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Consolidated Statements of Income (USD $)
In Thousands, except Per Share data, unless otherwise specified
3 Months Ended 9 Months Ended
Sep. 30, 2013
Sep. 30, 2012
Sep. 30, 2013
Sep. 30, 2012
INTEREST AND DIVIDEND INCOME:        
Loans including fees $ 13,153 $ 12,574 $ 37,736 $ 37,223
Securities:        
Taxable 3,283 3,651 10,166 11,226
Tax-exempt 969 892 2,891 2,668
Dividends 60 16 134 47
Total interest and dividend income 17,465 17,133 50,927 51,164
INTEREST EXPENSE:        
Deposits 1,673 2,424 5,862 8,519
Borrowed funds 949 834 2,557 2,418
Subordinated debentures (includes $102 and $98 for three months ended and $304 and $290 for nine months ended accumulated other comprehensive income reclassification for change in fair value of interest rate swap agreements in 2013 and 2012, respectively) 195 205 583 606
Total interest expense 2,817 3,463 9,002 11,543
NET INTEREST INCOME 14,648 13,670 41,925 39,621
PROVISION FOR LOAN LOSSES 846 1,188 4,891 4,038
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES 13,802 12,482 37,034 35,583
NON-INTEREST INCOME:        
Wealth and asset management fees 615 498 1,727 1,311
Service charges on deposit accounts 1,102 1,049 3,063 3,020
Other service charges and fees 607 467 1,561 1,367
Net realized gains on available-for-sale securities (includes $103 for three months ended 2012 and $328 and $1,400 for nine months ended accumulated other comprehensive income reclassifications for net realized gains on available-for-sale securities in 2013 and 2012, respectively) 0 103 328 1,400
Net realized and unrealized gains on trading securities 166 275 497 455
Mortgage banking 107 225 633 686
Bank owned life insurance 365 229 1,442 752
Other 286 233 839 767
Total non-interest income 3,248 3,079 10,090 9,758
NON-INTEREST EXPENSES:        
Salaries and benefits 5,288 4,831 15,817 14,175
Net occupancy expense 1,234 1,138 3,832 3,394
Data processing 890 700 2,455 2,118
State and local taxes 391 369 1,266 1,098
Legal, professional, and examination fees 313 411 966 968
Advertising 205 250 697 750
FDIC insurance premiums 332 283 930 816
Merger costs 398 0 1,329 0
Other 1,292 1,226 3,526 3,736
Total non-interest expenses 10,343 9,208 30,818 27,055
INCOME BEFORE INCOME TAXES 6,707 6,353 16,306 18,286
INCOME TAX EXPENSE (includes ($36) and $2 for three months ended and $8 and $389 for nine months ended income tax expense from reclassification items in 2013 and 2012, respectively 2,004 1,790 4,355 5,040
NET INCOME $ 4,703 $ 4,563 $ 11,951 $ 13,246
EARNINGS PER SHARE:        
Basic $ 0.38 $ 0.37 $ 0.96 $ 1.07
Diluted $ 0.38 $ 0.37 $ 0.96 $ 1.06
DIVIDENDS PER SHARE:        
Cash dividends per share $ 0.165 $ 0.165 $ 0.495 $ 0.495