XML 88 R4.htm IDEA: XBRL DOCUMENT v2.4.0.8
CONSOLIDATED STATEMENTS OF INCOME (USD $)
In Thousands, except Share data, unless otherwise specified
12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
INTEREST INCOME:      
Interest and fees on loans $ 27,325 $ 23,585 $ 25,502
Interest on investment securities:      
Taxable 3,369 3,737 3,843
Non-taxable 2,573 2,441 2,571
Other investments 230 175 177
TOTAL INTEREST INCOME 33,497 29,938 32,093
INTEREST EXPENSE:      
Interest on deposits 3,602 4,317 5,702
Interest on short-term borrowings 25 16 28
Interest on long-term debt 438 556 657
TOTAL INTEREST EXPENSE 4,065 4,889 6,387
NET INTEREST INCOME 29,432 25,049 25,706
PROVISION FOR LOAN LOSSES 588 1,351 2,089
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES 28,844 23,698 23,617
NON-INTEREST INCOME:      
Trust income 2,518 2,317 2,099
Service charges and fees on deposit accounts 4,155 3,605 3,739
Net gain on sales of securities 1,060 1,853 948
Bank owned life insurance income 678 578 596
Gains from sales of mortgage loans 339 506 177
Other operating income 340 190 205
TOTAL NON-INTEREST INCOME 9,090 9,049 7,764
NON-INTEREST EXPENSE:      
Salaries and employee benefits 13,487 11,614 11,743
Equipment expenses 1,232 1,100 1,038
Occupancy expense, net 2,042 1,671 1,761
State franchise tax 846 790 764
Marketing 561 526 480
FDIC premiums 499 405 545
ATM expense 534 620 553
Computer maintenance and supplies 616 524 565
Telephone expense 566 465 407
Contracted services 568 441 420
Other real estate owned (30) 490 350
Merger-related expenses 1,433 79 0
Other non-interest expense 3,858 2,957 3,223
TOTAL NON-INTEREST EXPENSE 26,212 21,682 21,849
INCOME BEFORE INCOME TAXES 11,722 11,065 9,532
PROVISION FOR INCOME TAXES 2,942 2,795 2,210
NET INCOME FROM CONTINUING OPERATIONS 8,780 8,270 7,322
INCOME FROM DISCONTINUED OPERATIONS, NET OF TAX 0 0 793
NET INCOME $ 8,780 $ 8,270 $ 8,115
Basic earnings per common share:      
Continuing Operations (in dollars per share) $ 1.12 $ 1.23 $ 1.09
Discontinued Operations (in dollars per share) $ 0.00 $ 0.00 $ 0.12
Diluted earnings per common share:      
Continuing operations (in dollars per share) $ 1.10 $ 1.22 $ 1.08
Discontinued operations (in dollars per share) $ 0.00 $ 0.00 $ 0.12
Weighted average shares outstanding:      
Basic (in shares) 7,852,514 6,717,357 6,692,385
Diluted (in shares) 7,982,997 6,802,475 6,751,599