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CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
INTEREST INCOME        
Loans, including fees $ 13,990 $ 9,150 $ 33,484 $ 27,054
Securities:        
Taxable 890 770 2,474 2,360
Tax-exempt 85 156 352 496
Dividends 61 53 174 159
Other 83 52 120 86
Total Interest Income 15,109 10,181 36,604 30,155
INTEREST EXPENSE        
Deposits 1,080 602 2,402 1,730
Short-term borrowings 9 10 69 38
Long-term borrowings 458 384 1,274 1,165
Total Interest Expense 1,547 996 3,745 2,933
Net Interest Income 13,562 9,185 32,859 27,222
PROVISION FOR LOAN LOSSES 0 0 0 0
Net Interest Income after Provision for Loan Losses 13,562 9,185 32,859 27,222
OTHER INCOME        
Service charges on deposit accounts 870 631 2,057 1,734
Income from fiduciary activities 489 416 1,409 1,244
Earnings on investment in bank-owned life insurance 276 276 807 834
Gain on sale of premises and equipment 0 0 0 449
Service charges on ATM and debit card transactions 490 381 1,229 1,127
Commissions from insurance sales 1,313 1,269 4,031 3,700
Other 492 328 1,007 896
Total Other Income 3,930 3,301 10,540 9,984
OTHER EXPENSES        
Salaries and employee benefits 6,715 5,580 18,397 16,609
Net occupancy 677 481 1,710 1,553
Equipment 1,039 740 2,666 2,212
Other tax 197 201 576 591
Professional services 224 217 807 670
Supplies and postage 187 178 524 491
Marketing and corporate relations 119 123 321 391
FDIC and regulatory 170 181 449 532
Merger related expenses 4,305 0 4,675 0
Intangible assets amortization 193 85 355 259
Foreclosed real estate expenses 35 72 51 112
Other operating 1,006 922 2,970 2,681
Total Other Expenses 14,867 8,780 33,501 26,101
Income before Income Taxes 2,625 3,706 9,898 11,105
PROVISION FOR INCOME TAXES 713 938 2,627 2,808
Net Income $ 1,912 $ 2,768 $ 7,271 $ 8,297
PER SHARE DATA        
Basic earnings (in dollars per share) $ 0.27 $ 0.46 $ 1.14 $ 1.37
Cash dividends declared (in dollars per share) $ 0.20 $ 0.20 $ 0.60 $ 0.60