XML 57 R4.htm IDEA: XBRL DOCUMENT v2.4.0.8
CONSOLIDATED STATEMENTS OF INCOME (USD $)
In Thousands, except Share data, unless otherwise specified
3 Months Ended
Mar. 31, 2014
Mar. 31, 2013
INTEREST INCOME:    
Interest and fees on loans $ 7,618 $ 5,411
Interest on deposits in other banks 53 30
Interest and dividends on investment securities:    
Taxable 1,347 401
Exempt from Federal income taxes 1,402 1,338
Total interest income 10,420 7,180
INTEREST EXPENSE:    
Interest on deposits 297 293
Interest on junior subordinated deferrable interest debentures 24 25
Other 0 17
Total interest expense 321 335
Net interest income before provision for credit losses 10,099 6,845
PROVISION FOR CREDIT LOSSES 0 0
Net interest income after provision for credit losses 10,099 6,845
NON-INTEREST INCOME:    
Service charges 808 698
Appreciation in cash surrender value of bank owned life insurance 146 96
Interchange fees 287 196
Net realized gains on sales of investment securities 269 813
Federal Home Loan Bank dividends 76 22
Loan placement fees 58 165
Other income 333 236
Total non-interest income 1,977 2,226
NON-INTEREST EXPENSES:    
Salaries and employee benefits 4,911 4,019
Occupancy and equipment 1,130 901
Data processing expense 450 303
Regulatory assessments 198 143
ATM and Debit card expenses 150 109
License and maintenance contract 130 99
Advertising 155 142
Audit and accounting fees 132 135
Internet banking expense 129 72
Amortization of core deposit intangibles 84 50
Other expense 1,267 960
Total non-interest expenses 8,736 6,933
Income before provision for income taxes 3,340 2,138
Provision for income taxes 724 355
Net income 2,616 1,783
Preferred stock dividends and accretion 0 87
Net income available to common shareholders $ 2,616 $ 1,696
Net income per common share:    
Basic earnings per common share (in dollars per share) $ 0.24 $ 0.18
Weighted average common shares used in basic computation (in shares) 10,915,945 9,558,985
Diluted earnings per common share (in dollars per share) $ 0.24 $ 0.18
Weighted average common shares used in diluted computation (in shares) 10,998,630 9,604,841
Cash dividend per common share $ 0.05 $ 0.05