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Condensed Consolidated Statements of Income (Unaudited) (USD $)
In Thousands, except Per Share data, unless otherwise specified
3 Months Ended 9 Months Ended
Sep. 30, 2012
Sep. 30, 2011
Sep. 30, 2012
Sep. 30, 2011
Interest Income        
Loans receivable $ 15,527 $ 12,481 $ 42,386 $ 36,260
Investment securities        
Taxable 2,178 2,542 6,738 7,828
Tax exempt 1,014 988 2,944 3,066
Total interest income 18,719 16,011 52,068 47,154
Interest Expense        
Deposits 1,638 1,978 4,803 6,510
Borrowed funds 1,597 1,583 4,635 4,760
Subordinated debentures 485 459 1,427 1,363
Total interest expense 3,720 4,020 10,865 12,633
Net Interest Income 14,999 11,991 41,203 34,521
Provision for loan losses 1,041 1,564 1,809 4,444
Net Interest Income after Provision for Loan Losses 13,958 10,427 39,394 30,077
Other Income        
Service charges on deposit accounts 1,002 802 2,477 2,422
Wire transfer fees 248 167 643 412
Interchange fees 885 721 2,227 1,905
Fiduciary activities 971 1,016 2,928 2,911
Gain on sale of securities 2 1,115 2 1,754
Gain on sale of mortgage loans 4,436 2,145 10,121 3,986
Mortgage servicing income net of impairment (355) (172) (95) 691
Increase in cash value of bank owned life insurance 300 245 760 661
Death benefit on officer life insurance   453   453
Other income 221 46 344 105
Total other income 7,710 6,538 19,407 15,300
Other Expenses        
Salaries and employee benefits 7,905 6,081 20,407 16,912
Net occupancy expenses 1,186 1,056 3,216 3,176
Data processing 754 549 1,883 1,450
Professional fees 366 359 1,483 1,039
Outside services and consultants 624 454 1,621 1,221
Loan expense 1,311 820 2,879 2,276
FDIC insurance expense 291 254 798 944
Other losses 309 1,088 501 1,365
Other expenses 2,094 1,652 5,392 4,675
Total other expenses 14,840 12,313 38,180 33,058
Income Before Income Tax 6,828 4,652 20,621 12,319
Income tax expense 1,978 1,235 6,248 3,044
Net Income 4,850 3,417 14,373 9,275
Preferred stock dividend and discount accretion (63) (710) (325) (1,263)
Net Income Available to Common Shareholders $ 4,787 $ 2,707 $ 14,048 $ 8,012
Basic Earnings Per Share $ 0.56 $ 0.37 $ 1.81 $ 1.08
Diluted Earnings Per Share $ 0.54 $ 0.36 $ 1.75 $ 1.05