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Consolidated Statements of Income (Unaudited) (USD $)
In Thousands, except Share data
3 Months Ended 6 Months Ended
Jun. 30, 2011
Jun. 30, 2010
Jun. 30, 2011
Jun. 30, 2010
Interest Income        
Interest and fees on loans held for investment $ 20,094 $ 20,997 $ 40,549 $ 42,351
Interest on securities - taxable 1,850 3,730 4,383 7,516
Interest on securities - nontaxable 1,291 1,394 2,824 2,820
Interest on deposits in banks 100 34 169 80
Total interest income 23,335 26,155 47,925 52,767
Interest Expense        
Interest on deposits 3,273 5,106 7,153 10,608
Interest on borrowings 2,308 2,507 4,743 4,998
Total interest expense 5,581 7,613 11,896 15,606
Net interest income 17,754 18,542 36,029 37,161
Provision for loan losses 3,079 3,596 4,691 7,261
Net interest income after provision for loan losses 14,675 14,946 31,338 29,900
Noninterest Income        
Wealth management income 930 1,012 1,824 1,897
Service charges on deposit accounts 3,353 3,347 6,384 6,339
Other service charges and fees 1,461 1,250 2,867 2,531
Insurance commissions 1,561 1,389 3,504 3,590
Total impairment losses on securities   (185) (527) (185)
Portion of loss recognized in other comprehensive income        
Net impairment losses recognized in earnings   (185) (527) (185)
Net gains on sale of securities 3,224 1,201 5,060 1,451
Other operating income 834 890 1,750 1,859
Total noninterest income 11,363 8,904 20,862 17,482
Noninterest Expense        
Salaries and employee benefits 8,685 8,487 17,814 16,456
Occupancy expense of bank premises 1,568 1,570 3,215 3,279
Furniture and equipment expense 909 918 1,824 1,822
Amortization of intangible assets 261 253 520 509
FDIC premiums and assessments 414 710 1,292 1,411
Prepayment penalties on FHLB advances     471  
Other operating expense 5,901 4,660 10,665 9,193
Total noninterest expense 17,738 16,598 35,801 32,670
Income before income taxes 8,300 7,252 16,399 14,712
Income tax expense 2,572 2,121 4,920 4,303
Net income 5,728 5,131 11,479 10,409
Dividends on preferred stock 131   131  
Net income available to common shareholders $ 5,597 $ 5,131 $ 11,348 $ 10,409
Basic earnings per common share $ 0.31 $ 0.29 $ 0.63 $ 0.59
Diluted earnings per common share $ 0.31 $ 0.29 $ 0.63 $ 0.59
Cash dividends per common share $ 0.10 $ 0.10 $ 0.20 $ 0.20
Weighted average basic shares outstanding 17,895,904 17,787,325 17,882,006 17,776,500
Weighted average diluted shares outstanding 18,534,489 17,805,393 18,200,184 17,792,535