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CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE 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        
Loans, including fees $ 23,725 $ 26,576 $ 47,695 $ 53,209
Securities 7,333 7,408 14,517 15,023
Other interest income 64 55 87 78
Total interest income 31,122 34,039 62,299 68,310
Interest expense        
Deposits 3,829 6,021 8,115 12,253
Federal Home Loan Bank advances 1,421 2,153 2,881 4,454
Subordinated debentures 437 433 866 855
Other borrowings 45 68 97 153
Total interest expense 5,732 8,675 11,959 17,715
Net interest income 25,390 25,364 50,340 50,595
Provision for loan losses 4,000 12,750 9,600 22,250
Net interest income after provision for loan losses 21,390 12,614 40,740 28,345
Non-interest income        
Insurance commissions   599   1,117
Mortgage banking 1,197 1,687 2,515 3,211
Trust and investment product fees 813 617 1,753 1,182
Service charges on deposit accounts 4,517 4,378 8,415 8,247
Net realized gains on securities 2,521 1,925 3,654 2,978
Increase in cash surrender value of life insurance 303 303 594 597
Interchange income 1,564 1,410 2,980 2,674
Other income 605 441 928 1,185
Total non-interest income 11,520 11,360 20,839 21,191
Non-interest expense        
Salaries and employee benefits 12,580 12,431 25,413 24,876
Net occupancy expenses 1,648 1,531 3,415 3,386
Equipment expenses 1,938 1,990 3,918 3,888
Intangibles amortization 492 517 984 1,033
Telecommunications 493 482 965 946
Stationery printing and supplies 385 386 799 719
FDIC assessment 907 1,095 2,168 2,358
Marketing expense 1,126 704 2,207 1,297
Collection expenses 902 904 1,916 1,479
Other expenses 2,912 2,537 5,418 5,080
Total non-interest expense 23,383 22,577 47,203 45,062
Income before income tax 9,527 1,397 14,376 4,474
Income tax expense/(benefit) 1,901 (768) 2,204 (940)
Net income 7,626 2,165 12,172 5,414
Preferred dividends and discount accretion (764) (764) (1,527) (1,527)
Net income available to common shareholders 6,862 1,401 10,645 3,887
Comprehensive income $ 10,689 $ 6,690 $ 18,074 $ 10,900
Cash dividends declared per common share (in dollars per share) $ 0.010 $ 0.010 $ 0.020 $ 0.020
Net income per common share - basic (in dollars per share) $ 0.34 $ 0.07 $ 0.53 $ 0.19
Net income per common share - diluted (in dollars per share) $ 0.34 $ 0.07 $ 0.53 $ 0.19