XML 15 R4.htm IDEA: XBRL DOCUMENT v2.4.0.8
Condensed Consolidated Statements of Income (Unaudited) (USD $)
In Thousands, except Per Share data, unless otherwise specified
3 Months Ended 9 Months Ended
Sep. 30, 2013
Sep. 30, 2012
Sep. 30, 2013
Sep. 30, 2012
Interest income:        
Loans $ 14,695 $ 14,593 $ 42,530 $ 44,346
Securities:        
Taxable 892 1,020 2,530 3,051
Tax-exempt 186 145 499 407
Other investments 70 42 184 129
Federal funds sold and other short-term investments (1) 218 [1] 229 [1] 610 [1] 675 [1]
Total interest income 16,061 16,029 46,353 48,608
Interest expense:        
Time deposits 1,361 1,288 3,896 4,194
Demand and savings deposits 376 508 1,192 1,729
Junior subordinated debentures 328 338 973 1,007
Other borrowings 305 247 798 741
Total interest expense 2,370 2,381 6,859 7,671
Net interest income 13,691 13,648 39,494 40,937
(Reduction in) provision for loan losses (655) (300) (1,130) 300
Net interest income after provision for loan losses 14,346 13,948 40,624 40,637
Noninterest income:        
Service fees 1,002 1,099 2,913 3,347
Loan-related fees 125 139 424 326
Letters of credit commissions and fees 166 197 540 584
(Loss) gain on securities, net (4) 24 33 108
Total other-than-temporary impairments (“OTTI”) on securities (36) (14) (129) (101)
Less: Noncredit portion of OTTI (27) (7) (54) (17)
Net impairment on securities (9) (7) (75) (84)
Gain on sale of loans 487   558  
Other noninterest income 322 420 1,290 1,154
Total noninterest income 2,089 1,872 5,683 5,435
Noninterest expense:        
Salaries and employee benefits 6,017 6,016 18,242 17,934
Occupancy and equipment 1,649 1,792 4,977 5,224
Foreclosed assets, net 309 552 (450) 1,915
FDIC assessment 486 480 1,463 1,362
Other noninterest expense 3,017 2,689 8,256 7,339
Total noninterest expense 11,478 11,529 32,488 33,774
Income before provision for income taxes 4,957 4,291 13,819 12,298
Provision for income taxes 1,509 1,410 4,548 4,023
Net income 3,448 2,881 9,271 8,275
Dividends and discount – preferred stock   (20)   (1,429)
One-time adjustment from repurchase of preferred stock   (149)   557
Net income available to common shareholders $ 3,448 $ 2,712 $ 9,271 $ 7,403
Earnings per common share:        
Basic (in Dollars per share) $ 0.19 $ 0.15 $ 0.50 $ 0.47
Diluted (in Dollars per share) $ 0.18 $ 0.15 $ 0.49 $ 0.47
Weighted average shares outstanding:        
Basic (in Shares) 18,417 18,307 18,372 15,666
Diluted (in Shares) 18,814 18,648 18,757 15,876
Dividends per common share (in Dollars per share) $ 0.02   $ 0.04  
[1] Includes interest-bearing time deposits in banks