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CONSOLIDATED STATEMENTS OF INCOME - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Jun. 30, 2016
Jun. 30, 2015
Interest income:        
Loans, including fees $ 19,735 $ 15,643 $ 38,923 $ 30,647
Securities, taxable 2,829 1,554 5,603 3,157
Securities, exempt from Federal tax 575 515 1,154 1,021
Other investments and interest-bearing deposits in other financial institutions 365 463 886 716
Total interest income 23,504 18,175 46,566 35,541
Interest expense:        
Deposits 760 533 1,518 1,041
Total interest expense 760 533 1,518 1,041
Net interest income before provision for loan losses 22,744 17,642 45,048 34,500
Provision (credit) for loan losses 351 22 752 (38)
Net interest income after provision for loan losses 22,393 17,620 44,296 34,538
Noninterest income:        
Gain on proceeds from company owned life insurance 1,019   1,019  
Service charges and fees on deposit accounts 783 715 1,550 1,338
Increase in cash surrender value of life insurance 440 396 889 796
Servicing income 371 299 742 605
Gain on sales of securities 347   527  
Gain on sales of SBA loans 279 186 584 393
Other 421 568 963 958
Total noninterest income 3,660 2,164 6,274 4,090
Noninterest expense:        
Salaries and employee benefits 8,742 7,712 17,689 15,754
Occupancy and equipment 1,081 1,036 2,157 2,072
Professional fees 708 239 1,533 333
Other 3,850 3,630 7,687 6,734
Total noninterest expense 14,381 12,617 29,066 24,893
Income before income taxes 11,672 7,167 21,504 13,735
Income tax expense 4,377 2,690 8,103 5,120
Net income 7,295 4,477 13,401 8,615
Dividends on preferred stock (504) (448) (1,008) (896)
Net income available to common shareholders $ 6,791 $ 4,029 $ 12,393 $ 7,719
Earnings per common share:        
Basic (in dollars per share) $ 0.19 $ 0.14 $ 0.35 $ 0.27
Diluted (in dollars per share) $ 0.19 $ 0.14 $ 0.35 $ 0.27