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Condensed Consolidated Statements of Income (Unaudited) (USD $)
3 Months Ended 6 Months Ended
Jun. 30, 2013
Jun. 30, 2012
Jun. 30, 2013
Jun. 30, 2012
Interest income        
Loans, including fees $ 12,687,000 $ 13,454,000 $ 25,533,000 $ 27,268,000
Securities, taxable 1,007,000 1,063,000 2,014,000 2,342,000
Securities, tax-exempt 257,000 367,000 552,000 789,000
Federal funds sold 35,000 38,000 89,000 70,000
Interest-bearing deposit balances 6,000 8,000 13,000 14,000
Total interest income 13,992,000 14,930,000 28,201,000 30,483,000
Interest expense        
Deposits 2,223,000 2,844,000 4,543,000 5,853,000
Short-term borrowings 19,000 42,000 39,000 91,000
Federal Home Loan Bank advances 119,000 300,000 238,000 688,000
Other borrowings 319,000 233,000 615,000 471,000
Total interest expense 2,680,000 3,419,000 5,435,000 7,103,000
Net interest income 11,312,000 11,511,000 22,766,000 23,380,000
Provision for loan losses (1,500,000) (3,000,000) (3,000,000) (3,000,000)
Net interest income after provision for loan losses 12,812,000 14,511,000 25,766,000 26,380,000
Noninterest income        
Services charges on accounts 384,000 379,000 758,000 764,000
Earnings on bank owned life insurance 350,000 385,000 688,000 792,000
Mortgage banking activities 225,000 275,000 477,000 574,000
Rental income from other real estate owned 156,000 324,000 355,000 536,000
Other income 657,000 577,000 1,321,000 1,208,000
Total noninterest income 1,772,000 1,940,000 3,599,000 3,874,000
Noninterest expense        
Salaries and benefits 4,981,000 4,855,000 9,838,000 9,545,000
Occupancy 624,000 671,000 1,282,000 1,349,000
Furniture and equipment depreciation, rent and maintenance 256,000 299,000 512,000 606,000
Nonperforming asset costs 279,000 2,080,000 410,000 3,355,000
FDIC insurance costs 175,000 296,000 420,000 600,000
Other expense 2,498,000 2,403,000 4,935,000 4,803,000
Total noninterest expenses 8,813,000 10,604,000 17,397,000 20,258,000
Income before federal income tax expense 5,771,000 5,847,000 11,968,000 9,996,000
Federal income tax expense 1,755,000 1,856,000 3,552,000 3,125,000
Net income 4,016,000 3,991,000 8,416,000 6,871,000
Preferred stock dividends and accretion 0 703,000 0 1,031,000
Net income attributable to common shares $ 4,016,000 $ 3,288,000 $ 8,416,000 $ 5,840,000
Basic earnings per share $ 0.46 $ 0.38 $ 0.97 $ 0.68
Diluted earnings per share $ 0.46 $ 0.36 $ 0.97 $ 0.65
Cash dividends per share $ 0.11 $ 0.00 $ 0.21 $ 0.00
Average basic shares outstanding 8,705,667 8,610,181 8,705,673 8,607,832
Average diluted shares outstanding 8,718,649 9,043,791 8,718,627 9,023,744