Indiana
|
35-1547518
|
(State
or other jurisdiction of
|
(I.R.S.
Employer
|
incorporation
or organization)
|
Identification
No.)
|
Class
|
Outstanding
at August 2, 2010
|
Common
Stock, no par value
|
11,104,918
|
PART
I.
|
FINANCIAL
INFORMATION
|
3
|
|
Item
1.
|
Financial
Statements
|
3
|
|
Consolidated
Balance Sheets – June 30, 2010 and December 31, 2009
|
3
|
||
Consolidated
Statements of Income and Comprehensive Income - Three Months Ended
June 30, 2010 and 2009
|
4
|
||
Consolidated
Statements of Income and Comprehensive Income - Six Months Ended June
30, 2010 and 2009
|
5
|
||
Consolidated
Statements of Cash Flows – Six Months Ended June 30, 2010 and
2009
|
6
|
||
Notes
to Consolidated Financial Statements – June 30, 2010
|
7-19
|
||
Item
2.
|
Management’s
Discussion and Analysis of Financial Condition and Results of
Operations
|
20-30
|
|
Item
3.
|
Quantitative
and Qualitative Disclosures About Market Risk
|
30
|
|
Item
4.
|
Controls
and Procedures
|
31
|
|
PART
II.
|
OTHER
INFORMATION
|
32
|
|
Item
1A.
|
Risk
Factors
|
32
|
|
Item
2.
|
Unregistered
Sales of Equity Securities and Use of Proceeds
|
32
|
|
Item
5.
|
Other
Information
|
32-33
|
|
Item
6.
|
Exhibits
|
33
|
|
|
|||
SIGNATURES |
34
|
||
INDEX OF EXHIBITS |
35
|
June 30,
|
December 31,
|
|||||||
2010
|
2009
|
|||||||
ASSETS
|
||||||||
Cash
and Due from Banks
|
$ | 17,110 | $ | 16,052 | ||||
Federal
Funds Sold and Other Short-term Investments
|
19,399 | 12,002 | ||||||
Cash
and Cash Equivalents
|
36,509 | 28,054 | ||||||
Securities
Available-for-Sale, at Fair Value
|
298,555 | 250,940 | ||||||
Securities
Held-to-Maturity, at Cost (Fair value of $1,899 and $2,801 on June
30, 2010 and December 31, 2009, respectively)
|
1,886 | 2,774 | ||||||
Loans
Held-for-Sale
|
10,768 | 5,706 | ||||||
Loans
|
914,667 | 879,475 | ||||||
Less:
Unearned Income
|
(1,729 | ) | (1,653 | ) | ||||
Allowance
for Loan Losses
|
(10,813 | ) | (11,016 | ) | ||||
Loans,
Net
|
902,125 | 866,806 | ||||||
Stock
in FHLB of Indianapolis and Other Restricted Stock, at
Cost
|
10,621 | 10,621 | ||||||
Premises,
Furniture and Equipment, Net
|
26,182 | 22,153 | ||||||
Other
Real Estate
|
1,822 | 2,363 | ||||||
Goodwill
|
9,835 | 9,655 | ||||||
Intangible
Assets
|
3,056 | 2,618 | ||||||
Company
Owned Life Insurance
|
24,400 | 24,008 | ||||||
Accrued
Interest Receivable and Other Assets
|
15,169 | 17,267 | ||||||
TOTAL
ASSETS
|
$ | 1,340,928 | $ | 1,242,965 | ||||
LIABILITIES
|
||||||||
Non-interest-bearing
Demand Deposits
|
$ | 166,922 | $ | 155,268 | ||||
Interest-bearing
Demand, Savings, and Money Market Accounts
|
522,438 | 484,699 | ||||||
Time
Deposits
|
360,496 | 329,676 | ||||||
Total
Deposits
|
1,049,856 | 969,643 | ||||||
FHLB
Advances and Other Borrowings
|
157,861 | 148,121 | ||||||
Accrued
Interest Payable and Other Liabilities
|
13,054 | 11,652 | ||||||
TOTAL
LIABILITIES
|
1,220,771 | 1,129,416 | ||||||
SHAREHOLDERS’
EQUITY
|
||||||||
Preferred
Stock, $10 par value; 500,000 shares authorized, no shares
issued
|
— | — | ||||||
Common
