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CONSOLIDATED STATEMENTS OF INCOME - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Sep. 30, 2015
Sep. 30, 2014
Interest and dividend income        
Loans and leases, including fees $ 12,924,000 $ 11,237,000 $ 38,124,000 $ 32,644,000
Taxable securities 1,847,000 2,008,000 6,191,000 5,709,000
Tax-exempt securities 746,000 729,000 2,202,000 2,203,000
Federal funds sold and other 7,000 4,000 26,000 55,000
Total interest income 15,524,000 13,978,000 46,543,000 40,611,000
Interest expense        
Deposits 452,000 503,000 1,345,000 1,614,000
Short-term borrowings 12,000 $ 6,000 43,000 $ 16,000
Long-term borrowings 2,000 9,000
Subordinated debentures 181,000 $ 177,000 533,000 $ 526,000
Total interest expense 647,000 686,000 1,930,000 2,156,000
Net Interest Income $ 14,877,000 $ 13,292,000 $ 44,613,000 38,455,000
Provision for loan losses 350,000
Net interest income after provision for loan losses $ 14,877,000 $ 13,292,000 $ 44,613,000 38,105,000
Non-interest Income        
Service charges on deposits 2,611,000 $ 2,214,000 6,880,000 6,139,000
Net gains on sale of securities available-for-sale 108,000 431,000 287,000
Other income 1,542,000 $ 1,571,000 5,611,000 5,084,000
Total non-interest income 4,261,000 3,785,000 12,922,000 11,510,000
Other operating expense        
Salaries and employee benefits 5,904,000 5,459,000 18,924,000 16,772,000
Occupancy and equipment 1,834,000 1,662,000 5,160,000 4,700,000
Other 4,547,000 4,629,000 14,412,000 12,014,000
Total other operating expense 12,285,000 11,750,000 38,496,000 33,486,000
Income before taxes 6,853,000 5,327,000 19,039,000 16,129,000
Provision for income taxes 2,443,000 1,776,000 6,335,000 4,543,000
Net income $ 4,410,000 $ 3,551,000 $ 12,704,000 $ 11,586,000
PER SHARE DATA        
Book value $ 14.12 $ 13.46 $ 14.12 $ 13.46
Cash dividends 0.11 0.09 0.31 0.25
Earnings per share basic 0.33 0.25 0.94 0.82
Earnings per share diluted $ 0.33 $ 0.25 $ 0.93 $ 0.81
Average shares outstanding, basic 13,358,895 13,939,152 13,531,370 14,083,649
Average shares outstanding, diluted 13,482,364 14,072,783 13,656,747 14,218,194
Total shareholder equity (in thousands) $ 187,052,000 $ 186,240,000 $ 187,052,000 $ 186,240,000
Shares outstanding 13,248,048 13,841,342 13,248,048 13,841,342
Dividends Paid $ 1,474,639 $ 1,260,823 $ 4,205,218 $ 3,528,478