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Consolidated Statements of Income (USD $)
In Thousands, except Share data
3 Months Ended 6 Months Ended
Jun. 30, 2011
Jun. 30, 2010
Jun. 30, 2011
Jun. 30, 2010
Interest and dividend income:        
Loans $ 15,567 $ 15,354 $ 30,837 $ 30,123
Investment securities 907 1,057 1,866 2,147
Short-term investments 16 14 27 20
Total interest and dividend income 16,490 16,425 32,730 32,290
Interest expense:        
Deposits 1,903 2,224 3,818 4,555
Borrowed funds 22 50 44 107
Junior subordinated debentures 295 295 589 589
Total interest expense 2,220 2,569 4,451 5,251
Net interest income 14,270 13,856 28,279 27,039
Provision for loan losses 1,192 1,033 2,114 1,912
Net interest income after provision for loan losses 13,078 12,823 26,165 25,127
Non-interest income:        
Investment advisory fees 969 879 1,925 1,733
Deposit service fees 1,116 1,034 2,139 2,006
Income on bank-owned life insurance 160 166 322 322
Other than temporary impairment on investment securities   (7)   (8)
Net gains on sales of investment securities 261 276 261 777
Gains on sales of loans 64 103 284 184
Other income 476 406 895 934
Total non-interest income 3,046 2,857 5,826 5,948
Non-interest expense:        
Salaries and employee benefits 7,122 6,676 14,098 13,122
Occupancy and equipment expenses 1,334 1,332 2,778 2,639
Technology and telecommunications expenses 961 1,010 1,934 1,922
Advertising and public relations expenses 581 755 1,246 1,281
Deposit insurance premiums 284 449 773 909
Audit, legal and other professional fees 362 328 672 595
Supplies and postage expenses 206 201 424 397
Investment advisory and custodial expenses 126 110 230 246
Other operating expenses 1,118 911 2,139 1,794
Total non-interest expense 12,094 11,772 24,294 22,905
Income before income taxes 4,030 3,908 7,697 8,170
Provision for income taxes 1,345 1,305 2,548 2,681
Net income $ 2,685 $ 2,603 $ 5,149 $ 5,489
Basic earnings per share (in dollars per share) $ 0.29 $ 0.28 $ 0.55 $ 0.60
Diluted earnings per share (in dollars per share) $ 0.28 $ 0.28 $ 0.55 $ 0.60
Basic weighted average common shares outstanding (in shares) 9,401,932 9,219,171 9,360,458 9,172,194
Diluted weighted average common shares outstanding (in shares) 9,497,299 9,223,965 9,426,633 9,176,734