Stock, no par value, $1 stated value; 20,000,000 shares
authorized
|
11,105 | 11,077 | ||||||
Additional
Paid-in Capital
|
69,020 | 68,816 | ||||||
Retained
Earnings
|
32,595 | 29,041 | ||||||
Accumulated
Other Comprehensive Income, Net of Tax
|
7,437 | 4,615 | ||||||
TOTAL
SHAREHOLDERS’ EQUITY
|
120,157 | 113,549 | ||||||
TOTAL
LIABILITIES AND SHAREHOLDERS’ EQUITY
|
$ | 1,340,928 | $ | 1,242,965 | ||||
End
of period shares issued and outstanding
|
11,104,918 | 11,077,382 |
Three Months Ended
|
||||||||
June 30,
|
||||||||
2010
|
2009
|
|||||||
INTEREST
INCOME
|
||||||||
Interest
and Fees on Loans
|
$ | 13,194 | $ | 13,473 | ||||
Interest
on Federal Funds Sold and Other Short-term Investments
|
27 | 22 | ||||||
Interest
and Dividends on Securities:
|
||||||||
Taxable
|
2,462 | 2,151 | ||||||
Non-taxable
|
258 | 277 | ||||||
TOTAL
INTEREST INCOME
|
15,941 | 15,923 | ||||||
INTEREST
EXPENSE
|
||||||||
Interest
on Deposits
|
2,686 | 3,335 | ||||||
Interest
on FHLB Advances and Other Borrowings
|
1,340 | 1,471 | ||||||
TOTAL
INTEREST EXPENSE
|
4,026 | 4,806 | ||||||
NET
INTEREST INCOME
|
11,915 | 11,117 | ||||||
Provision
for Loan Losses
|
1,000 | 1,000 | ||||||
NET
INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES
|
10,915 | 10,117 | ||||||
NON-INTEREST
INCOME
|
||||||||
Trust
and Investment Product Fees
|
395 | 457 | ||||||
Service
Charges on Deposit Accounts
|
1,075 | 1,080 | ||||||
Insurance
Revenues
|
1,083 | 1,290 | ||||||
Company
Owned Life Insurance
|
186 | 200 | ||||||
Other
Operating Income
|
553 | 368 | ||||||
Net
Gains on Sales of Loans
|
499 | 461 | ||||||
Net
Gain (Loss) on Securities
|
— | (34 | ) | |||||
TOTAL
NON-INTEREST INCOME
|
3,791 | 3,822 | ||||||
NON-INTEREST
EXPENSE
|
||||||||
Salaries
and Employee Benefits
|
5,288 | 5,515 | ||||||
Occupancy
Expense
|
835 | 816 | ||||||
Furniture
and Equipment Expense
|
600 | 654 | ||||||
FDIC
Premiums
|
336 | 885 | ||||||
Data
Processing Fees
|
365 | 344 | ||||||
Professional
Fees
|
524 | 405 | ||||||
Advertising
and Promotion
|
273 | 199 | ||||||
Supplies
|
246 | 142 | ||||||
Intangible
Amortization
|
247 | 221 | ||||||
Other
Operating Expenses
|
1,188 | 1,052 | ||||||
TOTAL
NON-INTEREST EXPENSE
|
9,902 | 10,233 | ||||||
Income
before Income Taxes
|
4,804 | 3,706 | ||||||
Income
Tax Expense
|
1,396 | 942 | ||||||
NET
INCOME
|
$ | 3,408 | $ | 2,764 | ||||
COMPREHENSIVE
INCOME
|
$ | 5,331 | $ | 2,092 | ||||
Earnings
Per Share and Diluted Earnings Per Share
|
$ | 0.31 | $ | 0.25 | ||||
Dividends
Per Share
|
$ | 0.14 | $ | 0.14 |
Six Months Ended
|
||||||||
June 30,
|
||||||||
2010
|
2009
|
|||||||
INTEREST
INCOME
|
||||||||
Interest
and Fees on Loans
|
$ | 26,033 | $ | 26,867 | ||||
Interest
on Federal Funds Sold and Other Short-term Investments
|
36 | 39 | ||||||
Interest
and Dividends on Securities:
|
||||||||
Taxable
|
4,927 | 4,341 | ||||||
Non-taxable
|
528 | 533 | ||||||
TOTAL
INTEREST INCOME
|
31,524 | 31,780 | ||||||
INTEREST
EXPENSE
|
||||||||
Interest
on Deposits
|
5,298 | 7,340 | ||||||
Interest
