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CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Sep. 30, 2015
Sep. 30, 2014
INTEREST INCOME:        
Interest and fees on loans $ 8,540 $ 8,168 $ 26,572 $ 24,008
Interest on investment securities:        
Taxable 1,094 984 2,983 2,901
Non-taxable 732 716 2,087 2,019
Other investments 43 38 205 182
TOTAL INTEREST INCOME 10,409 9,906 31,847 29,110
INTEREST EXPENSE:        
Interest on deposits 834 800 2,187 2,423
Interest on short-term borrowings 5 10 13 18
Interest on long-term debt 73 101 222 305
TOTAL INTEREST EXPENSE 912 911 2,422 2,746
NET INTEREST INCOME 9,497 8,995 29,425 26,364
PROVISION FOR LOAN LOSSES 240 401 986 737
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES 9,257 8,594 28,439 25,627
NON-INTEREST INCOME:        
Trust income 754 688 2,406 2,071
Service charges and fees on deposit accounts 1,314 1,245 3,655 3,619
Net gain (loss) on sales of securities 0 97 332 93
Bank owned life insurance income 156 165 470 507
Gains from sales of loans 34 24 288 92
Other operating income 128 96 372 311
TOTAL NON-INTEREST INCOME 2,386 2,315 7,523 6,693
NON-INTEREST EXPENSE:        
Salaries and employee benefits 4,340 4,022 13,011 11,896
Equipment expenses 324 337 914 976
Occupancy expense, net 570 541 1,749 1,706
State franchise tax 251 231 753 714
Marketing 176 212 559 541
Amortization of intangibles 189 150 510 424
FDIC insurance premiums 136 183 432 492
Merger-related expenses 49 4 641 1,366
Other non-interest expense 2,053 1,558 5,594 5,395
TOTAL NON-INTEREST EXPENSE 8,088 7,238 24,163 23,510
INCOME BEFORE INCOME TAXES 3,555 3,671 11,799 8,810
PROVISION FOR INCOME TAXES 922 953 3,209 2,158
NET INCOME $ 2,633 $ 2,718 $ 8,590 $ 6,652
Dividends declared per common share $ 0.16 $ 0.16 $ 0.48 $ 0.48
Earnings per common share:        
Basic 0.26 0.30 0.89 0.72
Diluted $ 0.26 $ 0.29 $ 0.88 $ 0.71
Weighted average common shares outstanding:        
Basic 9,898,233 9,299,691 9,637,344 9,293,866
Diluted 10,005,788 9,405,013 9,742,839 9,407,110