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Consolidated Statements of Earnings (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Loans:        
Taxable $ 5,709 $ 5,246 $ 11,059 $ 10,265
Tax-exempt 35 34 64 69
Investment securities:        
Taxable 1,305 1,202 2,502 2,394
Tax-exempt 1,034 974 2,059 1,916
Total interest income 8,083 7,456 15,684 14,644
Interest expense:        
Deposits 631 394 1,172 732
Borrowings 616 486 1,082 968
Total interest expense 1,247 880 2,254 1,700
Net interest income 6,836 6,576 13,430 12,944
Provision for loan losses 250 100 450 150
Net interest income after provision for loan losses 6,586 6,476 12,980 12,794
Non-interest income:        
Fees and service charges 1,808 1,917 3,564 3,632
Gains on sales of loans, net [1] 1,468 1,692 2,629 3,081
Bank owned life insurance [1] 162 119 321 236
Gains on sales of investment securities, net 177 35 324
Other 815 296 1,105 569
Total non-interest income 4,253 4,201 7,654 7,842
Non-interest expense:        
Compensation and benefits 3,966 3,918 7,755 7,675
Occupancy and equipment 1,072 1,097 2,150 2,121
Amortization of intangibles 283 328 560 626
Data processing 376 337 741 667
Professional fees 430 476 818 766
Advertising 165 166 332 332
Federal deposit insurance premiums 72 73 144 145
Foreclosure and real estate owned expense 12 49 25 101
Other 1,190 1,108 2,481 2,180
Total non-interest expense 7,566 7,552 15,006 14,613
Earnings before income taxes 3,273 3,125 5,628 6,023
Income tax expense 428 742 684 1,435
Net earnings [2] $ 2,845 $ 2,383 $ 4,944 $ 4,588
Earnings per share:        
Basic [3] $ 0.69 $ 0.59 $ 1.20 $ 1.13
Diluted [3] 0.68 0.58 1.19 1.11
Dividends per share [3] $ 0.20 $ 0.19 $ 0.40 $ 0.38
[1] Not within the scope of ASC 606.
[2] Share and per share values for the periods ended June 30, 2017 have been adjusted to give effect to the 5% stock dividend paid during December 2017.
[3] Per share amounts for the periods ended June 30, 2017 have been adjusted to give effect to the 5% stock dividend paid during December 2017.