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CONSOLIDATED STATEMENTS OF INCOME (Unaudited) (USD $)
In Thousands, except Share data
3 Months Ended 6 Months Ended
Jun. 30, 2011
Jun. 30, 2010
Jun. 30, 2011
Jun. 30, 2010
Interest income:        
Interest and fees on loans $ 24,707 $ 24,180 $ 48,966 $ 48,148
Interest on securities: Taxable 4,869 5,837 9,642 11,888
Interest on securities: Nontaxable 758 770 1,527 1,539
Dividends on corporate stock and Federal Home Loan Bank stock 66 54 133 109
Other interest income 13 13 37 34
Total interest income 30,413 30,854 60,305 61,718
Interest expense:        
Deposits 4,030 5,331 8,232 11,100
Federal Home Loan Bank advances 4,685 6,000 9,417 12,219
Junior subordinated debentures 392 447 782 1,077
Other interest expense 242 243 483 485
Total interest expense 9,349 12,021 18,914 24,881
Net interest income 21,064 18,833 41,391 36,837
Provision for loan losses 1,200 1,500 2,700 3,000
Net interest income after provision for loan losses 19,864 17,333 38,691 33,837
Noninterest income:        
Trust and investment advisory fees 5,822 5,153 11,498 10,170
Mutual fund fees 1,135 1,105 2,258 2,215
Financial planning, commissions and other service fees 553 505 834 684
Wealth management services 7,510 6,763 14,590 13,069
Service charges on deposit accounts 909 913 1,841 1,762
Merchant processing fees 2,682 2,406 4,626 4,012
Card interchange fees 581 487 1,068 876
Income from bank-owned life insurance 482 474 958 913
Net gains on loan sales and commissions on loans originated for others 537 318 1,062 878
Net realized gains on securities 226 0 197 0
Net (losses) gains on interest rate swap contracts (35) (121) 41 (53)
Equity in losses of unconsolidated subsidiaries (145) (50) (289) (102)
Other income 538 323 921 688
Noninterest income, excluding other-than-temporary impairment losses 13,285 11,513 25,015 22,043
Total other-than-temporary impairment losses on securities 0 (243) (54) (245)
Portion of loss recognized in other comprehensive income (before tax) 0 (111) 21 (172)
Net impairment losses recognized in earnings 0 (354) (33) (417)
Total noninterest income 13,285 11,159 24,982 21,626
Noninterest expense:        
Salaries and employee benefits 12,398 11,726 24,226 23,227
Net occupancy 1,236 1,237 2,557 2,461
Equipment 1,070 1,014 2,119 2,011
Merchant processing costs 2,345 2,057 4,014 3,414
Outsourced services 875 855 1,747 1,695
FDIC deposit insurance costs 464 784 1,187 1,578
Legal, audit and professional fees 467 408 959 926
Advertising and promotion 427 419 780 783
Amortization of intangibles 237 290 475 581
Foreclosed property costs 338 87 504 123
Debt prepayment penalties 221 0 221 0
Other expenses 2,186 2,106 4,215 3,861
Total noninterest expense 22,264 20,983 43,004 40,660
Income before income taxes 10,885 7,509 20,669 14,803
Income tax expense 3,320 2,211 6,304 4,333
Net income $ 7,565 $ 5,298 $ 14,365 $ 10,470
Weighted average common shares outstanding - basic 16,251.6 16,104.6 16,224.5 16,081.3
Weighted average common shares outstanding - diluted 16,284.3 16,111.3 16,257.0 16,116.3
Per share information:        
Basic earnings per common share $ 0.46 $ 0.33 $ 0.88 $ 0.65
Diluted earnings per common share $ 0.46 $ 0.33 $ 0.88 $ 0.65
Cash dividends declared per share $ 0.22 $ 0.21 $ 0.44 $ 0.42