XML 63 R4.htm IDEA: XBRL DOCUMENT v3.2.0.727
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Jun. 30, 2015
Jun. 30, 2014
INTEREST INCOME        
Interest and fees on loans $ 9,480 $ 8,939 $ 18,936 $ 17,971
Interest bearing deposits 5 1 7 2
Short-term investments in money market funds 1 2 3 4
Investment securities:        
Available for sale 777 905 1,690 1,829
Held to maturity 146 136 296 272
Total Interest Income 10,409 9,983 20,932 20,078
INTEREST EXPENSE        
Deposits 1,171 1,240 2,345 2,451
Short-term borrowings 23 5 33 24
Advances from Federal Home Loan Bank 135 74 260 134
Guaranteed junior subordinated deferrable interest debentures 280 280 560 560
Total Interest Expense 1,609 1,599 3,198 3,169
NET INTEREST INCOME 8,800 8,384 17,734 $ 16,909
Provision for loan losses 200   450  
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES 8,600 8,384 17,284 $ 16,909
NON-INTEREST INCOME        
Trust and investment advisory fees 2,135 1,948 4,191 3,980
Service charges on deposit accounts 429 501 848 979
Net gains on sale of loans 225 171 416 272
Mortgage related fees 109 160 224 277
Net realized gains on investment securities 28 120 28 177
Bank owned life insurance 171 184 534 371
Other income 595 554 1,163 1,114
Total Non-Interest Income 3,692 3,638 7,404 7,170
NON-INTEREST EXPENSE        
Salaries and employee benefits 5,944 6,107 12,017 12,421
Net occupancy expense 718 717 1,559 1,556
Equipment expense 480 494 946 964
Professional fees 1,275 1,464 2,486 2,772
Supplies, postage and freight 175 187 353 370
Miscellaneous taxes and insurance 287 312 584 608
Federal deposit insurance expense 164 154 331 314
Other expense 1,196 1,185 2,373 2,353
Total Non-Interest Expense 10,239 10,620 20,649 21,358
PRETAX INCOME 2,053 1,402 4,039 2,721
Provision for income tax expense 632 423 1,249 812
NET INCOME 1,421 979 2,790 1,909
Preferred stock dividends 52 52 105 105
NET INCOME AVAILABLE TO COMMON SHAREHOLDERS $ 1,369 $ 927 $ 2,685 $ 1,804
Basic:        
Net income $ 0.07 $ 0.05 $ 0.14 $ 0.10
Average number of shares outstanding 18,859 18,795 18,855 18,790
Diluted:        
Net income $ 0.07 $ 0.05 $ 0.14 $ 0.10
Average number of shares outstanding 18,941 18,936 18,923 18,920
Cash dividends declared $ 0.01 $ 0.01 $ 0.02 $ 0.02