS $ 2,723 $ 1,949 $ 5,332 $ 3,520
EARNINGS PER COMMON SHARE        
Basic $ 0.31 $ 0.22 $ 0.61 $ 0.4
Diluted $ 0.31 $ 0.22 $ 0.61 $ 0.4
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING        
Basic 8,775,111 8,739,444 8,773,188 8,737,717
Diluted 8,820,878 8,739,696 8,806,841 8,738,218