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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) (USD $)
In Thousands, except Share data, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2014
Jun. 30, 2013
Jun. 30, 2014
Jun. 30, 2013
INTEREST INCOME        
Loans and loan fees $ 13,203 $ 11,250 $ 26,080 $ 22,332
U.S. Government agency obligations 591 480 1,219 813
Obligations of states and political subdivisions 1,489 1,489 2,994 2,989
Collateralized mortgage obligations 224 546 474 1,381
Mortgage-backed securities 500 474 1,001 839
Corporate bonds 87 96 177 213
Federal funds sold and interest-bearing deposits due from banks 42 189 88 362
Dividends 35 36 73 75
Total interest income 16,171 14,560 32,106 29,004
INTEREST EXPENSE        
Saving, N.O.W. and money market deposits 287 294 579 580
Time certificates of $100,000 or more 234 294 468 594
Other time deposits 103 159 214 341
Borrowings 5 0 5 0
Total interest expense 629 747 1,266 1,515
Net interest income 15,542 13,813 30,840 27,489
Provision for loan losses 250 0 500 0
Net interest income after provision for loan losses 15,292 13,813 30,340 27,489
NON-INTEREST INCOME        
Service charges on deposit accounts 944 951 1,947 1,875
Other service charges, commissions and fees 892 813 1,571 1,523
Fiduciary fees 280 263 559 536
Net gain (loss) on sale of securities available for sale (23) 33 (23) 392
Net gain on sale of portfolio loans 0 3 0 445
Net gain on sale of mortgage loans originated for sale 70 305 163 831
Net gain on sale of premises and equipment 110 0 752 0
Income from bank owned life insurance 366 42 720 42
Other operating income 39 54 81 137
Total non-interest income 2,678 2,464 5,770 5,781
OPERATING EXPENSES        
Employee compensation and benefits 8,488 6,746 17,349 15,328
Occupancy expense 1,411 1,658 2,846 3,202
Equipment expense 434 557 883 1,129
Consulting and professional services 639 573 1,190 1,146
FDIC assessment 268 524 535 1,041
Data processing 559 749 1,132 1,216
Accounting and audit fees 110 178 218 199
Branch consolidation costs (279) 0 (449) 0
Reserve and carrying costs related to Visa shares sold 56 0 115 0
Other operating expenses 1,466 1,707 2,642 3,232
Total operating expenses 13,152 12,692 26,461 26,493
Income before income tax expense 4,818 3,585 9,649 6,777
Income tax expense 1,047 816 2,158 1,299
NET INCOME $ 3,771 $ 2,769 $ 7,491 $ 5,478
EARNINGS PER COMMON SHARE - BASIC (in dollars per shares) $ 0.33 $ 0.24 $ 0.65 $ 0.47
EARNINGS PER COMMON SHARE - DILUTED (in dollars per shares) $ 0.32 $ 0.24 $ 0.64 $ 0.47
WEIGHTED AVERAGE COMMON SHARES - BASIC (in shares) 11,575,322 11,570,450 11,574,174 11,568,410
WEIGHTED AVERAGE COMMON SHARES - DILUTED (in shares) 11,647,921 11,576,170 11,639,298 11,568,415