XML 15 R4.htm IDEA: XBRL DOCUMENT v3.7.0.1
CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Jun. 30, 2017
Jun. 30, 2016
INTEREST INCOME:        
Interest and fees on loans $ 10,774 $ 8,363 $ 20,864 $ 16,096
Interest on deposits in other banks 76 65 151 139
Interest and dividends on investment securities:        
Taxable 1,443 1,463 2,746 2,986
Exempt from Federal income taxes 1,775 1,575 3,897 3,098
Total interest income 14,068 11,466 27,658 22,319
INTEREST EXPENSE:        
Interest on deposits 245 229 490 450
Interest on junior subordinated deferrable interest debentures 36 29 69 58
Other 1 0 5 0
Total interest expense 282 258 564 508
Net interest income before provision for credit losses 13,786 11,208 27,094 21,811
(REVERSAL OF) PROVISION FOR CREDIT LOSSES (150) (4,600) (250) (4,850)
Net interest income after provision for credit losses 13,936 15,808 27,344 26,661
NON-INTEREST INCOME:        
Service charges 829 735 1,627 1,484
Appreciation in cash surrender value of bank-owned life insurance 152 135 300 280
Interchange fees 373 312 697 591
Net realized gains on sales of investment securities 2,157 420 2,639 1,550
Other-than-temporary impairment loss on investment securities 0 0 0 (136)
Federal Home Loan Bank dividends 96 107 224 204
Loan placement fees 156 254 247 445
Other income 333 551 608 800
Total non-interest income 4,096 2,514 6,342 5,218
NON-INTEREST EXPENSES:        
Salaries and employee benefits 6,021 5,442 11,876 10,696
Occupancy and equipment 1,211 1,180 2,390 2,387
Professional services 426 289 846 625
Data processing 419 408 843 755
Regulatory assessments 146 192 321 335
ATM/Debit card expenses 171 188 337 310
License and maintenance contracts 256 131 402 263
Directors’ expenses 128 140 357 312
Advertising 160 154 330 313
Internet banking expense 172 166 341 327
Acquisition and integration 455 152 455 152
Amortization of core deposit intangibles 47 34 94 68
Other 1,177 901 2,310 1,810
Total non-interest expenses 10,789 9,377 20,902 18,353
Income before provision for income taxes 7,243 8,945 12,784 13,526
Provision for income taxes 2,295 2,887 3,586 4,065
Net income $ 4,948 $ 6,058 $ 9,198 $ 9,461
Earnings per common share:        
Basic earnings per common share (in dollars per share) $ 0.41 $ 0.55 $ 0.75 $ 0.86
Weighted average common shares used in basic computation (in shares) 12,207,570 10,970,782 12,187,324 10,962,314
Diluted earnings per common share (in dollars per share) $ 0.40 $ 0.55 $ 0.75 $ 0.86
Weighted average common shares used in diluted computation (in shares) 12,338,884 11,067,890 12,327,797 11,054,269
Cash dividend per common share (in dollars per share) $ 0.06 $ 0.06 $ 0.12 $ 0.12