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Unaudited Consolidated Statements of Income and Comprehensive Income
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2016
USD ($)
$ / shares
Jun. 30, 2015
USD ($)
$ / shares
Jun. 30, 2016
USD ($)
$ / shares
Jun. 30, 2015
USD ($)
$ / shares
Interest income        
Loans $ 7,073 $ 6,305 $ 14,102 $ 12,392
Securities        
Taxable 734 632 1,563 1,226
Exempt from federal income taxes 22 43 45 76
Federal funds sold and other 33 27 65 47
Total interest income 7,862 7,007 15,775 13,741
Interest expense        
Deposits 316 304 579 624
Federal funds purchased and securities sold under agreements to repurchase 11 11 23 24
Federal Home Loan Bank advances 170 113 400 230
Series B mandatory redeemable preferred stock 4 4 8 8
Subordinated debentures 145 129 287 285
Notes payable 0 0 0 84
Total interest expense 646 561 1,297 1,255
Net interest income 7,216 6,446 14,478 12,486
Provision for loan losses 0 0 300 0
Net interest income after provision for loan losses 7,216 6,446 14,178 12,486
Noninterest income        
Service charges 972 1,007 1,917 1,935
Mortgage banking income 279 377 479 657
Electronic banking services 667 653 1,300 1,244
Bank-owned life insurance 218 228 441 451
Securities gains, net 23 74 60 101
Income from real estate 114 167 224 320
Gain on sale of OREO 27 1 75 3
Gain on sale of branches 1,877 0 1,877 0
Gain on sale of other assets 2 0 2 0
Gain on extinguishment of debt 0 0 0 1,750
Other income 63 69 130 142
Noninterest income 4,242 2,576 6,505 6,603
Noninterest expense        
Salaries and employee benefits 4,265 4,066 8,569 8,308
Occupancy, net 722 668 1,402 1,436
Furniture and equipment 275 246 531 487
Marketing 52 123 87 158
Supplies and printing 59 52 117 120
Telephone 219 204 423 388
Data processing 416 410 839 816
FDIC insurance 154 247 311 644
Loan processing and collection costs 91 242 149 413
OREO carrying costs 203 176 294 468
OREO valuation adjustment 14 87 30 148
Amortization of intangible assets 238 238 476 476
Other expenses 1,404 1,194 2,750 2,274
Noninterest Expense 8,112 7,953 15,978 16,136
Income before income taxes 3,346 1,069 4,705 2,953
Income tax expense 1,218 16 1,659 33
Net income 2,128 1,053 3,046 2,920
Preferred stock dividends 83 0 165 1,006
Discount on redemption of preferred stock 0 0 0 (13,668)
Net income for common stockholders $ 2,045 $ 1,053 $ 2,881 $ 15,582
Basic earnings per common share (in dollars per share) | $ / shares [1] $ 0.31 $ 0.16 $ 0.44 $ 4.62
Diluted earnings per common share (in dollars per share) | $ / shares [1] $ 0.31 $ 0.16 $ 0.44 $ 4.62
Total comprehensive income (loss):        
Net income $ 2,128 $ 1,053 $ 3,046 $ 2,920
Change in unrealized gains (losses) on securities available for sale 176 (1,113) 1,371 (295)
Reclassification adjustment for losses (gains) recognized in income (23) (74) (60) (101)
Net unrealized gains (loss) 153 (1,187) 1,311 (396)
Tax effect 59 (1) 510 (1)
Other comprehensive income (loss) 94 (1,186) 801 (395)
Total comprehensive income (loss) $ 2,222 $ (133) $ 3,847 $ 2,525
[1] Share and per share amounts have been adjusted to reflect the Company's 1:30 reverse stock split effective May 29, 2015