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Consolidated Statements of Income and Comprehensive Income (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Jun. 30, 2015
Jun. 30, 2014
Interest income        
Interest and fees on loans $ 9,157 $ 8,642 $ 18,012 $ 17,220
Interest on deposits with other banks 8 1 13 3
Interest and dividends on investments 3,409 4,097 6,914 8,140
Total interest income 12,574 12,740 24,939 25,363
Interest expense        
Interest on deposits 1,316 1,804 2,759 3,629
Interest on borrowed funds 1,180 1,101 2,400 2,188
Total interest expense 2,496 2,905 5,159 5,817
Net interest income 10,078 9,835 19,780 19,546
Provision for loan losses 400 100 900 500
Net interest income after provision for loan losses 9,678 9,735 18,880 19,046
Non-interest income        
Investment management and fiduciary income 617 585 1,158 1,102
Service charges on deposit accounts 658 682 1,237 1,301
Net securities gains 0 4 1,395 40
Mortgage origination and servicing income, net of amortization 508 160 705 354
Other operating income 1,051 1,027 1,997 1,993
Total non-interest income 2,834 2,458 6,492 4,790
Non-interest expense        
Salaries and employee benefits 3,440 3,523 7,160 7,220
Occupancy expense 571 559 1,216 1,171
Furniture and equipment expense 782 675 1,552 1,372
FDIC insurance premiums 216 254 446 519
Amortization of identified intangibles 11 81 36 163
Other operating expense 1,960 2,199 3,835 4,098
Total non-interest expense 6,980 7,291 14,245 14,543
Income before income taxes 5,532 4,902 11,127 9,293
Income tax expense 1,458 1,155 2,878 2,118
NET INCOME $ 4,074 $ 3,747 $ 8,249 $ 7,175
Basic earnings per common share $ 0.38 $ 0.35 $ 0.77 $ 0.67
Diluted earnings per common share $ 0.38 $ 0.35 $ 0.77 $ 0.67
Other comprehensive income (loss) net of tax        
Net unrealized gain (loss) on securities available for sale $ (1,591) $ 3,313 $ (1,534) $ 8,137
Net unrealized loss on securities transferred from available for sale to held to maturity, net of amortization (84) 0 (36) 0
Other comprehensive income (loss) (1,675) 3,313 (1,570) 8,137
Comprehensive income $ 2,399 $ 7,060 $ 6,679 $ 15,312