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CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Jun. 30, 2015
Jun. 30, 2014
INTEREST INCOME:        
Interest and fees on loans $ 9,492 $ 8,144 $ 18,032 $ 15,840
Interest on investment securities:        
Taxable 1,033 1,026 1,889 1,917
Non-taxable 702 657 1,355 1,303
Other investments 121 99 162 144
TOTAL INTEREST INCOME 11,348 9,926 21,438 19,204
INTEREST EXPENSE:        
Interest on deposits 671 814 1,353 1,623
Interest on short-term borrowings 4 5 8 8
Interest on long-term debt 73 101 149 204
TOTAL INTEREST EXPENSE 748 920 1,510 1,835
NET INTEREST INCOME 10,600 9,006 19,928 17,369
PROVISION FOR LOAN LOSSES 677 255 746 336
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES 9,923 8,751 19,182 17,033
NON-INTEREST INCOME:        
Trust income 852 728 1,652 1,383
Service charges and fees on deposit accounts 1,234 1,252 2,341 2,374
Net gain (loss) on sales of securities 221 0 332 (4)
Bank owned life insurance income 155 170 314 342
Gains from sales of loans 219 53 254 68
Other operating income 150 98 244 215
TOTAL NON-INTEREST INCOME 2,831 2,301 5,137 4,378
NON-INTEREST EXPENSE:        
Salaries and employee benefits 4,381 3,956 8,671 7,874
Equipment expenses 302 345 590 639
Occupancy expense, net 584 514 1,179 1,165
State franchise tax 250 239 502 483
Marketing 220 197 383 329
Amortization of intangibles 175 148 321 274
FDIC insurance premiums 145 160 296 309
Merger-related expenses 522 70 592 1,362
Other non-interest expense 1,847 1,971 3,541 3,837
TOTAL NON-INTEREST EXPENSE 8,426 7,600 16,075 16,272
INCOME BEFORE INCOME TAXES 4,328 3,452 8,244 5,139
PROVISION FOR INCOME TAXES 1,205 841 2,287 1,205
NET INCOME $ 3,123 $ 2,611 $ 5,957 $ 3,934
Dividends declared per common share (in dollars per share) $ 0.16 $ 0.16 $ 0.32 $ 0.32
Earnings per common share:        
Basic (in dollars per share) 0.33 0.28 0.63 0.42
Diluted (in dollars per share) $ 0.32 $ 0.28 $ 0.62 $ 0.42
Weighted average common shares outstanding:        
Basic (in shares) 9,694,732 9,293,382 9,504,739 9,290,905
Diluted (in shares) 9,804,728 9,402,343 9,609,050 9,407,964