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Condensed Consolidated Statements of Income (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Sep. 30, 2015
Sep. 30, 2014
Interest Income        
Loans receivable $ 20,297 $ 16,403 $ 55,140 $ 45,988
Investment securities        
Taxable 2,156 2,339 6,377 7,124
Tax exempt 1,125 1,109 3,281 3,328
Total interest income 23,578 19,851 64,798 56,440
Interest Expense        
Deposits 1,566 1,352 4,035 3,984
Borrowed funds 1,729 1,593 4,747 4,493
Subordinated debentures 507 506 1,504 1,503
Total interest expense 3,802 3,451 10,286 9,980
Net Interest Income 19,776 16,400 54,512 46,460
Provision for loan losses 300 1,741 2,820 2,080
Net Interest Income after Provision for Loan Losses 19,476 14,659 51,692 44,380
Non-interest Income        
Service charges on deposit accounts 1,359 1,076 3,443 3,037
Wire transfer fees 160 151 493 408
Interchange fees 1,625 1,223 4,093 3,436
Fiduciary activities 1,520 1,131 4,033 3,378
Gain on sale of investment securities (includes $0 for the three months ended and $124 for the nine months ended September 30, 2015 and $988 for the three and nine months ended September 30, 2014, related to accumulated other comprehensive earnings reclassifications)   988 124 988
Gain on sale of mortgage loans 2,794 2,153 7,815 6,101
Mortgage servicing income net of impairment 246 116 725 556
Increase in cash value of bank owned life insurance 374 296 889 781
Death benefit on bank owned life insurance     145  
Other income 322 256 892 854
Total non-interest income 8,400 7,390 22,652 19,539
Non-interest Expense        
Salaries and employee benefits 10,652 8,215 27,541 23,991
Net occupancy expenses 1,723 1,404 4,649 4,188
Data processing 1,281 907 3,170 2,714
Professional fees 409 358 1,596 1,385
Outside services and consultants 3,209 595 4,753 2,554
Loan expense 1,351 1,202 3,975 3,489
FDIC insurance expense 423 313 1,099 854
Other losses 246 (35) 351 98
Other expense 2,941 2,394 7,819 7,002
Total non-interest expense 22,235 15,353 54,953 46,275
Income Before Income Tax 5,641 6,696 19,391 17,644
Income tax expense (includes $0 for the three months ended and $43 for the nine months ended September 30, 2015 and $346 for the three and nine months ended September 30, 2014, related to income tax expense from reclassification items) 1,353 1,738 5,017 4,491
Net Income 4,288 4,958 14,374 13,153
Preferred stock dividend (31) (40) (94) (102)
Net Income Available to Common Shareholders $ 4,257 $ 4,918 $ 14,280 $ 13,051
Basic Earnings Per Share $ 0.37 $ 0.53 $ 1.42 $ 1.45
Diluted Earnings Per Share $ 0.36 $ 0.51 $ 1.37 $ 1.39