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Condensed Consolidated Statements of Income (USD $)
3 Months Ended 9 Months Ended
Sep. 30, 2013
Sep. 30, 2012
Sep. 30, 2013
Sep. 30, 2012
Interest income        
Loans, including fees $ 13,411,000 $ 13,386,000 $ 38,944,000 $ 40,653,000
Securities, taxable 1,003,000 1,009,000 3,017,000 3,351,000
Securities, tax-exempt 211,000 319,000 763,000 1,109,000
Federal funds sold 38,000 46,000 127,000 116,000
Interest-bearing deposit balances 4,000 8,000 17,000 22,000
Total interest income 14,667,000 14,768,000 42,868,000 45,251,000
Interest expense        
Deposits 2,190,000 2,728,000 6,733,000 8,581,000
Short-term borrowings 19,000 39,000 57,000 130,000
Federal Home Loan Bank advances 141,000 183,000 379,000 871,000
Other borrowings 323,000 234,000 938,000 705,000
Total interest expense 2,673,000 3,184,000 8,107,000 10,287,000
Net interest income 11,994,000 11,584,000 34,761,000 34,964,000
Provision for loan losses (1,700,000) (400,000) (4,700,000) (3,400,000)
Net interest income after provision for loan losses 13,694,000 11,984,000 39,461,000 38,364,000
Noninterest income        
Services charges on accounts 397,000 378,000 1,155,000 1,142,000
Earnings on bank owned life insurance 337,000 378,000 1,025,000 1,170,000
Mortgage banking activities 194,000 447,000 671,000 1,021,000
Rental income from other real estate owned 99,000 270,000 454,000 806,000
Other income 656,000 584,000 1,976,000 1,792,000
Total noninterest income 1,683,000 2,057,000 5,281,000 5,931,000
Noninterest expense        
Salaries and benefits 5,256,000 4,849,000 15,094,000 14,394,000
Occupancy 639,000 598,000 1,921,000 1,947,000
Furniture and equipment depreciation, rent and maintenance 242,000 282,000 754,000 888,000
Problem asset costs 373,000 1,576,000 783,000 4,931,000
FDIC insurance costs 184,000 294,000 604,000 894,000
Merger-related costs 719,000 0 779,000 0
Other expense 2,509,000 2,586,000 7,383,000 7,389,000
Total noninterest expenses 9,922,000 10,185,000 27,318,000 30,443,000
Income before federal income tax expense 5,455,000 3,856,000 17,424,000 13,852,000
Federal income tax expense 2,002,000 1,240,000 5,554,000 4,365,000
Net income 3,453,000 2,616,000 11,870,000 9,487,000
Preferred stock dividends and accretion 0 0 0 1,030,000
Net income attributable to common shares $ 3,453,000 $ 2,616,000 $ 11,870,000 $ 8,457,000
Basic earnings per share $ 0.40 $ 0.30 $ 1.36 $ 0.98
Diluted earnings per share $ 0.40 $ 0.30 $ 1.36 $ 0.95
Cash dividends per share $ 0.12 $ 0.00 $ 0.33 $ 0.00
Average basic shares outstanding 8,707,038 8,622,719 8,706,133 8,612,831
Average diluted shares outstanding 8,725,268 8,653,751 8,719,956 8,896,728