|
Consolidated Statements of Operations (USD $) In Thousands, except Share data, unless otherwise specified
|
3 Months Ended |
6 Months Ended |
|
Jun. 30, 2012
|
Jun. 30, 2011
|
Jun. 30, 2012
|
Jun. 30, 2011
|
| Interest Income: |
|
|
|
|
| Interest and fees on loans and leases |
$ 5,555 |
$ 5,675 |
$ 11,060 |
$ 11,281 |
| Interest and dividends on investment securities: Taxable |
861 |
939 |
1,584 |
1,776 |
| Interest and dividends on investment securities: Exempt from federal taxes |
122 |
1 |
243 |
1 |
| Interest on cash and cash equivalents |
10 |
19 |
20 |
28 |
| Total interest and dividend income |
6,548 |
6,634 |
12,907 |
13,086 |
| Interest Expense: |
|
|
|
|
| Interest on NOW, money market and savings |
232 |
280 |
455 |
577 |
| Interest on time deposits |
403 |
584 |
837 |
1,184 |
| Interest on FHLB advances |
211 |
211 |
422 |
438 |
| Interest on repurchase agreements |
19 |
39 |
41 |
76 |
| Interest on junior subordinated debentures |
82 |
76 |
163 |
156 |
| Interest on other borrowings |
20 |
21 |
40 |
53 |
| Total interest expense |
967 |
1,211 |
1,958 |
2,484 |
| Net interest income |
5,581 |
5,423 |
10,949 |
10,602 |
| Provision for credit losses |
475 |
426 |
900 |
852 |
| Net interest income after provision for credit losses |
5,106 |
4,997 |
10,049 |
9,750 |
| Non-interest Income: |
|
|
|
|
| Service charges |
329 |
265 |
669 |
541 |
| Wealth management |
234 |
221 |
467 |
429 |
| Increase in cash surrender value of BOLI |
59 |
60 |
118 |
120 |
| Gains on sale of investment securities, net |
79 |
1 |
79 |
2 |
| Gain on sale of SBA loans |
158 |
93 |
158 |
225 |
| Other fees |
299 |
307 |
572 |
591 |
| Total non-interest income |
1,158 |
947 |
2,063 |
1,908 |
| Non-interest Expense: |
|
|
|
|
| Salaries and employee benefits |
2,174 |
2,145 |
4,487 |
4,345 |
| Furniture and equipment |
316 |
319 |
635 |
650 |
| Occupancy |
463 |
447 |
939 |
973 |
| Professional and consulting |
306 |
264 |
618 |
563 |
| Advertising and marketing |
137 |
191 |
315 |
347 |
| Printing and supplies |
65 |
45 |
101 |
82 |
| FDIC insurance |
126 |
117 |
233 |
309 |
| PA shares tax |
141 |
129 |
283 |
258 |
| Telephone and fax |
54 |
54 |
105 |
102 |
| Other expenses |
493 |
381 |
859 |
717 |
| Total non-interest expense |
4,275 |
4,092 |
8,575 |
8,346 |
| Income before income tax expense |
1,989 |
1,852 |
3,537 |
3,312 |
| Income tax expense |
589 |
564 |
1,035 |
1,009 |
| Net income |
1,400 |
1,288 |
2,502 |
2,303 |
| Preferred stock dividends and accretion of discount |
130 |
154 |
258 |
309 |
| Net income available to Common Shareholders |
$ 1,270 |
$ 1,134 |
$ 2,244 |
$ 1,994 |
| Earnings per common share: |
|
|
|
|
| Basic |
$ 0.47 |
$ 0.43 |
$ 0.83 |
$ 0.75 |
| Diluted |
$ 0.46 |
$ 0.42 |
$ 0.82 |
$ 0.74 |
| Cash dividends per common share |
$ 0.05 |
$ 0.03 |
$ 0.1 |
$ 0.06 |
| Weighted average common shares outstanding: |
|
|
|
|
| Basic |
2,707,662 |
2,670,406 |
2,704,816 |
2,667,394 |
| Diluted |
2,735,808 |
2,689,998 |
2,730,800 |
2,692,813 |