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Consolidated Statements of Income and Comprehensive Income (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
Interest income        
Interest and fees on loans (includes tax-exempt income of $589,000 as of September 30, 2017 and $487,000 as of September 30, 2016) $ 11,648 $ 10,021 $ 33,415 $ 29,759
Interest on deposits with other banks 23 9 46 17
Interest and dividends on investments (includes tax-exempt income of $4,890,000 in 2017 and $3,761,000 in 2016) 3,846 3,253 11,549 10,383
Total interest income 15,517 13,283 45,010 40,159
Interest expense        
Interest on deposits 2,473 1,538 6,769 4,382
Interest on borrowed funds 1,090 1,216 3,146 3,568
Total interest expense 3,563 2,754 9,915 7,950
Net interest income 11,954 10,529 35,095 32,209
Provision for loan losses 750 375 1,750 1,125
Net interest income after provision for loan losses 11,204 10,154 33,345 31,084
Non-interest income        
Investment management and fiduciary income 655 591 1,995 1,805
Service charges on deposit accounts 511 528 1,562 1,711
Net securities gains 468 137 471 668
Mortgage origination and servicing income, net of amortization 499 896 1,260 1,534
Other operating income 1,360 1,317 4,050 3,721
Total non-interest income 3,493 3,469 9,338 9,439
Non-interest expense        
Salaries and employee benefits 4,267 3,931 12,110 11,136
Occupancy expense 589 589 1,816 1,735
Furniture and equipment expense 942 819 2,702 2,416
FDIC insurance premiums 259 210 762 631
Amortization of identified intangibles 10 10 32 32
Other operating expense 1,946 1,846 5,929 5,900
Total non-interest expense 8,013 7,405 23,351 21,850
Income before income taxes 6,684 6,218 19,332 18,673
Income tax expense 1,702 1,656 4,830 4,984
NET INCOME $ 4,982 $ 4,562 $ 14,502 $ 13,689
Basic earnings per common share (usd per share) $ 0.46 $ 0.43 $ 1.35 $ 1.28
Diluted earnings per common share (usd per share) $ 0.46 $ 0.42 $ 1.34 $ 1.27
Other comprehensive income (loss) net of tax        
Net unrealized gain (loss) on securities available for sale $ (240) $ (1,292) $ 110 $ 1,585
Net unrealized gain (loss) on securities transferred from available for sale to held to maturity, net of amortization (3) 9 (11) (12)
Net unrealized gain (loss) loss on cash flow hedging derivative instruments (20) 193 (128) 58
Other comprehensive income (loss) (263) (1,090) (29) 1,631
Comprehensive income $ 4,719 $ 3,472 $ 14,473 $ 15,320