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Consolidated Statements of Income (USD $)
12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2009
Interest income      
Interest and fees on loans (includes tax-exempt income of $696,000 in 2011, $868,000 in 2010, and $1,472,000 in 2009) $ 39,805,000 $ 43,903,000 $ 49,277,000
Interest on deposits with other banks 12,000 6,000 1,000
Interest and dividends on investments (includes tax-exempt income of $4,332,000 in 2011, $3,373,000 in 2010, and $2,980,000 in 2009) 15,885,000 13,351,000 13,291,000
Total interest and dividend income 55,702,000 57,260,000 62,569,000
Interest expense      
Interest on deposits 9,746,000 10,297,000 11,872,000
Interest on borrowed funds 4,963,000 6,374,000 7,044,000
Total interest expense 14,709,000 16,671,000 18,916,000
Net interest income 40,993,000 40,589,000 43,653,000
Provision for loan losses 10,550,000 8,400,000 12,160,000
Net interest income after provision for loan losses 30,443,000 32,189,000 31,493,000
Non-interest income      
Fiduciary and investment management income 1,506,000 1,455,000 1,331,000
Service charges on deposit accounts 2,688,000 2,838,000 2,516,000
Net securities gains 3,293,000 2,000 0
Mortgage origination and servicing income 1,138,000 1,796,000 2,341,000
Other operating income 3,125,000 3,044,000 6,566,000
Total non-interest income 11,750,000 9,135,000 12,754,000
Non-interest expense      
Salaries and employee benefits 12,245,000 11,927,000 10,935,000
Occupancy expense 1,583,000 1,536,000 1,580,000
Furniture and equipment expense 2,144,000 2,209,000 2,273,000
FDIC insurance premiums 1,391,000 1,931,000 1,666,000
Net securities losses 0 0 150,000
Other than temporary impairment charge 0 0 916,000
Amortization of core deposit intangible 283,000 283,000 283,000
Other operating expenses 8,392,000 7,244,000 8,855,000
Total non-interest expense 26,038,000 25,130,000 26,658,000
Income before income taxes 16,155,000 16,194,000 17,589,000
Income tax expense 3,791,000 4,078,000 4,547,000
NET INCOME 12,364,000 12,116,000 13,042,000
Less dividends and amortization of premium on preferred stock 1,208,000 1,348,000 1,161,000
Net income available to common shareholders $ 11,156,000 $ 10,768,000 $ 11,881,000
Basic earnings per share $ 1.14 $ 1.10 $ 1.22
Diluted earnings per share $ 1.14 $ 1.1 $ 1.22
Weighted average number of shares outstanding 9,788,610 9,760,760 9,721,172
Incremental shares 9,619 4,726 12,072
Cash dividends declared per share $ 0.78 $ 0.78 $ 0.78