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Consolidated Statements of Income - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Sep. 30, 2016
Sep. 30, 2015
Interest and dividend income        
Loans, including fees $ 11,493 $ 10,713 $ 34,885 $ 31,862
Securities, taxable 1,855 1,912 6,051 5,441
Securities, nontaxable 383 291 1,043 746
Federal funds sold and other 519 283 1,513 549
Total interest and dividend income 14,250 13,199 43,492 38,598
Interest expense        
Deposits 1,707 1,283 4,984 3,409
Federal funds purchased and retail repurchase agreements 16 17 42 47
Federal Home Loan Bank advances 386 141 1,063 267
Bank stock loan   146   446
Subordinated debentures 159 162 469 480
Total interest expense 2,268 1,749 6,558 4,649
Net interest income 11,982 11,450 36,934 33,949
Provision for loan losses 104 537 1,359 1,867
Net interest income after provision for loan losses 11,878 10,913 35,575 32,082
Non-interest income        
Service charges and fees 851 653 2,437 1,823
Debit card income 722 556 2,127 1,537
Mortgage banking 442 277 1,019 855
Increase in value of bank owned life insurance 249 234 746 700
Net gain from securities transactions     479 370
Other 263 312 869 1,192
Total non-interest income 2,527 2,032 7,677 6,477
Non-interest expense        
Salaries and employee benefits 5,391 4,659 15,849 14,243
Net occupancy and equipment 1,159 952 3,321 3,078
Data processing 883 746 2,590 2,127
Professional fees 527 498 1,544 1,410
Advertising and business development 353 295 901 863
Telecommunications 285 203 803 582
FDIC insurance 240 217 753 568
Courier and postage 179 112 482 375
Amortization of core deposit intangible 87 61 260 182
Loan expense 153 94 413 272
Other real estate owned 156 53 164 174
Loss on debt extinguishment     58 316
Merger expenses 237 77 237 77
Other 1,084 899 2,989 2,644
Total non-interest expense 10,734 8,866 30,364 26,911
Income before income taxes 3,671 4,079 12,888 11,648
Provision for income taxes 1,000 1,343 3,931 3,902
Net income 2,671 2,736 8,957 7,746
Dividends and discount accretion on preferred stock   (43) (1) (129)
Net income allocable to common stockholders $ 2,671 $ 2,693 $ 8,956 $ 7,617
Basic earnings per share $ 0.32 $ 0.43 $ 1.09 $ 1.21
Diluted earnings per share $ 0.32 $ 0.43 $ 1.07 $ 1.21