XML 49 R4.htm IDEA: XBRL DOCUMENT v3.2.0.727
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Jun. 30, 2015
Jun. 30, 2014
Interest and dividend income:        
Loans, including fees $ 12,096 $ 11,449 $ 23,999 $ 22,617
Taxable securities 1,164 1,264 2,253 2,768
Tax exempt securities 239 258 458 522
Interest-bearing deposits 20 25 43 43
Total interest and dividend income 13,519 12,996 26,753 25,950
Interest expense        
Deposits 492 517 978 1,040
Securities sold under agreements to repurchase 212 212 421 420
Borrowed funds 168 192 365 382
Total interest expense 872 921 1,764 1,842
Net interest income 12,647 12,075 24,989 24,108
Provision for loan losses 259 1,103 649 1,741
Net interest income after provision for loan losses 12,388 10,972 24,340 22,367
Non-interest income:        
WMG fee income 2,198 1,989 4,324 3,872
Service charges on deposit accounts 1,224 1,350 2,362 2,582
Net gains on securities transactions 252 522 302 522
Net gains on sales of loans held for sale 98 83 150 125
Net gains (losses) on sales of other real estate owned 42 (14) 120 (44)
Income from bank owned life insurance 19 19 37 39
Other 1,493 1,457 3,217 3,274
Total non-interest income 5,326 5,406 10,512 10,370
Non-interest expense:        
Salaries and wages 5,188 5,156 10,288 10,309
Pension and other employee benefits 1,557 1,479 3,286 2,838
Net occupancy expenses 1,757 1,659 3,607 3,452
Furniture and equipment expenses 789 715 1,522 1,345
Data processing expense 1,552 1,414 3,113 2,895
Professional services 420 421 689 643
Amortization of intangible assets 285 324 589 669
Marketing and advertising expenses 271 332 506 625
Other real estate owned expenses 224 45 308 132
FDIC insurance 280 274 566 543
Loan expense 175 146 315 295
Merger and acquisition related expenses 0 29 0 115
Other 1,325 1,585 2,770 3,062
Total non-interest expenses 13,823 13,579 27,559 26,923
Income before income tax expense 3,891 2,799 7,293 5,814
Income tax expense 1,314 869 2,440 1,820
Net income $ 2,577 $ 1,930 $ 4,853 $ 3,994
Weighted average shares outstanding (in shares) 4,717 4,681 4,712 4,679
Basic and diluted earnings per share (in dollars per share) $ 0.55 $ 0.41 $ 1.03 $ 0.85