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Consolidated Statements of Income (Unaudited) (USD $)
3 Months Ended 6 Months Ended
Jun. 30, 2012
Jun. 30, 2011
Jun. 30, 2012
Jun. 30, 2011
Interest and dividend income        
Interest and fees on loans $ 9,367,000 $ 9,955,000 $ 18,759,000 $ 20,128,000
Interest on deposits with other banks 1,000 0 1,000 0
Interest and dividends on investments 3,765,000 4,042,000 7,479,000 8,123,000
Total interest income 13,133,000 13,997,000 26,239,000 28,251,000
Interest expense        
Interest on deposits 2,104,000 2,518,000 4,297,000 5,081,000
Interest on borrowed funds 1,111,000 1,256,000 2,218,000 2,442,000
Total interest expense 3,215,000 3,774,000 6,515,000 7,523,000
Net interest income 9,918,000 10,223,000 19,724,000 20,728,000
Provision for loan losses 2,800,000 2,000,000 4,900,000 4,100,000
Net interest income after provision for loan losses 7,118,000 8,223,000 14,824,000 16,628,000
Non-interest income        
Investment management and fiduciary income 448,000 358,000 844,000 782,000
Service charges on deposit accounts 713,000 711,000 1,351,000 1,351,000
Net securities gains 1,444,000 229,000 1,967,000 229,000
Mortgage origination and servicing income 460,000 193,000 304,000 652,000
Other operating income 831,000 743,000 1,598,000 1,497,000
Total non-interest income 3,896,000 2,234,000 6,064,000 4,511,000
Non-interest expense        
Salaries and employee benefits 3,118,000 2,928,000 6,202,000 6,005,000
Occupancy expense 405,000 378,000 819,000 827,000
Furniture and equipment expense 550,000 561,000 1,123,000 1,111,000
FDIC insurance premiums 305,000 405,000 606,000 806,000
Amortization of identified intangibles 70,000 70,000 141,000 141,000
Other operating expense 2,282,000 1,908,000 4,017,000 3,848,000
Total non-interest expense 6,730,000 6,250,000 12,908,000 12,738,000
Income before income taxes 4,284,000 4,207,000 7,980,000 8,401,000
Applicable income taxes 961,000 1,014,000 1,744,000 2,065,000
NET INCOME 3,323,000 3,193,000 6,236,000 6,336,000
Basic earnings per common share $ 0.32 $ 0.29 $ 0.60 $ 0.58
Diluted earnings per common share $ 0.32 $ 0.29 $ 0.60 $ 0.58
Other comprehensive income, net of tax        
Net unrealized gain on securities available for sale 438,000 3,587,000 125,000 4,255,000
Unrecognized postretirement benefits transition obligation 5,000 5,000 10,000 10,000
Other comprehensive income (loss) 443,000 3,592,000 135,000 4,265,000
Comprehensive income $ 3,766,000 $ 6,785,000 $ 6,371,000 $ 10,601,000