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Condensed Consolidated Statements of Income (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Jun. 30, 2015
Jun. 30, 2014
Interest Income        
Loans receivable $ 17,981 $ 16,631 $ 34,843 $ 29,585
Investment securities        
Taxable 2,067 2,395 4,221 4,785
Tax exempt 1,079 1,096 2,156 2,219
Total interest income 21,127 20,122 41,220 36,589
Interest Expense        
Deposits 1,237 1,355 2,469 2,632
Borrowed funds 1,539 1,478 3,018 2,900
Subordinated debentures 501 501 997 997
Total interest expense 3,277 3,334 6,484 6,529
Net Interest Income 17,850 16,788 34,736 30,060
Provision for loan losses 1,906 339 2,520 339
Net Interest Income after Provision for Loan Losses 15,944 16,449 32,216 29,721
Non-interest Income        
Service charges on deposit accounts 1,085 1,038 2,084 1,961
Wire transfer fees 182 145 333 257
Interchange fees 1,366 1,254 2,468 2,213
Fiduciary activities 1,216 1,199 2,513 2,247
Gain on sale of investment securities (includes $0 for the three months ended and $124 for the six months ended June 30, 2015 and $0 for the three and six months ended June 30, 2014, related to accumulated other comprehensive earnings reclassifications)     124  
Gain on sale of mortgage loans 2,642 2,537 5,021 3,948
Mortgage servicing income net of impairment 300 233 479 440
Increase in cash value of bank owned life insurance 257 252 515 485
Death benefit on bank owned life insurance     145  
Other income 138 (31) 570 598
Total non-interest income 7,186 6,627 14,252 12,149
Non-interest Expense        
Salaries and employee benefits 8,385 8,293 16,889 15,776
Net occupancy expenses 1,375 1,360 2,926 2,784
Data processing 966 937 1,889 1,807
Professional fees 660 419 1,187 1,027
Outside services and consultants 918 1,298 1,544 1,959
Loan expense 1,367 1,272 2,624 2,287
FDIC insurance expense 339 285 676 541
Other losses 150 95 105 133
Other expense 2,490 2,449 4,878 4,608
Total non-interest expense 16,650 16,408 32,718 30,922
Income Before Income Tax 6,480 6,668 13,750 10,948
Income tax expense (includes $0 for the three months ended and $43 for the six months ended June 30, 2015 and $0 for the three and six months ended June 30, 2014, related to income tax expense from reclassification items) 1,752 1,890 3,664 2,753
Net Income 4,728 4,778 10,086 8,195
Preferred stock dividend (31) (32) (63) (63)
Net Income Available to Common Shareholders $ 4,697 $ 4,746 $ 10,023 $ 8,132
Basic Earnings Per Share $ 0.51 $ 0.52 $ 1.09 $ 0.91
Diluted Earnings Per Share $ 0.49 $ 0.50 $ 1.04 $ 0.88