on FHLB Advances and Other Borrowings
|
2,662 | 2,682 | ||||||
TOTAL
INTEREST EXPENSE
|
7,960 | 10,022 | ||||||
NET
INTEREST INCOME
|
23,564 | 21,758 | ||||||
Provision
for Loan Losses
|
2,500 | 1,750 | ||||||
NET
INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES
|
21,064 | 20,008 | ||||||
NON-INTEREST
INCOME
|
||||||||
Trust
and Investment Product Fees
|
786 | 847 | ||||||
Service
Charges on Deposit Accounts
|
2,021 | 2,140 | ||||||
Insurance
Revenues
|
2,769 | 2,777 | ||||||
Company
Owned Life Insurance
|
388 | 438 | ||||||
Other
Operating Income
|
1,589 | 872 | ||||||
Net
Gains on Sales of Loans
|
817 | 1,026 | ||||||
Net
Gain (Loss) on Securities
|
— | (34 | ) | |||||
TOTAL
NON-INTEREST INCOME
|
8,370 | 8,066 | ||||||
NON-INTEREST
EXPENSE
|
||||||||
Salaries
and Employee Benefits
|
10,837 | 11,129 | ||||||
Occupancy
Expense
|
1,722 | 1,683 | ||||||
Furniture
and Equipment Expense
|
1,252 | 1,316 | ||||||
FDIC
Premiums
|
688 | 1,220 | ||||||
Data
Processing Fees
|
724 | 701 | ||||||
Professional
Fees
|
1,045 | 1,012 | ||||||
Advertising
and Promotion
|
542 | 487 | ||||||
Supplies
|
441 | 277 | ||||||
Intangible
Amortization
|
465 | 442 | ||||||
Other
Operating Expenses
|
2,452 | 2,047 | ||||||
TOTAL
NON-INTEREST EXPENSE
|
20,168 | 20,314 | ||||||
Income
before Income Taxes
|
9,266 | 7,760 | ||||||
Income
Tax Expense
|
2,607 | 2,054 | ||||||
NET
INCOME
|
$ | 6,659 | $ | 5,706 | ||||
COMPREHENSIVE
INCOME
|
$ | 9,481 | $ | 6,397 | ||||
Earnings
Per Share and Diluted Earnings Per Share
|
$ | 0.60 | $ | 0.52 | ||||
Dividends
Per Share
|
$ | 0.28 | $ | 0.28 |
Six Months Ended
|
||||||||
June 30,
|
||||||||
2010
|
2009
|
|||||||
CASH
FLOWS FROM OPERATING ACTIVITIES
|
||||||||
Net
Income
|
$ | 6,659 | $ | 5,706 | ||||
Adjustments
to Reconcile Net Income to Net Cash from Operating
Activities:
|
||||||||
Net
(Accretion) Amortization on Securities
|
278 | (170 | ) | |||||
Depreciation
and Amortization
|
1,812 | 1,797 | ||||||
Loans
Originated for Sale
|
(40,891 | ) | (79,937 | ) | ||||
Proceeds
from Sales of Loans Held-for-Sale
|
36,646 | 71,754 | ||||||
Loss
in Investment in Limited Partnership
|
33 | 78 | ||||||
Provision
for Loan Losses
|
2,500 | 1,750 | ||||||
Gain
on Sale of Loans, net
|
(817 | ) | (1,026 | ) | ||||
Loss
(Gain) on Sales of Other Real Estate and Repossessed
Assets
|
(237 | ) | 314 | |||||
Loss
(Gain) on Disposition and Impairment of Premises and
Equipment
|
(55 | ) | 11 | |||||
Other-than-temporary
Impairment on Securities
|
— | 34 | ||||||
Increase
in Cash Surrender Value of Company Owned Life Insurance
|
(392 | ) | (444 | ) | ||||
Equity
Based Compensation
|
200 | 235 | ||||||
Change
in Assets and Liabilities:
|
||||||||
Interest
Receivable and Other Assets
|
2,218 | 3,431 | ||||||
Interest
Payable and Other Liabilities
|
(202 | ) | (1,844 | ) | ||||
Net
Cash from Operating Activities
|
7,752 | 1,689 | ||||||
CASH
FLOWS FROM INVESTING ACTIVITIES
|
||||||||
Proceeds
from Maturities of Securities Available-for-Sale
|
25,873 | 19,191 | ||||||
Proceeds
