|
Consolidated Statements of Income (Unaudited) (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 and Dividend Income |
|
|
|
|
| Loans |
$ 10,194 |
$ 10,523 |
$ 20,243 |
$ 21,039 |
| Securities: |
|
|
|
|
| U.S. Government agencies and corporations |
1,281 |
1,612 |
2,541 |
3,089 |
| State and political subdivisions |
291 |
257 |
578 |
513 |
| Other debt and equity securities |
69 |
71 |
141 |
143 |
| Federal funds sold and interest on deposits in banks |
10 |
9 |
19 |
23 |
| Total interest and dividend income |
11,845 |
12,472 |
23,522 |
24,807 |
| Interest Expense |
|
|
|
|
| Deposits |
1,527 |
2,204 |
3,158 |
4,487 |
| Federal Home Loan Bank advances |
212 |
261 |
427 |
527 |
| Short-term borrowings |
|
1 |
|
2 |
| Junior subordinated debentures |
173 |
170 |
349 |
341 |
| Total interest expense |
1,912 |
2,636 |
3,934 |
5,357 |
| Net Interest Income |
9,933 |
9,836 |
19,588 |
19,450 |
| Provision for Loan Losses (Note 6) |
1,667 |
3,345 |
3,567 |
5,445 |
| Net interest income after provision for loan losses |
8,266 |
6,491 |
16,021 |
14,005 |
| Noninterest Income |
|
|
|
|
| Investment and trust services |
425 |
470 |
815 |
873 |
| Deposit service charges |
929 |
1,000 |
1,864 |
1,916 |
| Other service charges and fees |
804 |
819 |
1,552 |
1,725 |
| Income from bank owned life insurance |
169 |
175 |
334 |
349 |
| Other income |
58 |
41 |
400 |
120 |
| Total fees and other income |
2,385 |
2,505 |
4,965 |
4,983 |
| Securities gains, net |
|
88 |
|
500 |
| Gains on sale of loans |
205 |
238 |
552 |
417 |
| Loss on sale of other assets, net |
(47) |
(27) |
(99) |
(25) |
| Total noninterest income |
2,543 |
2,804 |
5,418 |
5,875 |
| Noninterest Expense |
|
|
|
|
| Salaries and employee benefits |
3,894 |
4,072 |
8,005 |
8,163 |
| Furniture and equipment |
877 |
798 |
1,709 |
1,478 |
| Net occupancy |
554 |
588 |
1,133 |
1,200 |
| Professional fees |
564 |
445 |
1,059 |
931 |
| Marketing and public relations |
395 |
275 |
642 |
546 |
| Supplies, postage and freight |
265 |
289 |
508 |
561 |
| Telecommunications |
172 |
169 |
345 |
384 |
| Ohio franchise tax |
307 |
298 |
623 |
596 |
| FDIC assessments |
394 |
399 |
786 |
973 |
| Other real estate owned |
175 |
207 |
307 |
797 |
| Electronic banking expenses |
323 |
223 |
561 |
432 |
| Loan and collection expense |
308 |
310 |
657 |
752 |
| Other expense |
819 |
449 |
1,256 |
898 |
| Total noninterest expense |
9,047 |
8,522 |
17,591 |
17,711 |
| Income before income tax expense |
1,762 |
773 |
3,848 |
2,169 |
| Income tax expense |
324 |
61 |
905 |
327 |
| Net Income |
1,438 |
712 |
2,943 |
1,842 |
| Other comprehensive income (loss), net of taxes: |
|
|
|
|
| Changes in unrealized securities' holding gain (loss) net of taxes |
357 |
751 |
(35) |
1,221 |
| Minimum pension liability adjustment, net of taxes during the period |
|
|
|
|
| Less: reclassification adjustments for securities' gains realized in net income, net of taxes |
|
59 |
|
333 |
| Total other comprehensive loss, net of taxes |
357 |
692 |
(35) |
888 |
| Comprehensive income |
1,795 |
2,730 |
2,908 |
2,730 |
| Dividends and accretion on preferred stock |
318 |
318 |
637 |
637 |
| Net Income Available to Common Shareholders |
$ 1,120 |
$ 394 |
$ 2,306 |
$ 1,205 |
| Net Income Per Common Share (Note 2) |
|
|
|
|
| Basic |
$ 0.14 |
$ 0.05 |
$ 0.29 |
$ 0.15 |
| Diluted |
$ 0.14 |
$ 0.05 |
$ 0.29 |
$ 0.15 |
| Dividends declared |
$ 0.01 |
$ 0.01 |
$ 0.02 |
$ 0.02 |
| Average Common Shares Outstanding |
|
|
|
|
| Basic |
7,944,354 |
7,884,749 |
7,934,458 |
7,878,119 |
| Diluted |
7,950,528 |
7,884,934 |
7,938,383 |
7,878,224 |