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Consolidated Statements of Income and Comprehensive Income (Unaudited) - USD ($)
$ 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 (includes tax-exempt income of $473,000 as of June 30, 2018 and $380,000 as of June 30, 2017) $ 13,038 $ 11,115 $ 25,429 $ 21,767
Interest on deposits with other banks 6 8 17 23
Interest and dividends on investments (includes tax-exempt income of $3,462,000 as of June 30, 2018 and $3,238,000 as of June 30, 2017) 4,161 3,879 8,210 7,703
Total interest income 17,205 15,002 33,656 29,493
Interest expense        
Interest on deposits 3,758 2,302 6,857 4,296
Interest on borrowed funds 1,178 1,035 2,121 2,056
Total interest expense 4,936 3,337 8,978 6,352
Net interest income 12,269 11,665 24,678 23,141
Provision for loan losses 500 500 1,000 1,000
Net interest income after provision for loan losses 11,769 11,165 23,678 22,141
Non-interest income        
Net securities gains 0 0 136 3
Other operating income 1,448 1,315 2,846 2,690
Total non-interest income 3,181 3,002 6,313 5,845
Non-interest expense        
Salaries and employee benefits 4,280 3,873 8,770 7,843
Occupancy expense 598 603 1,297 1,227
Furniture and equipment expense 915 890 1,844 1,760
FDIC insurance premiums 334 263 613 503
Amortization of identified intangibles 11 11 22 22
Other operating expense 2,038 2,000 4,209 3,983
Total non-interest expense 8,176 7,640 16,755 15,338
Income before income taxes 6,774 6,527 13,236 12,648
Income tax expense 1,040 1,644 1,996 3,128
NET INCOME $ 5,734 $ 4,883 $ 11,240 $ 9,520
Basic earnings per common share (usd per share) $ 0.53 $ 0.45 $ 1.04 $ 0.89
Diluted earnings per common share (usd per share) $ 0.53 $ 0.45 $ 1.04 $ 0.88
Other comprehensive income (loss) net of tax        
Net unrealized gain (loss) on securities available for sale $ (1,035) $ 349 $ (4,344) $ 350
Net unrealized loss on securities transferred from available for sale to held to maturity, net of amortization (7) (4) (15) (8)
Net unrealized gain (loss) on cash flow hedging derivative instruments 138 (171) 522 (108)
Other comprehensive income (loss) (904) 174 (3,837) 234
Comprehensive income 4,830 5,057 7,403 9,754
Investment management and fiduciary income        
Non-interest income        
Non-interest income 802 709 1,542 1,340
Service charges on deposit accounts        
Non-interest income        
Non-interest income 570 549 1,097 1,051
Mortgage origination and servicing income, net of amortization        
Non-interest income        
Non-interest income $ 361 $ 429 $ 692 $ 761