from Sales of Securities Available-for-Sale
|
— | 379 | ||||||
Purchase
of Securities Available-for-Sale
|
(69,406 | ) | (41,729 | ) | ||||
Proceeds
from Maturities of Securities Held-to-Maturity
|
889 | 309 | ||||||
Purchase
of Loans
|
(175 | ) | (20,666 | ) | ||||
Proceeds
from Sales of Loans
|
3,711 | 12,938 | ||||||
Loans
Made to Customers, net of Payments Received
|
472 | 373 | ||||||
Proceeds
from Sales of Other Real Estate
|
1,889 | 322 | ||||||
Property
and Equipment Expenditures
|
(652 | ) | (1,275 | ) | ||||
Proceeds
from Sales of Property and Equipment
|
491 | 4 | ||||||
Acquire
Bank Branches
|
855 | — | ||||||
Acquire
Insurance Customer List
|
— | (386 | ) | |||||
Net
Cash from Investing Activities
|
(36,053 | ) | (30,540 | ) | ||||
CASH
FLOWS FROM FINANCING ACTIVITIES
|
||||||||
Change
in Deposits
|
30,090 | 14,028 | ||||||
Change
in Short-term Borrowings
|
10,535 | (3,050 | ) | |||||
Advances
in Long-term Debt
|
— | 19,250 | ||||||
Repayments
of Long-term Debt
|
(796 | ) | (33 | ) | ||||
Issuance
of Common Stock
|
32 | 5 | ||||||
Dividends
Paid
|
(3,105 | ) | (3,094 | ) | ||||
Net
Cash from Financing Activities
|
36,756 | 27,106 | ||||||
Net
Change in Cash and Cash Equivalents
|
8,455 | (1,745 | ) | |||||
Cash
and Cash Equivalents at Beginning of Year
|
28,054 | 44,992 | ||||||
Cash
and Cash Equivalents at End of Period
|
$ | 36,509 | $ | 43,247 | ||||
Cash
Paid During the Period for
|
||||||||
Interest
|
$ | 7,858 | $ | 10,721 | ||||
Income
Taxes
|
2,678 | 2,270 | ||||||
Supplemental
Non Cash Disclosures(1)
|
||||||||
Loans
Transferred to Other Real Estate
|
$ | 1,112 | $ | 1,266 |
Three Months Ended
|
||||||||
June 30,
|
||||||||
2010
|
2009
|
|||||||
Earnings
per Share:
|
||||||||
Net
Income
|
$ | 3,408 | $ | 2,764 | ||||
Weighted
Average Shares Outstanding
|
11,103,095 | 11,073,081 | ||||||
Earnings
per Share
|
$ | 0.31 | $ | 0.25 | ||||
Diluted
Earnings per Share:
|
||||||||
Net
Income
|
$ | 3,408 | $ | 2,764 | ||||
Weighted
Average Shares Outstanding
|
11,103,095 | 11,073,081 | ||||||
Potentially
Dilutive Shares, Net
|
5,065 | 494 | ||||||
Diluted
Weighted Average Shares Outstanding
|
11,108,160 | 11,073,575 | ||||||
Diluted
Earnings per Share
|
$ | 0.31 | $ | 0.25 |
Six Months Ended
|
||||||||
June 30,
|
||||||||
2010
|
2009
|
|||||||
Earnings
per Share:
|
||||||||
Net
Income
|
$ | 6,659 | $ | 5,706 | ||||
Weighted
Average Shares Outstanding
|
11,092,447 | 11,055,111 | ||||||
Earnings
per Share
|
$ | 0.60 | $ | 0.52 | ||||
Diluted
Earnings per Share:
|
||||||||
Net
Income
|
$ | 6,659 | $ | 5,706 | ||||
Weighted
Average Shares Outstanding
|
11,092,447 | 11,055,111 | ||||||
Potentially
Dilutive Shares, Net
|
4,896 | — | ||||||
Diluted
Weighted Average Shares Outstanding
|
11,097,343 | 11,055,111 | ||||||
Diluted
Earnings per Share
|
$ | 0.60 | $ | 0.52 |
Gross
|
Gross
|
|||||||||||||||
Amortized
|
Unrealized
|
Unrealized
|
Fair
|
|||||||||||||
Cost
|
Gains
|
Losses
|
Value
|
|||||||||||||
Securities Available-for-Sale:
|
||||||||||||||||
June
30, 2010
|
||||||||||||||||
U.S.
