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Condensed Consolidated Statements of Income - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Jun. 30, 2017
Jun. 30, 2016
Interest Income        
Loans receivable $ 26,795 $ 20,794 $ 51,586 $ 40,541
Investment securities        
Taxable 2,244 2,661 4,650 5,205
Tax exempt 1,766 1,195 3,403 2,432
Total interest income 30,805 24,650 59,639 48,178
Interest Expense        
Deposits 1,721 1,557 3,474 3,048
Borrowed funds 1,338 1,721 2,275 3,480
Subordinated debentures 548 503 1,124 1,007
Total interest expense 3,607 3,781 6,873 7,535
Net Interest Income 27,198 20,869 52,766 40,643
Provision for loan losses 330 232 660 764
Net Interest Income after Provision for Loan Losses 26,868 20,637 52,106 39,879
Non-interest Income        
Service charges on deposit accounts 1,566 1,417 2,966 2,705
Wire transfer fees 178 175 328 296
Interchange fees 1,382 978 2,558 1,909
Fiduciary activities 1,943 1,465 3,865 3,100
Gains (losses) on sale of investment securities (includes $(3) and $767 for the three months ended June 30, 2017 and 2016, respectively, and $32 and $875 for the six months ended June 30, 2017 and 2016, respectively, related to accumulated other comprehensive earnings reclassifications) (3) 767 32 875
Gain on sale of mortgage loans 2,054 3,529 3,968 5,643
Mortgage servicing income net of impairment 359 500 806 947
Increase in cash value of bank owned life insurance 408 351 872 696
Other income 325 84 376 482
Total non-interest income 8,212 9,266 15,771 16,653
Non-interest Expense        
Salaries and employee benefits 12,466 10,317 24,175 20,382
Net occupancy expenses 2,196 1,901 4,648 3,837
Data processing 1,502 1,134 2,809 2,239
Professional fees 535 747 1,148 1,578
Outside services and consultants 1,265 2,198 2,487 3,297
Loan expense 1,250 1,409 2,357 2,604
FDIC insurance expense 243 409 506 814
Other losses 78 136 128 403
Other expense 2,953 2,701 5,751 5,068
Total non-interest expense 22,488 20,952 44,009 40,222
Income Before Income Tax 12,592 8,951 23,868 16,310
Income tax expense (includes $(1) and $268 for the three months ended June 30, 2017 and 2016, respectively, and $11 and $306 for the six months ended June 30, 2017 and 2016, respectively, related to income tax (benefit) expense from reclassification items) 3,520 2,625 6,572 4,603
Net Income 9,072 6,326 17,296 11,707
Preferred stock dividend       (42)
Net Income Available to Common Shareholders $ 9,072 $ 6,326 $ 17,296 $ 11,665
Basic Earnings Per Share $ 0.41 $ 0.35 $ 0.78 $ 0.65
Diluted Earnings Per Share $ 0.41 $ 0.35 $ 0.77 $ 0.64