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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
shares in Thousands, $ 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 $ 19,624 $ 16,423 $ 38,511 $ 32,272
Interest on investment securities        
Securities of U.S. government agencies 2,860 1,534 5,335 3,052
Obligations of state and political subdivisions 604 553 1,242 1,121
Corporate debt securities and other 35 36 79 73
Interest on Federal funds sold and due from banks 285 157 688 217
Total interest income 23,408 18,703 45,855 36,735
Interest expense        
Interest on interest-bearing transaction accounts 48 21 100 50
Interest on savings accounts 18 16 36 31
Interest on money market accounts 236 114 452 227
Interest on time accounts 140 139 296 285
Interest on Federal Home Loan Bank (FHLB) and other borrowings 1 0 1 0
Interest on subordinated debentures 123 109 237 217
Total interest expense 566 399 1,122 810
Net interest income 22,842 18,304 44,733 35,925
Provision for loan losses 0 0 0 0
Net interest income after provision for loan losses 22,842 18,304 44,733 35,925
Non-interest income        
Merchant interchange fees 118 112 198 208
Earnings on bank-owned life insurance 230 210 458 419
Dividends on FHLB stock 192 176 388 408
Gains on investment securities, net 11 10 11 10
Other income 384 253 734 504
Total non-interest income 2,238 2,096 4,480 4,211
Non-interest expense        
Salaries and related benefits 8,316 7,287 17,333 14,762
Occupancy and equipment 1,511 1,380 3,018 2,699
Depreciation and amortization 546 463 1,093 944
Federal Deposit Insurance Corporation insurance 191 162 382 323
Data processing 1,023 963 2,404 1,902
Professional services 810 522 2,109 1,044
Directors' expense 183 224 357 382
Information technology 264 186 533 384
Provision for losses on off-balance sheet commitments 0 (208) 0 (43)
Other expense 1,665 1,652 3,361 3,245
Total non-interest expense 14,509 12,631 30,590 25,642
Income before provision for income taxes 10,571 7,769 18,623 14,494
Provision for income taxes 2,680 2,583 4,343 4,760
Net income $ 7,891 $ 5,186 $ 14,280 $ 9,734
Net income per common share:        
Basic (usd per share) $ 1.14 $ 0.85 $ 2.06 $ 1.60
Diluted (usd per share) $ 1.12 $ 0.84 $ 2.03 $ 1.58
Weighted average shares:        
Basic (shares) 6,944 6,110 6,929 6,101
Diluted (shares) 7,033 6,174 7,019 6,173
Dividends declared per common share (usd per share) $ 0.31 $ 0.27 $ 0.60 $ 0.54
Comprehensive income:        
Net income $ 7,891 $ 5,186 $ 14,280 $ 9,734
Other comprehensive (loss) income        
Change in net unrealized gain or loss on available-for-sale securities (1,131) 1,961 (7,301) 3,635
Reclassification adjustment for gains on available-for-sale securities in net income (11) (10) (11) (10)
Net unrealized loss on securities transferred from available-for-sale to held-to-maturity (278) 0 (278) 0
Amortization of net unrealized losses on securities transferred from available-for-sale to held-to-maturity 132 124 268 165
Subtotal (1,288) 2,075 (7,322) 3,790
Deferred tax (benefit) expense (384) 892 (2,168) 1,596
Other comprehensive (loss) income, net of tax (904) 1,183 (5,154) 2,194
Comprehensive income 6,987 6,369 9,126 11,928
Deposit Account        
Non-interest income        
Charges and Fees 455 447 932 899
Fiduciary and Trust        
Non-interest income        
Charges and Fees 488 504 1,003 1,007
Debit Card        
Non-interest income        
Charges and Fees $ 360 $ 384 $ 756 $ 756