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Condensed Consolidated Statements of Income (Unaudited) (USD $)
In Thousands, except Per 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:        
Loans $ 14,754 $ 15,330 $ 29,753 $ 31,332
Securities:        
Taxable 1,004 1,160 2,031 2,388
Tax-exempt 145 99 262 197
Other investments 44 42 87 84
Federal funds sold and other short-term investments 234 106 446 187
Total interest income 16,181 16,737 32,579 34,188
Interest expense:        
Time deposits 1,370 1,974 2,906 4,200
Demand and savings deposits 586 927 1,221 1,847
Junior subordinated debentures 333 325 669 649
Subordinated debentures and other borrowings 247 263 494 544
Total interest expense 2,536 3,489 5,290 7,240
Net interest income 13,645 13,248 27,289 26,948
Provision for loan losses 200 1,245 600 1,575
Net interest income after provision for loan losses 13,445 12,003 26,689 25,373
Noninterest income:        
Service fees 1,131 1,034 2,248 2,090
Loan-related fees 117 82 187 179
Letters of credit commissions and fees 190 165 387 349
Gain (loss) on securities, net 72 (24) 84 (74)
Total other-than-temporary impairments (“OTTI”) on securities (48) (78) (87) (183)
Less: Noncredit portion of “OTTI” (10) (1) (10) (18)
Net impairments on securities (38) (77) (77) (165)
Other noninterest income 288 391 734 851
Total noninterest income 1,760 1,571 3,563 3,230
Noninterest expense:        
Salaries and employee benefits 5,997 5,243 11,918 10,488
Occupancy and equipment 1,743 1,847 3,432 3,649
Foreclosed assets, net 362 844 1,363 1,519
FDIC assessment 485 523 882 1,384
Other noninterest expense 2,725 1,566 4,650 4,746
Total noninterest expense 11,312 10,023 22,245 21,786
Income before provision for income taxes 3,893 3,551 8,007 6,817
Provision for income taxes 1,267 1,188 2,613 2,328
Net income 2,626 2,363 5,394 4,489
Dividends and discount – preferred stock (811) (605) (1,409) (1,210)
One-time adjustment from repurchase of preferred stock 706   706  
Net income available to common shareholders $ 2,521 $ 1,758 $ 4,691 $ 3,279
Earnings per common share:        
Basic (in Dollars per share) $ 0.16 $ 0.13 $ 0.33 $ 0.25
Diluted (in Dollars per share) $ 0.16 $ 0.13 $ 0.32 $ 0.25
Weighted average shares outstanding:        
Basic (in Shares) 15,493 13,142 14,331 13,139
Diluted (in Shares) 15,753 13,234 14,497 13,215