Treasury and Agency Securities
|
$ | — | $ | — | $ | — | $ | — | ||||||||
Obligations
of State and Political Subdivisions
|
21,204 | 1,121 | (23 | ) | 22,302 | |||||||||||
Mortgage-backed
Securities - Residential
|
263,151 | 10,755 | (137 | ) | 273,769 | |||||||||||
Equity
Securities
|
2,818 | — | (334 | ) | 2,484 | |||||||||||
Total
|
$ | 287,173 | $ | 11,876 | $ | (494 | ) | $ | 298,555 | |||||||
December
31, 2009
|
||||||||||||||||
U.S.
Treasury and Agency Securities
|
$ | 5,000 | $ | — | $ | (30 | ) | $ | 4,970 | |||||||
Obligations
of State and Political Subdivisions
|
21,511 | 931 | (64 | ) | 22,378 | |||||||||||
Mortgage-backed
Securities - Residential
|
214,591 | 7,065 | (404 | ) | 221,252 | |||||||||||
Equity
Securities
|
2,818 | 13 | (491 | ) | 2,340 | |||||||||||
Total
|
$ | 243,920 | $ | 8,009 | $ | (989 | ) | $ | 250,940 |
Gross
|
Gross
|
|||||||||||||||
Carrying
|
Unrecognized
|
Unrecognized
|
Fair
|
|||||||||||||
Amount
|
Gains
|
Losses
|
Value
|
|||||||||||||
Securities Held-to-Maturity:
|
||||||||||||||||
June
30, 2010
|
||||||||||||||||
Obligations
of State and Political Subdivisions
|
$ | 1,886 | $ | 13 | $ | — | $ | 1,899 | ||||||||
December
31, 2009
|
||||||||||||||||
Obligations
of State and Political Subdivisions
|
$ | 2,774 | $ | 27 | $ | — | $ | 2,801 |
Amortized
|
Fair
|
|||||||
Cost
|
Value
|
|||||||
Securities
Available-for-Sale:
|
||||||||
Due
in one year or less
|
$ | 785 | $ | 790 | ||||
Due
after one year through five years
|
3,419 | 3,588 | ||||||
Due
after five years through ten years
|
4,678 | 4,762 | ||||||
Due
after ten years
|
12,322 | 13,162 | ||||||
Mortgage-backed
Securities - Residential
|
263,151 | 273,769 | ||||||
Equity
Securities
|
2,818 | 2,484 | ||||||
Totals
|
$ | 287,173 | $ | 298,555 |
Carrying
|
Fair
|
|||||||
Amount
|
Value
|
|||||||
Securities
Held-to-Maturity:
|
||||||||
Due
in one year or less
|
$ | 175 | $ | 175 | ||||
Due
after one year through five years
|
454 | 456 | ||||||
Due
after five years through ten years
|
937 | 948 | ||||||
Due
after ten years
|
320 | 320 | ||||||
Totals
|
$ | 1,886 | $ | 1,899 |
At June 30, 2010:
|
Less than 12 Months
|
12 Months or More
|
Total
|
|||||||||||||||||||||
Fair
|
Unrealized
|
Fair
|
Unrealized
|
Fair
|
Unrealized
|
|||||||||||||||||||
Value
|
Loss
|
Value
|
Loss
|
Value
|
Loss
|
|||||||||||||||||||
U.S.
