XML 14 R4.htm IDEA: XBRL DOCUMENT v3.5.0.2
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Sep. 30, 2016
Sep. 30, 2015
Interest income        
Interest and fees on loans $ 17,840 $ 15,498 $ 51,078 $ 46,164
Interest on investment securities        
Securities of U.S. government agencies 1,283 1,223 3,826 3,248
Obligations of state and political subdivisions 569 527 1,743 1,578
Corporate debt securities and other 38 162 220 546
Interest on Federal funds sold and short-term investments 104 35 155 107
Total interest income 19,834 17,445 57,022 51,643
Interest expense        
Interest on interest-bearing transaction accounts 27 28 82 88
Interest on savings accounts 15 12 43 37
Interest on money market accounts 112 125 330 375
Interest on time accounts 190 212 579 649
Interest on FHLB and other borrowings 0 80 478 236
Interest on subordinated debentures 109 105 325 314
Total interest expense 453 562 1,837 1,699
Net interest income 19,381 16,883 55,185 49,944
(Reversal of) provision for loan losses (1,550) 0 (1,550) 0
Net interest income after provision for loan losses 20,931 16,883 56,735 49,944
Non-interest income        
Service charges on deposit accounts 447 489 1,344 1,518
Wealth Management and Trust Services 506 568 1,599 1,809
Debit card interchange fees 393 372 1,112 1,087
Merchant interchange fees 114 171 355 430
Earnings on bank-owned life insurance 216 204 626 610
Dividends on FHLB stock 223 209 577 817
Gains on investment securities, net 0 72 394 80
Other income 215 213 691 744
Total non-interest income 2,114 2,298 6,698 7,095
Non-interest expense        
Salaries and related benefits 6,683 6,300 20,155 19,762
Occupancy and equipment 1,275 1,346 3,731 4,181
Depreciation and amortization 449 441 1,343 1,512
Federal Deposit Insurance Corporation insurance 253 250 760 739
Data processing 894 835 2,666 2,413
Professional services 476 493 1,528 1,572
Directors' expense 143 182 448 620
Information technology 307 186 665 554
Reversal of losses on off-balance sheet commitments 0 324 150 14
Other expense 1,430 1,281 4,491 4,447
Total non-interest expense 11,910 11,638 35,937 35,814
Income before provision for income taxes 11,135 7,543 27,496 21,225
Provision for income taxes 4,171 2,770 10,049 7,709
Net income $ 6,964 $ 4,773 $ 17,447 $ 13,516
Net income per common share:        
Basic (usd per share) $ 1.14 $ 0.80 $ 2.87 $ 2.27
Diluted (usd per share) $ 1.14 $ 0.79 $ 2.86 $ 2.23
Weighted average shares:        
Basic (shares) 6,083 5,963 6,070 5,943
Diluted (shares) 6,117 6,067 6,106 6,059
Dividends declared per common share $ 0.25 $ 0.22 $ 0.75 $ 0.66
Comprehensive income:        
Net income $ 6,964 $ 4,773 $ 17,447 $ 13,516
Other comprehensive income        
Change in net unrealized (loss) gain on available-for-sale securities (831) 1,523 4,211 1,037
Reclassification adjustment for gains on available-for-sale securities included in net income 0 0 (394) (8)
Net change in unrealized (loss) gain on available-for-sale securities, before tax (831) 1,523 3,817 1,029
Deferred tax (benefit) expense (367) 654 1,583 517
Other comprehensive (loss) income, net of tax (464) 869 2,234 512
Comprehensive income $ 6,500 $ 5,642 $ 19,681 $ 14,028