|
Consolidated Statements of Operations (USD $)
In Thousands, except Share data, unless otherwise specified
|
3 Months Ended |
9 Months Ended |
|
Sep. 30, 2012
|
Sep. 30, 2011
|
Sep. 30, 2012
|
Sep. 30, 2011
|
| Interest income |
|
|
|
|
| Interest and fees on loans |
$ 11,550 |
$ 12,638 |
$ 35,504 |
$ 39,801 |
| Interest on investment securities: Taxable |
1,005 |
1,127 |
3,150 |
2,922 |
| Interest on investment securities: Exempt from federal income tax |
491 |
630 |
1,527 |
2,182 |
| Total investment income |
1,496 |
1,757 |
4,677 |
5,104 |
| Other |
73 |
88 |
207 |
327 |
| Total interest income |
13,119 |
14,483 |
40,388 |
45,232 |
| Interest expense |
|
|
|
|
| Interest on deposits |
1,527 |
2,821 |
5,085 |
9,724 |
| Interest on short-term borrowings |
18 |
50 |
115 |
177 |
| Interest on long-term borrowings |
1,795 |
2,187 |
5,628 |
6,888 |
| Total interest expense |
3,340 |
5,058 |
10,828 |
16,789 |
| Net interest income |
9,779 |
9,425 |
29,560 |
28,443 |
| Provision for loan losses |
40 |
1,334 |
9,276 |
5,939 |
| Net interest income after provision for loan losses |
9,739 |
8,091 |
20,284 |
22,504 |
| Other operating income |
|
|
|
|
| Changes in fair value on impaired securities |
389 |
(589) |
346 |
204 |
| Portion of loss/(gain) recognized in other comprehensive income (before taxes) |
(389) |
589 |
(346) |
(223) |
| Net securities impairment losses recognized in operations |
0 |
0 |
0 |
(19) |
| Net gains/(losses) - other |
(300) |
(793) |
1,062 |
(125) |
| Total net gains/(losses) |
(300) |
(793) |
1,062 |
(144) |
| Service charges |
921 |
925 |
2,646 |
2,728 |
| Trust department |
1,139 |
1,094 |
3,408 |
3,237 |
| Insurance commissions |
1 |
648 |
9 |
1,936 |
| Debit card income |
490 |
486 |
1,511 |
1,598 |
| Bank owned life insurance |
256 |
260 |
1,520 |
769 |
| Other |
521 |
205 |
1,432 |
930 |
| Total other income |
3,328 |
3,618 |
10,526 |
11,198 |
| Total other operating income |
3,028 |
2,825 |
11,588 |
11,054 |
| Other operating expenses |
|
|
|
|
| Salaries and employee benefits |
4,848 |
5,027 |
14,784 |
15,185 |
| FDIC premiums |
505 |
431 |
1,482 |
1,818 |
| Equipment |
645 |
735 |
1,986 |
2,310 |
| Occupancy |
654 |
713 |
2,055 |
2,138 |
| Data processing |
711 |
655 |
2,156 |
2,042 |
| Other |
2,573 |
2,590 |
7,422 |
7,661 |
| Total other operating expenses |
9,936 |
10,151 |
29,885 |
31,154 |
| Income before income tax expense |
2,831 |
765 |
1,987 |
2,404 |
| Applicable income tax expense/(benefit) |
(44) |
79 |
128 |
(372) |
| Net Income |
2,875 |
686 |
1,859 |
2,776 |
| Accumulated preferred stock dividends and discount accretion |
(415) |
(404) |
(1,261) |
(1,198) |
| /Net Income Available to Common Shareholders |
$ 2,460 |
$ 282 |
$ 598 |
$ 1,578 |
| Basic net income per common share |
$ 0.40 |
$ 0.05 |
$ 0.10 |
$ 0.26 |
| Diluted net income per common share |
$ 0.40 |
$ 0.05 |
$ 0.10 |
$ 0.26 |
| Weighted average number of basic and diluted shares outstanding |
6,199 |
6,183 |
6,192 |
6,175 |