XML 13 R4.htm IDEA: XBRL DOCUMENT  v2.3.0.11
Consolidated Statements of Income (USD $)
In Thousands, except Per Share data
 3 Months Ended 6 Months Ended
Jun. 30, 2011
Jun. 30, 2010
Jun. 30, 2011
Jun. 30, 2010
Interest income        
Interest on loans $ 6,452 $ 6,782 $ 12,784 $ 13,466
Interest and dividends on investments and deposits 411 403 841 863
Total interest income 6,863 7,185 13,625 14,329
Interest expense        
Interest on deposits 1,718 1,815 3,464 3,627
Interest on borrowed funds 564 756 1,176 1,560
Total interest expense 2,282 2,571 4,640 5,187
Net interest income 4,581 4,614 8,985 9,142
Provision for loan losses 650 361 1,088 1,171
Net interest income after provision for loan losses 3,931 4,253 7,897 7,971
Noninterest income        
Mortgage banking income 355 89 483 115
Fees for other services 233 131 406 271
Fees for services related to deposit accounts 213 244 426 490
Net gain on investments 86 3 233 11
Cash surrender value of life insurance 78 83 155 167
Income from investment advisory services, net 65 54 139 95
Other income 32 55 57 81
Total noninterest income 1,062 659 1,899 1,230
Noninterest expense        
Compensation, taxes and benefits 2,358 2,122 4,715 4,196
Office occupancy 565 592 1,172 1,178
FDIC insurance premiums 172 170 376 332
Professional fees 122 107 259 218
Directors compensation 110 172 286 388
Advertising 106 93 205 166
Computer processing 64 233 326 462
Office supplies 50 45 97 95
Loss on foreclosed real estate, net 49 13 88 31
Public company expenses 30 37 48 48
Costs related to terminated merger 0 88 0 154
Other expenses 260 247 564 505
Total noninterest expense 3,886 3,919 8,136 7,773
Income before provision for income taxes 1,107 993 1,660 1,428
Provision for income taxes 345 313 501 435
Net income $ 762 $ 680 $ 1,159 $ 993
Earnings per common share - basic and diluted (in dollars per share) $ 0.11 [1] $ 0.10 [1] $ 0.17 [1] $ 0.15 [1]
[1] Earnings per share for the three and six months ended June 30, 2010 have been restated to reflect the effect of the Company's stock offering and concurrent second-step conversion effective June 29, 2011 at an exchange ratio of 0.9978.