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Consolidated Statements of Income and Comprehensive Income (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Jun. 30, 2017
Jun. 30, 2016
Interest income        
Interest and fees on loans (includes tax-exempt income of $380,000 as of June 30, 2017 and $304,000 as of June 30, 2016) $ 11,115 $ 10,004 $ 21,767 $ 19,738
Interest on deposits with other banks 8 5 23 8
Interest and dividends on investments (includes tax-exempt income of $3,238,000 in 2017 and $2,488,000 in 2016) 3,879 3,591 7,703 7,130
Total interest income 15,002 13,600 29,493 26,876
Interest expense        
Interest on deposits 2,302 1,491 4,296 2,844
Interest on borrowed funds 1,035 1,158 2,056 2,352
Total interest expense 3,337 2,649 6,352 5,196
Net interest income 11,665 10,951 23,141 21,680
Provision for loan losses 500 375 1,000 750
Net interest income after provision for loan losses 11,165 10,576 22,141 20,930
Non-interest income        
Investment management and fiduciary income 709 651 1,340 1,214
Service charges on deposit accounts 549 609 1,051 1,183
Net securities gains (losses) 0 (5) 3 531
Mortgage origination and servicing income, net of amortization 429 509 761 638
Other operating income 1,315 1,242 2,690 2,404
Total non-interest income 3,002 3,006 5,845 5,970
Non-interest expense        
Salaries and employee benefits 3,873 3,607 7,843 7,205
Occupancy expense 603 568 1,227 1,146
Furniture and equipment expense 890 801 1,760 1,597
FDIC insurance premiums 263 207 503 421
Amortization of identified intangibles 11 11 22 22
Other operating expense 2,000 2,051 3,983 4,054
Total non-interest expense 7,640 7,245 15,338 14,445
Income before income taxes 6,527 6,337 12,648 12,455
Income tax expense 1,644 1,713 3,128 3,328
NET INCOME $ 4,883 $ 4,624 $ 9,520 $ 9,127
Basic earnings per common share (usd per share) $ 0.45 $ 0.43 $ 0.89 $ 0.85
Diluted earnings per common share (usd per share) $ 0.45 $ 0.43 $ 0.88 $ 0.84
Other comprehensive income (loss) net of tax        
Net unrealized gain on securities available for sale $ 349 $ 1,025 $ 350 $ 2,877
Net unrealized loss on securities transferred from available for sale to held to maturity, net of amortization (4) (10) (8) (21)
Net unrealized loss on cash flow hedging derivative instruments (171) (135) (108) (135)
Other comprehensive income 174 880 234 2,721
Comprehensive income $ 5,057 $ 5,504 $ 9,754 $ 11,848