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Consolidated Statements Of Income (USD $)
In Thousands, except Per Share data, unless otherwise specified
3 Months Ended 9 Months Ended
Sep. 30, 2012
Sep. 30, 2011
Sep. 30, 2012
Sep. 30, 2011
Interest and fees on loans        
Taxable $ 13,572 $ 14,656 $ 41,812 $ 44,623
Tax-exempt 76 61 243 191
Interest and dividends on securities        
Taxable 1,340 2,105 4,593 7,288
Tax-exempt 594 816 1,986 1,800
Interest on interest bearing deposits with other banks 7 14 30 59
Total interest income 15,589 17,652 48,664 53,961
Interest expense        
Interest on deposits 3,067 4,561 10,140 13,971
Interest on short-term borrowings 8 1 25 2
Interest on long-term borrowings and subordinated debentures 2,579 3,169 8,575 9,805
Total interest expense 5,654 7,731 18,740 23,778
Net interest income 9,935 9,921 29,924 30,183
Provision for loan losses 2,000 2,001 6,002 8,001
Net interest income after provision for loan losses 7,935 7,920 23,922 22,182
Other income        
Insurance commissions 1,052 1,073 3,352 3,458
Service fees related to deposit accounts 1,074 1,078 3,163 3,024
Realized securities gains 760 1,517 2,245 3,463
Gain (loss) on sales of assets 16 130 (583) 277
Write-downs of foreclosed properties (2,571) (1,637) (6,114) (5,770)
Other 514 510 1,649 1,354
Total other-than-temporary impairment loss on securities (233) (1,684) (1,115) (4,815)
Portion of loss recognized in other comprehensive income 194 1,200 740 2,570
Net impairment loss recognized in earnings (39) (484) (375) (2,245)
Total other income 806 2,187 3,337 3,561
Other expense        
Salaries, commissions, and employee benefits 3,940 3,959 11,733 11,987
Net occupancy expense 476 473 1,445 1,463
Equipment expense 576 589 1,773 1,750
Professional fees 250 265 781 654
Amortization of intangibles 88 88 263 263
FDIC premiums 510 580 1,532 1,859
Foreclosed properties expense 395 389 1,017 1,235
Other 1,237 1,230 3,762 3,240
Total other expense 7,472 7,573 22,306 22,451
Income before income taxes 1,269 2,534 4,953 3,292
Income tax expense 272 598 1,345 698
Net Income 997 1,936 3,608 2,594
Dividends on preferred shares 194 74 583 223
Net Income applicable to common shares $ 803 $ 1,862 $ 3,025 $ 2,371
Basic earnings per common share $ 0.11 $ 0.25 $ 0.41 $ 0.32
Diluted earnings per common share $ 0.10 $ 0.24 $ 0.38 $ 0.32