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Consolidated Statements of Income (Unaudited) (USD $)
3 Months Ended 6 Months Ended
Jun. 30, 2011
Jun. 30, 2010
Jun. 30, 2011
Jun. 30, 2010
Interest and dividend income        
Interest and fees on loans $ 9,955,000 $ 11,056,000 $ 20,128,000 $ 22,206,000
Interest on deposits with other banks 1,000 0 3,000 2,000
Interest and dividends on investments 4,041,000 3,159,000 8,120,000 6,140,000
Total interest income 13,997,000 14,215,000 28,251,000 28,348,000
Interest expense        
Interest on deposits 2,518,000 2,571,000 5,081,000 5,051,000
Interest on borrowed funds 1,256,000 1,687,000 2,442,000 3,319,000
Total interest expense 3,774,000 4,258,000 7,523,000 8,370,000
Net interest income 10,223,000 9,957,000 20,728,000 19,978,000
Provision for loan losses 2,000,000 2,100,000 4,100,000 4,500,000
Net interest income after provision for loan losses 8,223,000 7,857,000 16,628,000 15,478,000
Non-interest income        
Investment management and fiduciary income 358,000 376,000 782,000 787,000
Service charges on deposit accounts 711,000 796,000 1,351,000 1,505,000
Net securities gains 229,000 0 229,000 2,000
Mortgage origination and servicing income 193,000 335,000 652,000 613,000
Other operating income 743,000 775,000 1,497,000 1,550,000
Total non-interest income 2,234,000 2,282,000 4,511,000 4,457,000
Non-interest expense        
Salaries and employee benefits 2,928,000 2,808,000 6,005,000 5,553,000
Occupancy expense 378,000 382,000 827,000 776,000
Furniture and equipment expense 561,000 540,000 1,111,000 1,121,000
FDIC insurance premiums 405,000 477,000 806,000 952,000
Amortization of identified intangibles 70,000 71,000 141,000 142,000
Other operating expense 1,908,000 1,617,000 3,848,000 3,633,000
Total non-interest expense 6,250,000 5,895,000 12,738,000 12,177,000
Income before income taxes 4,207,000 4,244,000 8,401,000 7,758,000
Applicable income taxes 1,014,000 1,084,000 2,065,000 1,914,000
NET INCOME 3,193,000 3,160,000 6,336,000 5,844,000
Less dividends & premium amortization on preferred stock 337,000 337,000 674,000 674,000
Net income available to common shareholders $ 2,856,000 $ 2,823,000 $ 5,662,000 $ 5,170,000
Basic earnings per common share $ 0.29 $ 0.29 $ 0.58 $ 0.53
Diluted earnings per common share $ 0.29 $ 0.29 $ 0.58 $ 0.53
Weighted average number of common shares outstanding 9,784,743 9,756,907 9,781,766 9,753,500
Incremental shares 12,238 5,128 10,399 5,009
Cash dividends declared per common share $ 0.195 $ 0.195 $ 0.390 $ 0.390