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Consolidated Statements of Income (Unaudited) (USD $)
3 Months Ended9 Months Ended
Sep. 30, 2011
Sep. 30, 2010
Sep. 30, 2011
Sep. 30, 2010
Interest and dividend income    
Interest and fees on loans$ 9,960,000$ 11,136,000$ 30,088,000$ 33,342,000
Interest on deposits with other banks03,00005,000
Interest and dividends on investments3,938,0003,431,00012,058,0009,571,000
Total interest income13,898,00014,570,00042,146,00042,918,000
Interest expense    
Interest on deposits2,397,0002,648,0007,478,0007,699,000
Interest on borrowed funds1,273,0001,669,0003,715,0004,988,000
Total interest expense3,670,0004,317,00011,193,00012,687,000
Net interest income10,228,00010,253,00030,953,00030,231,000
Provision for loan losses1,500,0001,800,0005,600,0006,300,000
Net interest income after provision for loan losses8,728,0008,453,00025,353,00023,931,000
Non-interest income    
Investment management and fiduciary income358,000329,0001,140,0001,116,000
Service charges on deposit accounts681,000689,0002,032,0002,194,000
Net securities gains8,0000237,0002,000
Mortgage origination and servicing income193,000293,000845,000906,000
Other operating income840,000756,0002,337,0002,306,000
Total non-interest income2,080,0002,067,0006,591,0006,524,000
Non-interest expense    
Salaries and employee benefits3,250,0003,109,0009,255,0008,662,000
Occupancy expense367,000353,0001,194,0001,129,000
Furniture and equipment expense554,000550,0001,665,0001,671,000
FDIC insurance premiums298,000476,0001,104,0001,428,000
Amortization of identified intangibles71,00071,000212,000213,000
Other operating expense2,394,0001,669,0006,239,0005,302,000
Total non-interest expense6,934,0006,228,00019,669,00018,405,000
Income before income taxes3,874,0004,292,00012,275,00012,050,000
Applicable income taxes868,0001,097,0002,934,0003,011,000
NET INCOME3,006,0003,195,0009,341,0009,039,000
Less dividends & premium amortization on preferred stock353,000337,0001,027,0001,011,000
Net income available to common shareholders$ 2,653,000$ 2,858,000$ 8,314,000$ 8,028,000
Basic earnings per common share$ 0.27$ 0.29$ 0.85$ 0.82
Diluted earnings per common share$ 0.27$ 0.29$ 0.85$ 0.82
Weighted average number of common shares outstanding9,791,5509,764,1849,785,0639,757,074
Incremental shares11,8434,06210,8884,707
Cash dividends declared per common share$ 0.195$ 0.195$ 0.585$ 0.585