XML 15 R4.htm IDEA: XBRL DOCUMENT v3.10.0.1
CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
INTEREST INCOME:        
Interest and fees on loans $ 12,519 $ 10,774 $ 24,525 $ 20,864
Interest on deposits in other banks 44 76 142 151
Interest and dividends on investment securities:        
Taxable 2,185 1,443 4,744 2,746
Exempt from Federal income taxes 1,045 1,775 2,112 3,897
Total interest income 15,793 14,068 31,523 27,658
INTEREST EXPENSE:        
Interest on deposits 252 245 490 490
Interest on junior subordinated deferrable interest debentures 52 36 95 69
Other 92 1 115 5
Total interest expense 396 282 700 564
Net interest income before provision for credit losses 15,397 13,786 30,823 27,094
PROVISION FOR (REVERSAL OF) CREDIT LOSSES 50 (150) 50 (250)
Net interest income after provision for credit losses 15,347 13,936 30,773 27,344
NON-INTEREST INCOME:        
Service charges 726 829 1,481 1,520
Appreciation in cash surrender value of bank-owned life insurance 176 152 347 300
Interchange fees 380 373 725 697
Net realized gains on sale of credit card portfolio 578 0 578 0
Net realized gains on sales of investment securities 82 2,157 897 2,639
Federal Home Loan Bank dividends 118 96 239 224
Loan placement fees 173 156 339 247
Other income 453 333 851 715
Total non-interest income 2,686 4,096 5,457 6,342
NON-INTEREST EXPENSES:        
Salaries and employee benefits 6,833 6,021 13,249 11,876
Occupancy and equipment 1,577 1,211 3,114 2,390
Professional services 363 426 801 846
Data processing 370 419 850 843
Regulatory assessments 160 146 322 321
ATM/Debit card expenses 176 171 377 337
License and maintenance contracts 222 256 434 402
Directors’ expenses 133 128 223 357
Advertising 188 160 377 330
Internet banking expense 175 172 370 341
Acquisition and integration 0 455 217 455
Amortization of core deposit intangibles 93 47 187 94
Other 1,209 1,177 2,346 2,310
Total non-interest expenses 11,499 10,789 22,867 20,902
Income before provision for income taxes 6,534 7,243 13,363 12,784
Provision for income taxes 1,569 2,295 3,107 3,586
Net income $ 4,965 $ 4,948 $ 10,256 $ 9,198
Earnings per common share:        
Basic earnings per common share (in dollars per share) $ 0.36 $ 0.41 $ 0.75 $ 0.75
Weighted average common shares used in basic computation (in shares) 13,692,358 12,207,570 13,681,229 12,187,324
Diluted earnings per common share (in dollars per share) $ 0.36 $ 0.40 $ 0.74 $ 0.75
Weighted average common shares used in diluted computation (in shares) 13,823,278 12,338,884 13,814,087 12,327,797
Cash dividend per common share (in dollars per share) $ 0.07 $ 0.06 $ 0.14 $ 0.12