XML 39 R4.htm IDEA: XBRL DOCUMENT v2.4.0.6
Consolidated Statement of Income (USD $)
In Thousands, except Share data, unless otherwise specified
12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2009
INTEREST INCOME      
Loans, taxable $ 36,772 $ 40,163 $ 43,113
Loans, non-taxable 11,324 8,271 5,086
Securities available-for-sale, taxable 22,782 18,958 20,439
Securities available-for-sale, non-taxable 211 391 698
Federal Home Loan Bank of Boston dividends 46    
Securities held-to-maturity 5,816 7,158 8,093
Federal funds sold, interest-bearing deposits in other banks and short-term investments 1,114 1,642 2,171
Total interest income 78,065 76,583 79,600
INTEREST EXPENSE      
Savings and NOW deposits 2,539 4,072 5,258
Money market accounts 2,706 3,942 6,100
Time deposits (Note 8) 9,356 7,914 9,438
Securities sold under agreements to repurchase 379 573 576
Other borrowed funds and subordinated debentures 7,786 8,316 10,351
Total interest expense 22,766 24,817 31,723
Net interest income 55,299 51,766 47,877
Provision for loan losses (Note 6) 4,550 5,575 6,625
Net interest income after provision for loan losses 50,749 46,191 41,252
OTHER OPERATING INCOME      
Service charges on deposit accounts 7,885 7,876 8,003
Lockbox fees 2,770 2,911 2,814
Brokerage commissions 441 230 140
Net gains on sales of securities 1,940 1,851 2,734
Other income 3,204 3,131 2,779
Total other operating income 16,240 15,999 16,470
OPERATING EXPENSES      
Salaries and employee benefits (Note 15) 29,630 28,398 26,919
Occupancy 4,411 4,037 4,104
Equipment 2,235 2,132 2,372
FDIC assessments 2,025 2,965 3,336
Other (Note 18) 10,441 9,840 9,648
Total operating expenses 48,742 47,372 46,379
Income before income taxes 18,247 14,818 11,343
Provision for income taxes (Note 14) 1,554 1,244 1,183
Net income $ 16,693 $ 13,574 $ 10,160
SHARE DATA (Note 13)      
Weighted average number of shares outstanding, basic 5,540,644 5,533,506 5,532,249
Weighted average number of shares outstanding, diluted 5,541,794 5,535,742 5,534,340
Net income per share, basic $ 3.01 $ 2.45 $ 1.84
Net income per share, diluted $ 3.01 $ 2.45 $ 1.84