Treasury and Agency Securities
|
$ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||
Obligations
of State and Political Subdivisions
|
1,273 | (10 | ) | 987 | (13 | ) | 2,260 | (23 | ) | |||||||||||||||
Mortgage-backed
Securities - Residential
|
17,182 | (136 | ) | 39 | (1 | ) | 17,221 | (137 | ) | |||||||||||||||
Equity
Securities
|
— | — | 1,689 | (334 | ) | 1,689 | (334 | ) | ||||||||||||||||
Total
|
$ | 18,455 | $ | (146 | ) | $ | 2,715 | $ | (348 | ) | $ | 21,170 | $ | (494 | ) |
At December 31, 2009:
|
Less than 12 Months
|
12 Months or More
|
Total
|
|||||||||||||||||||||
Fair
|
Unrealized
|
Fair
|
Unrealized
|
Fair
|
Unrealized
|
|||||||||||||||||||
Value
|
Loss
|
Value
|
Loss
|
Value
|
Loss
|
|||||||||||||||||||
U.S.
Treasury and Agency Securities
|
$ | 4,970 | $ | (30 | ) | $ | — | $ | — | $ | 4,970 | $ | (30 | ) | ||||||||||
Obligations
of State and Political Subdivisions
|
3,419 | (64 | ) | — | — | 3,419 | (64 | ) | ||||||||||||||||
Mortgage-backed
Securities - Residential
|
47,726 | (403 | ) | 40 | (1 | ) | 47,766 | (404 | ) | |||||||||||||||
Equity
Securities
|
1,533 | (491 | ) | — | — | 1,533 | (491 | ) | ||||||||||||||||
Total
|
$ | 57,648 | $ | (988 | ) | $ | 40 | $ | (1 | ) | $ | 57,688 | $ | (989 | ) |
Three Months
|
Six Months
|
|||||||
Ended
|
Ended
|
|||||||
June 30, 2010
|
June 30, 2010
|
|||||||
Proceeds
from Sales and Calls
|
$ | — | $ | — | ||||
Gross
Gains on Sales and Calls
|
— | — | ||||||
Income
Taxes on Gross Gains
|
— | — |
Three Months
|
Six Months
|
|||||||
Ended
|
Ended
|
|||||||
June 30, 2009
|
June 30, 2009
|
|||||||
Proceeds
from Sales and Calls
|
$ | — | $ | 379 | ||||
Gross
Gains on Sales and Calls
|
— | — | ||||||
Income
Taxes on Gross Gains
|
— | — |
June 30,
|
December 31,
|
|||||||
2010
|
2009
|
|||||||
Commercial
and Industrial Loans
|
$ | 226,876 | $ | 188,962 | ||||
Commercial
Real Estate Loans
|
340,229 | 334,255 | ||||||
Agricultural
Loans
|
150,462 | 156,845 | ||||||
Consumer
Loans
|
115,553 | 114,736 | ||||||
Residential
Mortgage Loans
|
81,547 | 84,677 | ||||||
Total
Loans
|
$ | 914,667 | $ | 879,475 | ||||
Less:
Unearned Income
|
(1,729 | ) | (1,653 | ) | ||||
Allowance
for Loan Losses
|
(10,813 | ) | (11,016 | ) | ||||
Loans,
Net
|
$ | 902,125 | $ | 866,806 |
Impaired
Loans with No Allowance for Loan Losses Allocated
|
$ | 1,469 | $ | 1,213 | ||||
Impaired
Loans with Allowance for Loan Losses Allocated
|
5,902 | 6,932 | ||||||
Amount
of Allowance Allocated to Impaired Loans
|
2,004 | 3,024 |
June 30,
|
June 30,
|
|||||||
2010
|
2009
|
|||||||
Balance
as of January 1
|
$ | 11,016 | $ | 9,522 | ||||
Provision
for Loan Losses
|
2,500 | 1,750 | ||||||
Recoveries
of Prior Loan Losses
|
439 | 600 | ||||||
Loan
Losses Charged to the Allowance
|
(3,142 | ) | (1,577 | ) | ||||
Balance
as of June 30
