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Consolidated Statements of Income (Unaudited) (USD $)
3 Months Ended 9 Months Ended
Sep. 30, 2012
Sep. 30, 2011
Sep. 30, 2012
Sep. 30, 2011
Interest and dividend income        
Interest and fees on loans $ 9,247,000 $ 9,960,000 $ 28,006,000 $ 30,088,000
Interest on deposits with other banks 2,000 7,000 3,000 11,000
Interest and dividends on investments 3,643,000 3,931,000 11,122,000 12,047,000
Total interest income 12,892,000 13,898,000 39,131,000 42,146,000
Interest expense        
Interest on deposits 2,073,000 2,397,000 6,370,000 7,478,000
Interest on borrowed funds 1,149,000 1,273,000 3,367,000 3,715,000
Total interest expense 3,222,000 3,670,000 9,737,000 11,193,000
Net interest income 9,670,000 10,228,000 29,394,000 30,953,000
Provision for loan losses 1,400,000 1,500,000 6,300,000 5,600,000
Net interest income after provision for loan losses 8,270,000 8,728,000 23,094,000 25,353,000
Non-interest income        
Investment management and fiduciary income 386,000 358,000 1,230,000 1,140,000
Service charges on deposit accounts 644,000 681,000 1,995,000 2,032,000
Net securities gains 0 8,000 1,967,000 237,000
Mortgage origination and servicing income 550,000 193,000 854,000 845,000
Other operating income 912,000 840,000 2,510,000 2,337,000
Total non-interest income 2,492,000 2,080,000 8,556,000 6,591,000
Non-interest expense        
Salaries and employee benefits 3,283,000 3,250,000 9,485,000 9,255,000
Occupancy expense 428,000 367,000 1,247,000 1,194,000
Furniture and equipment expense 527,000 554,000 1,650,000 1,665,000
FDIC insurance premiums 303,000 298,000 909,000 1,104,000
Amortization of identified intangibles 71,000 71,000 212,000 212,000
Other operating expense 1,983,000 2,394,000 6,000,000 6,239,000
Total non-interest expense 6,595,000 6,934,000 19,503,000 19,669,000
Income before income taxes 4,167,000 3,874,000 12,147,000 12,275,000
Applicable income taxes 944,000 868,000 2,688,000 2,934,000
NET INCOME 3,223,000 3,006,000 9,459,000 9,341,000
Basic earnings per common share $ 0.31 $ 0.27 $ 0.91 $ 0.85
Diluted earnings per common share $ 0.31 $ 0.27 $ 0.91 $ 0.85
Other comprehensive income, net of tax        
Net unrealized gain on securities available for sale 1,962,000 5,957,000 2,087,000 10,212,000
Unrecognized postretirement benefits transition obligation 5,000 4,000 15,000 14,000
Other comprehensive income 1,967,000 5,961,000 2,102,000 10,226,000
Comprehensive income $ 5,190,000 $ 8,967,000 $ 11,561,000 $ 19,567,000