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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 income        
Loans $ 12,012 $ 12,068 $ 24,117 $ 24,180
Securities held-to-maturity 1,518 1,875 3,291 3,860
Securities available-for-sale 5,709 4,979 11,062 10,012
Federal funds sold and interest-bearing deposits in other banks 358 403 705 781
Total interest income 19,597 19,325 39,175 38,833
Interest expense        
Savings and NOW deposits 719 1,093 1,431 2,314
Money market accounts 777 1,089 1,482 2,313
Time deposits 2,494 1,876 4,773 3,584
Securities sold under agreements to repurchase 98 131 208 350
Other borrowed funds and subordinated debentures 1,994 1,994 3,839 4,405
Total interest expense 6,082 6,183 11,733 12,966
Net interest income 13,515 13,142 27,442 25,867
Provision for loan losses 1,200 1,450 2,400 3,025
Net interest income after provision for loan losses 12,315 11,692 25,042 22,842
Other operating income        
Service charges on deposit accounts 1,936 1,952 3,823 3,875
Lockbox fees 734 748 1,471 1,448
Net gain on sales of investments 198 649 362 1,027
Other income 973 756 1,720 2,014
Total other operating income 3,841 4,105 7,376 8,364
Operating expenses        
Salaries and employee benefits 7,250 7,850 14,591 14,775
Occupancy 975 998 2,226 2,066
Equipment 534 533 1,092 1,083
FDIC assessments 464 740 1,199 1,390
Other 2,552 2,477 4,877 4,850
Total operating expenses 11,775 12,598 23,985 24,164
Income before income taxes 4,381 3,199 8,433 7,042
Provision for income taxes 184 238 511 659
Net income $ 4,197 $ 2,961 $ 7,922 $ 6,383
Share data:        
Weighted average number of shares outstanding, basic 5,540,597 5,530,297 5,540,590 5,530,297
Weighted average number of shares outstanding, diluted 5,541,595 5,532,980 5,541,743 5,533,025
Net income per share, basic $ 0.76 $ 0.54 $ 1.43 $ 1.15
Net income per share, diluted $ 0.76 $ 0.54 $ 1.43 $ 1.15
Class A Common Stock
       
Cash dividends paid:        
Cash dividends paid $ 0.12 $ 0.12 $ 0.24 $ 0.24
Class B Common Stock
       
Cash dividends paid:        
Cash dividends paid $ 0.06 $ 0.06 $ 0.12 $ 0.12