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Consolidated Statements of Earnings (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Jun. 30, 2017
Jun. 30, 2016
Interest income:        
Taxable $ 5,246 $ 5,285 $ 10,265 $ 10,420
Tax-exempt 34 60 69 127
Investment securities:        
Taxable 1,202 1,171 2,394 2,335
Tax-exempt 974 856 1,916 1,664
Total interest income 7,456 7,372 14,644 14,546
Interest expense:        
Deposits 394 287 732 564
Borrowings 486 523 968 1,016
Total interest expense 880 810 1,700 1,580
Net interest income 6,576 6,562 12,944 12,966
Provision for loan losses 100 300 150 350
Net interest income after provision for loan losses 6,476 6,262 12,794 12,616
Non-interest income:        
Fees and service charges 1,917 1,847 3,632 3,576
Gains on sales of loans, net 1,692 1,405 3,081 3,199
Bank owned life insurance 119 145 236 265
Gains on sales of investment securities, net 177 285 324 297
Other 283 266 556 505
Total non-interest income 4,188 3,948 7,829 7,842
Non-interest expense:        
Compensation and benefits 3,918 3,777 7,675 7,578
Occupancy and equipment 1,097 1,055 2,121 2,111
Amortization of intangibles 328 331 626 668
Data processing 337 346 667 657
Professional fees 476 282 766 501
Advertising 166 166 332 332
Federal deposit insurance premiums 73 110 145 220
Foreclosure and real estate owned expense 49 51 101 116
Other 1,095 1,093 2,167 2,190
Total non-interest expense 7,539 7,211 14,600 14,373
Earnings before income taxes 3,125 2,999 6,023 6,085
Income tax expense [1] 742 673 1,435 1,366
Net earnings [1],[2] $ 2,383 $ 2,326 $ 4,588 $ 4,719
Earnings per share:        
Basic [1],[2],[3],[4] $ 0.62 $ 0.61 $ 1.19 $ 1.25
Diluted [1],[2],[3],[4] 0.60 0.60 1.16 1.23
Dividends per share [3] $ 0.20 $ 0.19 $ 0.40 $ 0.38
[1] Income tax expense, net earnings and earnings per share for the periods ended June 30, 2016 have been recast to reflect the early adoption of Accounting Standards Update ("ASU") 2016-09
[2] Net earnings, earnings per share and assumed exercise of stock options for the periods ended June 30, 2016 have been recast to reflect the early adoption of ASU 2016-09.
[3] Per share amounts for the periods ended June 30, 2016 have been adjusted to give effect to the 5% stock dividend paid during December 2016.
[4] Share and per share values for the periods ended June 30, 2016 have been adjusted to give effect to the 5% stock dividend paid during December 2016.