XML 81 R4.htm IDEA: XBRL DOCUMENT v2.4.0.6
CONSOLIDATED STATEMENTS OF INCOME (Unaudited) (USD $)
In Thousands, except Per 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 $ 25,344 $ 24,707 $ 50,707 $ 48,966
Interest on securities: Taxable 4,069 4,869 8,446 9,642
Interest on securities: Nontaxable 682 758 1,375 1,527
Dividends on corporate stock and Federal Home Loan Bank stock 78 66 155 133
Other interest income 17 13 37 37
Total interest income 30,190 30,413 60,720 60,305
Interest expense:        
Deposits 3,385 4,030 6,819 8,232
Federal Home Loan Bank advances 3,998 4,685 8,083 9,417
Junior subordinated debentures 391 392 783 782
Other interest expense 5 242 239 483
Total interest expense 7,779 9,349 15,924 18,914
Net interest income 22,411 21,064 44,796 41,391
Provision for loan losses 600 1,200 1,500 2,700
Net interest income after provision for loan losses 21,811 19,864 43,296 38,691
Noninterest income:        
Trust and investment advisory fees 5,819 5,822 11,597 11,498
Mutual fund fees 1,002 1,135 2,027 2,258
Financial planning, commissions and other service fees 652 553 1,034 834
Wealth management services 7,473 7,510 14,658 14,590
Service charges on deposit accounts 764 909 1,523 1,841
Merchant processing fees 2,732 2,682 4,720 4,626
Card interchange fees 626 581 1,169 1,068
Income from bank-owned life insurance 477 482 963 958
Net gains on loan sales and commissions on loans originated for others 3,015 537 6,112 1,062
Net realized gains (losses) on securities 299 226 299 197
Net (losses) gains on interest rate swap contracts (4) (35) 24 41
Equity in earnings (losses) of unconsolidated subsidiaries 124 (145) 87 (289)
Other income 668 538 1,060 921
Noninterest income, excluding other-than-temporary impairment losses 16,174 13,285 30,615 25,015
Total other-than-temporary impairment losses on securities 0 0 (85) (54)
Portion of loss recognized in other comprehensive income (before taxes) 0 0 (124) 21
Net impairment losses recognized in earnings 0 0 (209) (33)
Total noninterest income 16,174 13,285 30,406 24,982
Noninterest expense:        
Salaries and employee benefits 14,451 12,398 28,911 24,226
Net occupancy 1,527 1,236 3,053 2,557
Equipment 1,143 1,070 2,250 2,119
Merchant processing costs 2,320 2,345 3,983 4,014
Outsourced services 895 875 1,815 1,747
FDIC deposit insurance costs 426 464 884 1,187
Legal, audit and professional fees 519 467 1,001 959
Advertising and promotion 478 427 850 780
Amortization of intangibles 186 237 373 475
Foreclosed property costs 170 338 468 504
Debt prepayment penalties 961 221 961 221
Other expenses 2,152 2,186 4,078 4,215
Total noninterest expense 25,228 22,264 48,627 43,004
Income before income taxes 12,757 10,885 25,075 20,669
Income tax expense 4,044 3,320 7,924 6,304
Net income $ 8,713 $ 7,565 $ 17,151 $ 14,365
Weighted average common shares outstanding - basic 16,358 16,252 16,344 16,225
Weighted average common shares outstanding - diluted 16,392 16,284 16,381 16,257
Per share information:        
Basic earnings per common share $ 0.53 $ 0.46 $ 1.04 $ 0.88
Diluted earnings per common share $ 0.53 $ 0.46 $ 1.04 $ 0.88
Cash dividends declared per share $ 0.23 $ 0.22 $ 0.46 $ 0.44