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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 AND DIVIDEND INCOME:        
Loans including fees $ 23,915 $ 19,043 $ 45,885 $ 37,729
Securities:        
Taxable 2,125 2,414 4,316 4,769
Tax-exempt 774 867 1,574 1,750
Dividends 189 149 332 291
Total interest and dividend income 27,003 22,473 52,107 44,539
INTEREST EXPENSE:        
Deposits 2,243 2,077 4,364 4,093
Borrowed funds 785 794 1,594 1,708
Subordinated debentures (includes $149 and $176 accumulated other comprehensive income reclassification for change in fair value of interest rate swap agreements in 2017 and 2016, respectively) 986 199 1,958 393
Total interest expense 4,014 3,070 7,916 6,194
NET INTEREST INCOME 22,989 19,403 44,191 38,345
PROVISION FOR LOAN LOSSES 1,134 220 2,150 1,416
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES 21,855 19,183 42,041 36,929
NON-INTEREST INCOME:        
Service charges on deposit accounts 1,165 1,006 2,255 1,987
Other service charges and fees 559 624 1,088 1,184
Wealth and asset management fees 952 780 1,823 1,503
Net realized gains on available-for-sale securities (includes $1,538 and $1,005 accumulated other comprehensive income reclassifications for net realized gains on available-for-sale securities in 2017 and 2016, respectively) 155 1,005 1,538 1,005
Net realized and unrealized gains on trading securities 127 64 315 30
Mortgage banking 247 147 431 318
Bank owned life insurance 364 263 716 526
Card processing and interchange income 970 787 1,848 1,622
Gain on sale of branch 536 0 536 0
Other 14 142 312 420
Total non-interest income 5,089 4,818 10,862 8,595
NON-INTEREST EXPENSES:        
Salaries and benefits 8,902 7,908 17,907 15,399
Net occupancy expense 2,257 1,881 4,797 3,720
Amortization of core deposit intangible 331 217 662 432
Data processing 1,019 1,121 1,980 2,373
State and local taxes 614 558 1,353 1,050
Legal, professional, and examination fees 666 364 1,215 738
Advertising 619 395 1,032 879
FDIC insurance premiums 370 340 574 662
Prepayment penalties - long-term borrowings 0 1,506 0 1,506
Core processing conversion costs 0 1,488 0 1,555
Merger costs 0 173 0 215
Card processing and interchange expenses 614 448 1,036 1,082
Other 2,405 2,353 4,275 3,955
Total non-interest expenses 17,797 18,752 34,831 33,566
INCOME BEFORE INCOME TAXES 9,147 5,249 18,072 11,958
INCOME TAX EXPENSE (includes $28 and $322 income tax expense from reclassification items in 2017 and 2016, respectively) 2,464 1,184 4,909 2,874
NET INCOME $ 6,683 $ 4,065 $ 13,163 $ 9,084
EARNINGS PER SHARE:        
Basic $ 0.44 $ 0.28 $ 0.87 $ 0.63
Diluted 0.44 0.28 0.87 0.63
DIVIDENDS PER SHARE:        
Cash dividends per share $ 0.165 $ 0.165 $ 0.33 $ 0.33