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Consolidated Statements of Income (Unaudited) (USD $)
In Thousands, except Per Share data, unless otherwise specified
3 Months Ended 9 Months Ended
Sep. 30, 2012
Sep. 30, 2011
Sep. 30, 2012
Sep. 30, 2011
INTEREST AND DIVIDEND INCOME:        
Loans including fees $ 12,574 $ 12,344 $ 37,223 $ 36,011
Deposits with banks 0 20 0 102
Securities:        
Taxable 3,651 3,689 11,226 10,640
Tax-exempt 892 732 2,668 2,128
Dividends 16 8 47 23
Total interest and dividend income 17,133 16,793 51,164 48,904
INTEREST EXPENSE:        
Deposits 2,424 3,424 8,519 10,360
Borrowed funds 834 796 2,418 2,373
Subordinated debentures 205 195 606 582
Total interest expense 3,463 4,415 11,543 13,315
NET INTEREST INCOME 13,670 12,378 39,621 35,589
PROVISION FOR LOAN LOSSES 1,188 904 4,038 2,673
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES 12,482 11,474 35,583 32,916
NON-INTEREST INCOME:        
Wealth and asset management fees 498 415 1,311 1,225
Service charges on deposit accounts 1,049 1,097 3,020 3,129
Other service charges and fees 467 433 1,367 1,201
Net realized and unrealized gains (losses) on securities for which fair value was elected 275 (313) 455 (216)
Mortgage banking 225 172 686 506
Bank owned life insurance 229 213 752 674
Other 233 361 767 986
Total fees and commissions 2,976 2,378 8,358 7,505
Total other-than-temporary impairment losses on available-for-sale securities 0 0 0 (398)
Less portion of loss recognized in other comprehensive income 0 0 0 0
Net impairment losses recognized in earnings 0 0 0 (398)
Net realized gains on available-for-sale securities 103 84 1,400 158
Net impairment losses recognized in earnings and realized gains on available-for-sale securities 103 84 1,400 (240)
Total non-interest income 3,079 2,462 9,758 7,265
NON-INTEREST EXPENSES:        
Salaries and benefits 4,831 4,402 14,175 12,842
Net occupancy expense of premises 1,138 1,076 3,394 3,378
FDIC insurance premiums 283 240 816 969
Other 2,956 2,592 8,670 7,553
Total non-interest expenses 9,208 8,310 27,055 24,742
INCOME BEFORE INCOME TAXES 6,353 5,626 18,286 15,439
INCOME TAX EXPENSE 1,790 1,559 5,040 4,204
NET INCOME $ 4,563 $ 4,067 $ 13,246 $ 11,235
EARNINGS PER SHARE:        
Basic $ 0.37 $ 0.33 $ 1.07 $ 0.91
Diluted $ 0.37 $ 0.33 $ 1.06 $ 0.91
DIVIDENDS PER SHARE:        
Cash dividends per share $ 0.165 $ 0.165 $ 0.495 $ 0.495