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Unaudited Consolidated Statements of Income and Comprehensive Income
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2016
USD ($)
$ / shares
Sep. 30, 2015
USD ($)
$ / shares
Sep. 30, 2016
USD ($)
$ / shares
Sep. 30, 2015
USD ($)
$ / shares
Interest income        
Loans $ 7,185 $ 6,476 $ 21,287 $ 18,868
Securities        
Taxable 679 794 2,242 2,020
Exempt from federal income taxes 23 46 68 122
Federal funds sold and other 41 20 106 67
Total interest income 7,928 7,336 23,703 21,077
Interest expense        
Deposits 376 316 955 940
Federal funds purchased and securities sold under agreements to repurchase 7 13 30 37
Federal Home Loan Bank advances 178 138 578 368
Series B mandatory redeemable preferred stock 3 4 11 12
Subordinated debentures 148 128 435 413
Notes payable 0 0 0 84
Total interest expense 712 599 2,009 1,854
Net interest income 7,216 6,737 21,694 19,223
Provision for loan losses 0 0 300 0
Net interest income after provision for loan losses 7,216 6,737 21,394 19,223
Noninterest income        
Service charges 1,010 1,075 2,927 3,010
Mortgage banking income 331 315 810 972
Electronic banking services 624 651 1,924 1,895
Bank-owned life insurance 224 232 665 683
Securities gains, net 79 196 139 297
Income from real estate 53 114 277 434
Gain on sale of OREO 24 47 99 50
Gain on sale of branches 0 0 1,877 0
Gain on sale of other assets 100 0 102 0
Gain on extinguishment of debt 0 0 0 1,750
Other income 54 608 184 750
Noninterest income 2,499 3,238 9,004 9,841
Noninterest expense        
Salaries and employee benefits 4,176 4,086 12,745 12,394
Occupancy, net 648 706 2,050 2,142
Furniture and equipment 282 259 813 746
Marketing 56 105 143 263
Supplies and printing 51 50 168 170
Telephone 216 204 639 592
Data processing 472 442 1,311 1,258
FDIC insurance 62 281 373 925
Loan processing and collection costs 107 225 256 638
OREO carrying costs 104 187 398 655
OREO valuation adjustment 56 47 86 195
Amortization of intangible assets 238 238 714 714
Other expenses 1,273 2,012 4,023 4,286
Noninterest Expense 7,741 8,842 23,719 24,978
Income before income taxes 1,974 1,133 6,679 4,086
Income tax expense 919 45 2,578 78
Net income 1,055 1,088 4,101 4,008
Preferred stock dividends 82 395 247 1,401
Discount on redemption of preferred stock 0 0 0 (13,668)
Net income for common stockholders $ 973 $ 693 $ 3,854 $ 16,275
Basic earnings per common share (in dollars per share) | $ / shares [1] $ 0.15 $ 0.11 $ 0.59 $ 3.68
Diluted earnings per common share (in dollars per share) | $ / shares [1] $ 0.15 $ 0.11 $ 0.59 $ 3.68
Total comprehensive income:        
Net income $ 1,055 $ 1,088 $ 4,101 $ 4,008
Change in unrealized gains on securities available for sale (137) 425 1,234 130
Reclassification adjustment for losses (gains) recognized in income (79) (196) (139) (297)
Net unrealized gains (loss) (216) 229 1,095 (167)
Tax effect (84) 1 426 0
Other comprehensive income (loss) (132) 228 669 (167)
Total comprehensive income $ 923 $ 1,316 $ 4,770 $ 3,841
[1] Share and per share amounts have been adjusted to reflect the Company's 1:30 reverse stock split effective May 29, 2015