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Condensed Consolidated Statements of Income (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 receivable $ 14,843 $ 15,527 $ 48,189 $ 42,386
Investment securities        
Taxable 2,084 2,178 6,153 6,738
Tax exempt 1,114 1,014 3,105 2,944
Total interest income 18,041 18,719 57,447 52,068
Interest Expense        
Deposits 1,395 1,638 4,320 4,803
Borrowed funds 1,465 1,597 4,369 4,635
Subordinated debentures 512 485 1,504 1,427
Total interest expense 3,372 3,720 10,193 10,865
Net Interest Income 14,669 14,999 47,254 41,203
Provision for loan losses 104 1,041 2,917 1,809
Net Interest Income after Provision for Loan Losses 14,565 13,958 44,337 39,394
Non-interest Income        
Service charges on deposit accounts 1,083 1,002 2,984 2,477
Wire transfer fees 169 248 562 643
Interchange fees 1,123 885 3,049 2,227
Fiduciary activities 953 971 3,140 2,928
Gain on sale of investment securities (includes $6 and $374 for the three and nine months ended 2013 and $2 for the three and nine months ended 2012, respectively, related to accumulated other comprehensive earnings reclassifications) 6 2 374 2
Gain on sale of mortgage loans 1,667 4,436 7,580 10,121
Mortgage servicing income net of impairment 348 (355) 813 (95)
Increase in cash value of bank owned life insurance 278 300 787 760
Other income 283 221 930 344
Total non-interest income 5,910 7,710 20,219 19,407
Non-interest Expense        
Salaries and employee benefits 7,694 7,905 22,919 20,407
Net occupancy expenses 1,172 1,186 3,778 3,216
Data processing 766 754 2,184 1,883
Professional fees 357 366 1,310 1,483
Outside services and consultants 436 624 1,634 1,621
Loan expense 1,040 1,311 3,556 2,879
FDIC insurance expense 270 291 821 798
Other losses 55 309 146 501
Other expense 2,271 2,094 6,487 5,392
Total non-interest expense 14,061 14,840 42,835 38,180
Income Before Income Tax 6,414 6,828 21,721 20,621
Income tax expense (includes $2 and $131 for the three and nine months ended 2013 and $0 for the three and nine months ended 2012, respectively, related to income tax expense from reclassification items) 1,629 1,978 5,960 6,248
Net Income 4,785 4,850 15,761 14,373
Preferred stock dividend and discount accretion (66) (63) (308) (325)
Net Income Available to Common Shareholders $ 4,719 $ 4,787 $ 15,453 $ 14,048
Basic Earnings Per Share $ 0.55 $ 0.56 $ 1.79 $ 1.81
Diluted Earnings Per Share $ 0.52 $ 0.54 $ 1.72 $ 1.75