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Condensed Consolidated Statements of Income (Unaudited) (USD $)
In Thousands, except Per Share data, unless otherwise specified
3 Months Ended 9 Months Ended
Sep. 30, 2014
Sep. 30, 2013
Sep. 30, 2014
Sep. 30, 2013
Interest Income        
Loans receivable $ 16,403 $ 14,843 $ 45,988 $ 48,189
Investment securities        
Taxable 2,339 2,084 7,124 6,153
Tax exempt 1,109 1,114 3,328 3,105
Total interest income 19,851 18,041 56,440 57,447
Interest Expense        
Deposits 1,352 1,395 3,984 4,320
Borrowed funds 1,593 1,465 4,493 4,369
Subordinated debentures 506 512 1,503 1,504
Total interest expense 3,451 3,372 9,980 10,193
Net Interest Income 16,400 14,669 46,460 47,254
Provision for loan losses 1,741 104 2,080 2,917
Net Interest Income after Provision for Loan Losses 14,659 14,565 44,380 44,337
Non-interest Income        
Service charges on deposit accounts 1,076 1,083 3,037 2,984
Wire transfer fees 151 169 408 562
Interchange fees 1,223 1,123 3,436 3,049
Fiduciary activities 1,131 953 3,378 3,140
Gain on sale of investment securities (includes $988 for the three and nine months ended September 30, 2014 and $6 for the three months ended and $374 for the nine months ended September 30, 2013, related to accumulated other comprehensive earnings reclassifications) 988 6 988 374
Gain on sale of mortgage loans 2,153 1,667 6,101 7,580
Mortgage servicing income net of impairment 116 348 556 813
Increase in cash value of bank owned life insurance 296 278 781 787
Other income 256 283 854 930
Total non-interest income 7,390 5,910 19,539 20,219
Non-interest Expense        
Salaries and employee benefits 8,215 7,694 23,991 22,919
Net occupancy expenses 1,404 1,172 4,188 3,778
Data processing 907 766 2,714 2,184
Professional fees 358 357 1,385 1,310
Outside services and consultants 595 436 2,554 1,634
Loan expense 1,202 1,040 3,489 3,556
FDIC insurance expense 313 270 854 821
Other losses (35) 55 98 146
Other expense 2,394 2,271 7,002 6,487
Total non-interest expense 15,353 14,061 46,275 42,835
Income Before Income Tax 6,696 6,414 17,644 21,721
Income tax expense (includes $346 for the three and nine months ended September 30, 2014 and $2 for the three months ended and $131 for the nine months ended September 30, 2013 related to income tax expense from reclassification items) 1,738 1,629 4,491 5,960
Net Income 4,958 4,785 13,153 15,761
Preferred stock dividend and discount accretion (40) (66) (102) (308)
Net Income Available to Common Shareholders $ 4,918 $ 4,719 $ 13,051 $ 15,453
Basic Earnings Per Share $ 0.53 $ 0.55 $ 1.45 $ 1.79
Diluted Earnings Per Share $ 0.51 $ 0.52 $ 1.39 $ 1.72