|
$ | 10,813 | $ | 10,295 |
Trust
and
|
||||||||||||||||||||
Investment
|
||||||||||||||||||||
Core
|
Advisory
|
Consolidated
|
||||||||||||||||||
Banking
|
Services
|
Insurance
|
Other
|
Totals
|
||||||||||||||||
Net
Interest Income
|
$ | 12,356 | $ | 2 | $ | 9 | $ | (452 | ) | $ | 11,915 | |||||||||
Net
Gains on Sales of Loans
|
499 | — | — | — | 499 | |||||||||||||||
Net
Gain (Loss) on Securities
|
— | — | — | — | — | |||||||||||||||
Trust
and Investment Product Fees
|
1 | 395 | — | (1 | ) | 395 | ||||||||||||||
Insurance
Revenues
|
17 | 1 | 1,072 | (7 | ) | 1,083 | ||||||||||||||
Noncash
Item:
|
||||||||||||||||||||
Provision
for Loan Losses
|
1,000 | — | — | — | 1,000 | |||||||||||||||
Depreciation
and Amortization
|
615 | 7 | 227 | — | 849 | |||||||||||||||
Income
Tax Expense
|
1,883 | (53 | ) | (105 | ) | (329 | ) | 1,396 | ||||||||||||
Segment
Profit (Loss)
|
3,874 | (80 | ) | (171 | ) | (215 | ) | 3,408 | ||||||||||||
Segment
Assets
|
1,334,688 | 2,284 | 8,188 | (4,232 | ) | 1,340,928 |
Trust and
|
||||||||||||||||||||
Investment
|
||||||||||||||||||||
Core
|
Advisory
|
Consolidated
|
||||||||||||||||||
Banking
|
Services
|
Insurance
|
Other
|
Totals
|
||||||||||||||||
Net
Interest Income
|
$ | 11,452 | $ | 4 | $ | 15 | $ | (354 | ) | $ | 11,117 | |||||||||
Net
Gains on Sales of Loans
|
461 | — | — | — | 461 | |||||||||||||||
Net
Gain (Loss) on Securities
|
— | — | — | (34 | ) | (34 | ) | |||||||||||||
Trust
and Investment Product Fees
|
1 | 457 | — | (1 | ) | 457 | ||||||||||||||
Insurance
Revenues
|
34 | 2 | 1,267 | (13 | ) | 1,290 | ||||||||||||||
Noncash
Item:
|
||||||||||||||||||||
Provision
for Loan Losses
|
1,000 | — | — | — | 1,000 | |||||||||||||||
Depreciation
and Amortization
|
666 | 7 | 226 | — | 899 | |||||||||||||||
Income
Tax Expense
|
1,211 | 9 | 24 | (302 | ) | 942 | ||||||||||||||
Segment
Profit (Loss)
|
2,874 | 14 | 40 | (164 | ) | 2,764 | ||||||||||||||
Segment
Assets
|
1,218,143 | 2,054 | 8,489 | (4,194 | ) | 1,224,492 |
Trust and
|
||||||||||||||||||||
Investment
|
||||||||||||||||||||
Core
|
Advisory
|
Consolidated
|
||||||||||||||||||
Banking
|
Services
|
Insurance
|
Other
|
Totals
|
||||||||||||||||
Net
Interest Income
|
$ | 24,442 | $ | 4 | $ | 17 | $ | (899 | ) | $ | 23,564 | |||||||||
Net
Gains on Sales of Loans
|
817 | — | — | — | 817 | |||||||||||||||
Net
Gain (Loss) on Securities
|
— | — | — | — | — | |||||||||||||||
Trust
and Investment Product Fees
|
2 | 786 | — | (2 | ) | 786 | ||||||||||||||
Insurance
Revenues
|
30 | 7 | 2,746 | (14 | ) | 2,769 | ||||||||||||||
Noncash
Item:
|
||||||||||||||||||||
Provision
for Loan Losses
|
2,500 | — | — | — | 2,500 | |||||||||||||||
Depreciation
and Amortization
|
1,335 | 13 | 464 | — | 1,812 | |||||||||||||||
Income
Tax Expense
|
3,321 | (104 | ) | 8 | (618 | ) | 2,607 | |||||||||||||
