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CONSOLIDATED STATEMENTS OF INCOME (Unaudited) (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 fees on loans        
Taxable $ 26,300 $ 25,945 $ 52,165 $ 51,295
Tax exempt 122 19 243 38
Interest and dividends on securities        
Taxable 3,361 4,113 7,418 8,341
Tax exempt 687 708 1,376 1,353
Interest on short-term investments 78 27 96 41
Total interest income 30,548 30,812 61,298 61,068
Interest on deposits 7,093 6,933 13,778 13,448
Interest on borrowings        
Short-term 147 188 318 437
Long-term 363 539 723 1,070
Total interest expense 7,603 7,660 14,819 14,955
NET INTEREST INCOME 22,945 23,152 46,479 46,113
Provision for loan losses 2,900 5,750 8,500 11,276
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES 20,045 17,402 37,979 34,837
NONINTEREST INCOME        
Wealth advisory fees 929 833 1,747 1,625
Investment brokerage fees 621 471 1,352 1,016
Service charges on deposit accounts 1,939 2,202 3,902 4,060
Loan, insurance and service fees 1,260 1,074 2,336 1,994
Merchant card fee income 288 303 522 583
Other income 646 483 1,018 1,015
Mortgage banking income 203 74 154 165
Net securities gains (losses) 32 0 166 0
Other than temporary impairment on available-for-sale securities:        
Total impairment losses recognized on securities 0 (81) (121) (252)
Loss recognized in other comprehensive income 0 0 0 0
Net impairment loss recognized in earnings 0 0 (121) (252)
Total noninterest income 5,918 5,359 10,744 10,206
NONINTEREST EXPENSE        
Salaries and employee benefits 8,018 7,559 16,191 15,070
Occupancy expense 752 699 1,627 1,488
Equipment costs 510 522 1,064 1,051
Data processing fees and supplies 979 960 2,091 1,926
Credit card interchange 0 49 2 113
Other expense 3,714 3,636 7,166 6,825
Total noninterest expense 13,973 13,425 28,141 26,473
INCOME BEFORE INCOME TAX EXPENSE 11,990 9,336 20,582 18,570
Income tax expense 4,001 3,117 6,628 6,330
NET INCOME 7,989 6,219 13,954 12,240
Dividends and accretion of discount on preferred stock 0 2,382 0 3,187
NET INCOME AVAILABLE TO COMMON SHAREHOLDERS $ 7,989 $ 3,837 $ 13,954 $ 9,053
BASIC WEIGHTED AVERAGE COMMON SHARES 16,201,311 16,114,408 16,198,348 16,103,080
BASIC EARNINGS PER COMMON SHARE $ 0.49 $ 0.24 $ 0.86 $ 0.56
DILUTED WEIGHTED AVERAGE COMMON SHARES 16,300,229 16,212,460 16,296,684 16,195,254
DILUTED EARNINGS PER COMMON SHARE $ 0.49 $ 0.24 $ 0.86 $ 0.56