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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
shares in Thousands, $ in Thousands
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Interest income      
Interest and fees on loans $ 61,754 $ 64,823 $ 54,408
Interest on investment securities      
Securities of U.S. government agencies 4,709 4,502 2,573
Obligations of state and political subdivisions 2,155 2,273 2,214
Corporate debt securities and other 685 1,031 1,245
Interest on federal funds sold and short-term investments 135 161 120
Total interest income 69,438 72,790 60,560
Interest expense      
Interest on interest bearing transaction accounts 115 99 52
Interest on savings accounts 51 46 35
Interest on money market accounts 495 550 419
Interest on time accounts 853 917 922
Interest on FHLB and overnight borrowings 317 315 322
Interest on subordinated debentures 420 422 35
Total interest expense 2,251 2,349 1,785
Net interest income 67,187 70,441 58,775
Provision for loan losses 500 750 540
Net interest income after provision for loan losses 66,687 69,691 58,235
Non-interest income      
Service charges on deposit accounts 1,979 2,167 2,062
Wealth Management and Trust Services 2,391 2,309 2,162
Debit card interchange fees 1,445 1,378 1,104
Merchant interchange fees 545 803 822
Earnings on bank-owned life insurance 814 841 954
Dividends on FHLB stock 1,003 563 259
Gains (losses) on investment securities, net 79 80 (1)
Other income 937 900 704
Total non-interest income 9,193 9,041 8,066
Non-interest expense      
Salaries and related benefits 25,764 25,005 21,974
Occupancy and equipment 5,498 5,470 4,347
Depreciation and amortization 1,968 1,585 1,395
Federal Deposit Insurance Corporation insurance 997 1,032 921
Data processing 3,318 3,665 5,334
Professional services 2,121 2,230 2,985
Directors' expense 826 628 537
Information technology 736 675 513
(Reversal of) provision for losses on off-balance sheet commitments (263) 334 112
Other expense 5,984 6,639 5,974
Total non-interest expense 46,949 47,263 44,092
Income before provision for income taxes 28,931 31,469 22,209
Provision for income taxes 10,490 11,698 7,939
Net income $ 18,441 $ 19,771 $ 14,270
Net income per common share:      
Basic (in dollars per share) $ 3.09 $ 3.35 $ 2.62
Diluted (in dollars per share) $ 3.04 $ 3.29 $ 2.57
Weighted-average shares used to compute net income per common share:      
Basic (in shares) 5,966 5,893 5,457
Diluted (in shares) 6,065 6,006 5,558
Dividends declared per common share (in dollars per share) $ 0.90 $ 0.80 $ 0.73
Comprehensive income      
Net income $ 18,441 $ 19,771 $ 14,270
Other comprehensive income      
Change in net unrealized (loss) gain on available-for-sale securities (1,420) 2,939 (4,720)
Reclassification adjustment for (gain) loss on available-for-sale securities included in net income (6) 24 18
Net change in unrealized (loss) gain on available-for-sale securities, before tax (1,426) 2,963 (4,702)
Deferred tax (benefit) expense (531) 1,203 (1,975)
Other comprehensive (loss) income, net of tax (895) 1,760 (2,727)
Comprehensive income $ 17,546 $ 21,531 $ 11,543