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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (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 INCOME:        
Interest and fees on loans $ 15,639 $ 15,074 $ 30,719 $ 30,696
Federal funds sold and securities purchased under agreements to resell   2   2
Securities held to maturity - taxable 217   433  
Securities available for sale - taxable 2,744 3,779 5,354 8,145
Securities available for sale - tax-exempt 10 27 22 54
Dividends on Federal Home Loan Bank and other restricted stock 25 28 58 63
Interest on balances due from banks 14 6 18 10
Total interest income 18,649 18,916 36,604 38,970
INTEREST EXPENSE:        
Deposits 1,792 2,549 3,669 5,130
Temporary borrowings 14 16 32 48
Senior unsecured debt 281 281 561 561
Junior subordinated debentures 179 182 357 358
Total interest expense 2,266 3,028 4,619 6,097
Net interest income 16,383 15,888 31,985 32,873
Provision for loan losses 1,100 5,450 3,000 7,700
Net interest income after provision for loan losses 15,283 10,438 28,985 25,173
NON-INTEREST INCOME:        
Service charges on deposit accounts 416 455 858 905
Net gains on sales of securities 31 2,525 113 2,781
Income from bank owned life insurance 64 104 164 246
Other operating income 448 302 959 616
Total non-interest income 959 3,386 2,094 4,548
Income before operating expenses 16,242 13,824 31,079 29,721
OPERATING EXPENSES:        
Salaries and other employee benefits 6,241 6,598 12,107 12,594
Occupancy 1,347 1,391 2,769 2,810
Equipment 330 269 654 573
Marketing and advertising 205 453 513 906
FDIC and NYS assessment 553 684 1,153 1,356
Credit and collection 112 175 209 373
Data processing 258 258 520 520
Merger-related expenses 1,357   1,357  
Other operating expenses 1,168 1,353 2,278 3,045
Total operating expenses 11,571 11,181 21,560 22,177
INCOME BEFORE INCOME TAXES 4,671 2,643 9,519 7,544
PROVISION FOR INCOME TAXES 1,790 984 3,602 2,868
NET INCOME 2,881 1,659 5,917 4,676
Preferred dividends and accretion 521 518 1,042 1,036
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS 2,360 1,141 4,875 3,640
Total Comprehensive Income $ 4,716 $ 1,576 $ 6,882 $ 4,824
NET INCOME PER COMMON SHARE - BASIC (in dollars per share) $ 0.15 $ 0.07 $ 0.30 $ 0.22
NET INCOME PER COMMON SHARE - DILUTED (in dollars per share) $ 0.14 $ 0.07 $ 0.29 $ 0.22
WEIGHTED AVERAGE NUMBER OF COMMON SHARES - BASIC (in shares) 16,538,060 16,288,409 16,491,491 16,213,144
WEIGHTED AVERAGE NUMBER OF COMMON SHARES - DILUTED (in shares) 16,690,443 16,378,165 16,626,082 16,276,437