Segment
Profit (Loss)
|
7,241 | (157 | ) | (10 | ) | (415 | ) | 6,659 | ||||||||||||
Segment
Assets
|
1,334,688 | 2,284 | 8,188 | (4,232 | ) | 1,340,928 |
Trust and
|
||||||||||||||||||||
Investment
|
||||||||||||||||||||
Core
|
Advisory
|
Consolidated
|
||||||||||||||||||
Banking
|
Services
|
Insurance
|
Other
|
Totals
|
||||||||||||||||
Net
Interest Income
|
$ | 22,199 | $ | 5 | $ | 28 | $ | (474 | ) | $ | 21,758 | |||||||||
Net
Gains on Sales of Loans
|
1,026 | — | — | — | 1,026 | |||||||||||||||
Net
Gain (Loss) on Securities
|
— | — | — | (34 | ) | (34 | ) | |||||||||||||
Trust
and Investment Product Fees
|
2 | 847 | — | (2 | ) | 847 | ||||||||||||||
Insurance
Revenues
|
50 | 4 | 2,750 | (27 | ) | 2,777 | ||||||||||||||
Noncash
Item:
|
||||||||||||||||||||
Provision
for Loan Losses
|
1,750 | — | — | — | 1,750 | |||||||||||||||
Depreciation
and Amortization
|
1,331 | 14 | 452 | — | 1,797 | |||||||||||||||
Income
Tax Expense
|
2,553 | (44 | ) | 47 | (502 | ) | 2,054 | |||||||||||||
Segment
Profit (Loss)
|
5,824 | (66 | ) | 76 | (128 | ) | 5,706 | |||||||||||||
Segment
Assets
|
1,218,143 | 2,054 | 8,489 | (4,194 | ) | 1,224,492 |
Three
Months Ended
|
||||||||
June
30,
|
||||||||
2010
|
2009
|
|||||||
Service
Cost
|
$ | — | $ | — | ||||
Interest
Cost
|
8 | 9 | ||||||
Expected
Return on Assets
|
— | (2 | ) | |||||
Amortization
of Transition Amount
|
— | — | ||||||
Amortization
of Prior Service Cost
|
(1 | ) | — | |||||
Recognition
of Net (Gain) Loss
|
7 | 4 | ||||||
Net
Periodic Benefit Cost
|
$ | 14 | $ | 11 | ||||
Loss
on Settlements and Curtailments
|
None
|
None
|
Six
Months Ended
|
||||||||
June
30,
|
||||||||
2010
|
2009
|
|||||||
Service
Cost
|
$ | — | $ | — | ||||
Interest
Cost
|
17 | 18 | ||||||
Expected
Return on Assets
|
(1 | ) | (4 | ) | ||||
Amortization
of Transition Amount
|
— | — | ||||||
Amortization
of Prior Service Cost
|
(2 | ) | (1 | ) | ||||
Recognition
of Net (Gain) Loss
|
13 | 8 | ||||||
Net
Periodic Benefit Cost
|
$ | 27 | $ | 21 | ||||
Loss
on Settlements and Curtailments
|
None
|
None
|
Fair Value Measurements at June 30, 2010 Using
|
||||||||||||||||
Quoted Prices in
|
||||||||||||||||
Active Markets for
|
Significant Other
|
Significant
|
||||||||||||||
Identical Assets
|
Observable Inputs
|
Unobservable Inputs
|
||||||||||||||
Carrying Value
|
(Level 1)
|
(Level 2)
|
(Level 3)
|
|||||||||||||
Assets:
|
||||||||||||||||
U.S.
Treasury and Agency Securities
|
$ | — | $ | — | $ | — | $ | — | ||||||||
Obligations
of State and
|
||||||||||||||||
Political
Subdivisions
|
22,302 | — | 22,302 | — | ||||||||||||
Mortgage-backed
Securities-Residential
|
273,769 | — | 273,769 | — | ||||||||||||
Equity
Securities
|
2,484 | 2,131 | — | 353 | ||||||||||||
Loans
Held-for-Sale
|
10,768 | — | 10,768 | — |