XML 60 R4.htm IDEA: XBRL DOCUMENT v2.4.1.9
Consolidated Statements of Income (Unaudited) (USD $)
3 Months Ended
Mar. 31, 2015
Mar. 31, 2014
Interest income    
Loans, including fees $ 25,311,000us-gaap_InterestAndFeeIncomeLoansAndLeases $ 12,099,000us-gaap_InterestAndFeeIncomeLoansAndLeases
Securities, taxable 1,686,000us-gaap_InterestIncomeSecuritiesTaxable 1,234,000us-gaap_InterestIncomeSecuritiesTaxable
Securities, tax-exempt 537,000us-gaap_InterestIncomeSecuritiesTaxExempt 183,000us-gaap_InterestIncomeSecuritiesTaxExempt
Other interest-bearing assets 55,000us-gaap_InterestIncomeDepositsWithFinancialInstitutions 72,000us-gaap_InterestIncomeDepositsWithFinancialInstitutions
Total interest income 27,589,000us-gaap_InterestAndDividendIncomeOperating 13,588,000us-gaap_InterestAndDividendIncomeOperating
Interest expense    
Deposits 1,899,000us-gaap_InterestExpenseDeposits 2,035,000us-gaap_InterestExpenseDeposits
Short-term borrowings 38,000us-gaap_InterestExpenseShortTermBorrowings 22,000us-gaap_InterestExpenseShortTermBorrowings
Federal Home Loan Bank advances 152,000us-gaap_InterestExpenseFederalHomeLoanBankAndFederalReserveBankAdvancesLongTerm 150,000us-gaap_InterestExpenseFederalHomeLoanBankAndFederalReserveBankAdvancesLongTerm
Subordinated debentures and other borrowings 651,000us-gaap_InterestExpenseOther 317,000us-gaap_InterestExpenseOther
Total interest expense 2,740,000us-gaap_InterestExpense 2,524,000us-gaap_InterestExpense
Net interest income 24,849,000us-gaap_InterestIncomeExpenseNet 11,064,000us-gaap_InterestIncomeExpenseNet
Provision for loan losses (400,000)us-gaap_AllowanceForLoanAndLeaseLossesAdjustmentsNet (1,900,000)us-gaap_AllowanceForLoanAndLeaseLossesAdjustmentsNet
Net interest income after provision for loan losses 25,249,000us-gaap_InterestIncomeExpenseAfterProvisionForLoanLoss 12,964,000us-gaap_InterestIncomeExpenseAfterProvisionForLoanLoss
Noninterest income    
Service charges on deposit and sweep accounts 770,000us-gaap_FeesAndCommissionsDepositorAccounts 365,000us-gaap_FeesAndCommissionsDepositorAccounts
Earnings on bank owned life insurance 287,000us-gaap_BankOwnedLifeInsuranceIncome 290,000us-gaap_BankOwnedLifeInsuranceIncome
Mortgage banking activities 688,000us-gaap_FeesAndCommissionsMortgageBanking 63,000us-gaap_FeesAndCommissionsMortgageBanking
Other income 1,949,000us-gaap_NoninterestIncomeOtherOperatingIncome 788,000us-gaap_NoninterestIncomeOtherOperatingIncome
Total noninterest income 3,694,000us-gaap_NoninterestIncome 1,506,000us-gaap_NoninterestIncome
Noninterest expense    
Salaries and benefits 10,084,000us-gaap_LaborAndRelatedExpense 5,230,000us-gaap_LaborAndRelatedExpense
Occupancy 1,573,000us-gaap_OccupancyNet 712,000us-gaap_OccupancyNet
Furniture and equipment depreciation, rent and maintenance 624,000us-gaap_EquipmentExpense 247,000us-gaap_EquipmentExpense
Data processing costs 1,770,000us-gaap_InformationTechnologyAndDataProcessing 936,000us-gaap_InformationTechnologyAndDataProcessing
FDIC insurance costs 477,000us-gaap_FederalDepositInsuranceCorporationPremiumExpense 177,000us-gaap_FederalDepositInsuranceCorporationPremiumExpense
Other expense 4,713,000us-gaap_OtherNoninterestExpense 1,905,000us-gaap_OtherNoninterestExpense
Total noninterest expenses 19,241,000us-gaap_NoninterestExpense 9,207,000us-gaap_NoninterestExpense
Income before federal income tax expense 9,702,000us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments 5,263,000us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
Federal income tax expense 3,056,000us-gaap_FederalIncomeTaxExpenseBenefitContinuingOperations 1,683,000us-gaap_FederalIncomeTaxExpenseBenefitContinuingOperations
Net income $ 6,646,000us-gaap_NetIncomeLoss $ 3,580,000us-gaap_NetIncomeLoss
Basic earnings per share (in Dollars per share) $ 0.39us-gaap_EarningsPerShareBasic $ 0.41us-gaap_EarningsPerShareBasic
Diluted earnings per share (in Dollars per share) $ 0.39us-gaap_EarningsPerShareDiluted $ 0.41us-gaap_EarningsPerShareDiluted
Cash dividends per share (in Dollars per share) $ 0.14us-gaap_CommonStockDividendsPerShareCashPaid $ 0.12us-gaap_CommonStockDividendsPerShareCashPaid
Average basic shares outstanding (in Shares) 16,937,630us-gaap_WeightedAverageNumberOfSharesOutstandingBasic 8,738,836us-gaap_WeightedAverageNumberOfSharesOutstandingBasic
Average diluted shares outstanding (in Shares) 16,978,591us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding 8,741,121us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding