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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) (USD $)
In Thousands, except Share data, unless otherwise specified
3 Months Ended 9 Months Ended
Sep. 30, 2014
Sep. 30, 2013
Sep. 30, 2014
Sep. 30, 2013
INTEREST INCOME        
Loans and loan fees $ 13,396 $ 11,464 $ 39,476 $ 33,796
U.S. Government agency obligations 553 592 1,772 1,405
Obligations of states and political subdivisions 1,428 1,477 4,422 4,466
Collateralized mortgage obligations 198 386 672 1,767
Mortgage-backed securities 474 518 1,475 1,357
Corporate bonds 38 92 215 305
Federal funds sold and interest-bearing deposits due from banks 35 140 123 502
Dividends 42 36 115 111
Total interest income 16,164 14,705 48,270 43,709
INTEREST EXPENSE        
Saving, N.O.W. and money market deposits 291 308 870 888
Time certificates of $100,000 or more 227 280 695 874
Other time deposits 95 145 309 486
Borrowings 2 0 7 0
Total interest expense 615 733 1,881 2,248
Net interest income 15,549 13,972 46,389 41,461
Provision for loan losses 250 0 750 0
Net interest income after provision for loan losses 15,299 13,972 45,639 41,461
NON-INTEREST INCOME        
Service charges on deposit accounts 887 964 2,834 2,839
Other service charges, commissions and fees 778 928 2,349 2,451
Fiduciary fees 265 279 824 815
Net gain (loss) on sale of securities available for sale 11 3 (12) 395
Net gain on sale of portfolio loans 217 0 217 445
Net gain on sale of mortgage loans originated for sale 51 142 214 973
Net gain on sale of premises and equipment 0 0 752 0
Gain on Visa shares sold 0 3,836 0 3,836
Income from bank owned life insurance 316 357 1,036 399
Other operating income 25 78 106 215
Total non-interest income 2,550 6,587 8,320 12,368
OPERATING EXPENSES        
Employee compensation and benefits 8,628 8,709 25,977 24,037
Occupancy expense 1,295 1,585 4,141 4,787
Equipment expense 418 616 1,301 1,745
Consulting and professional services 693 735 1,883 1,881
FDIC assessment 202 373 737 1,414
Data processing 549 607 1,681 1,823
Branch consolidation costs 0 460 (449) 460
Reserve and carrying costs related to Visa shares sold 57 474 172 474
Other operating expenses 1,394 1,531 4,254 4,962
Total operating expenses 13,236 15,090 39,697 41,583
Income before income tax expense 4,613 5,469 14,262 12,246
Income tax expense 875 1,557 3,033 2,856
NET INCOME $ 3,738 $ 3,912 $ 11,229 $ 9,390
EARNINGS PER COMMON SHARE - BASIC (in dollars per shares) $ 0.32 $ 0.34 $ 0.97 $ 0.81
EARNINGS PER COMMON SHARE - DILUTED (in dollars per shares) $ 0.32 $ 0.34 $ 0.96 $ 0.81
WEIGHTED AVERAGE COMMON SHARES - BASIC (in shares) 11,661,544 11,573,014 11,611,790 11,569,961
WEIGHTED AVERAGE COMMON SHARES - DILUTED (in shares) 11,716,286 11,606,702 11,667,991 11,583,044