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Condensed Consolidated Statements of Income (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Interest Income    
Loans receivable $ 19,747 $ 16,862
Investment securities    
Taxable 2,544 2,154
Tax exempt 1,237 1,077
Total interest income 23,528 20,093
Interest Expense    
Deposits 1,491 1,232
Borrowed funds 1,759 1,479
Subordinated debentures 504 496
Total interest expense 3,754 3,207
Net Interest Income 19,774 16,886
Provision for loan losses 532 614
Net Interest Income after Provision for Loan Losses 19,242 16,272
Non-interest Income    
Service charges on deposit accounts 1,238 999
Wire transfer fees 121 151
Interchange fees 1,458 1,102
Fiduciary activities 1,635 1,297
Gain on sale of investment securities (includes $108 and $124 for the three months ended March 31, 2016 and 2015, respectively, related to accumulated other comprehensive earnings reclassifications) 108 124
Gain on sale of mortgage loans 2,114 2,379
Mortgage servicing income net of impairment 447 179
Increase in cash value of bank owned life insurance 345 258
Death benefit on bank owned life insurance   145
Other income 398 432
Total non-interest income 7,864 7,066
Non-interest Expense    
Salaries and employee benefits 10,065 8,504
Net occupancy expenses 1,936 1,551
Data processing 1,105 923
Professional fees 831 527
Outside services and consultants 1,099 626
Loan expense 1,195 1,257
FDIC insurance expense 405 337
Other losses 267 (45)
Other expense 2,844 2,388
Total non-interest expense 19,747 16,068
Income Before Income Tax 7,359 7,270
Income tax expense (includes $38 and $43 for the three months ended March 31, 2016 and 2015, respectively, related to income tax expense from reclassification items) 1,978 1,912
Net Income 5,381 5,358
Preferred stock dividend (42) (31)
Net Income Available to Common Shareholders $ 5,339 $ 5,327
Basic Earnings Per Share $ 0.45 $ 0.58
Diluted Earnings Per Share $ 0.44 $ 0.55