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Consolidated Statements of Income (Unaudited) (USD $)
In Thousands, except Share data, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2013
Jun. 30, 2012
Jun. 30, 2013
Jun. 30, 2012
Interest income        
Interest and fees on loans $ 4,927 $ 4,635 $ 9,835 $ 9,223
Interest on deposits with other banks 52 51 97 109
Interest on investment securities - taxable 275 407 554 833
Interest on tax exempt loans and securities 489 318 971 625
Total interest income 5,743 5,411 11,457 10,790
Interest expense        
Deposits 949 954 1,856 1,919
Repurchase agreements 148 129 271 243
FHLB and other borrowings 88 122 215 238
Subordinated debt 19 22 39 44
Total interest expense 1,204 1,227 2,381 2,444
Net interest income 4,539 4,184 9,076 8,346
Provision for loan losses 667 675 1,667 1,350
Net interest income after provision for loan losses 3,872 3,509 7,409 6,996
Other income        
Service charges on deposit accounts 169 178 306 339
Income on bank owned life insurance 132 78 224 156
Visa debit card income 139 114 262 225
Income on loans held for sale 6,784 638 12,762 1,068
Capitalized servicing retained income 318   656  
Other operating income 757 258 1,403 446
Gain on sale of securities 81 7 82 73
Gain on derivative 703   699  
Total other income 9,083 1,273 16,394 2,307
Other expense        
Salary and employee benefits 7,437 2,163 13,657 4,119
Occupancy expense 480 209 910 413
Equipment expense 247 177 575 333
Data processing 246 129 451 217
Mortgage processing 678   1,185  
Visa debit card expense 111 94 213 185
Advertising 333 182 569 349
Legal and accounting fees 183 68 385 184
Printing, stationery and supplies 162 57 250 91
Consulting fees 105 111 225 224
FDIC insurance 135 54 274 81
Other taxes 47 46 110 90
Other operating expenses 819 386 1,584 728
Total other expense 10,983 3,676 20,388 7,014
Income before income taxes 1,972 1,106 3,415 2,289
Income tax expense 488 289 743 611
Net income 1,484 817 2,672 1,678
Preferred dividends 22 21 43 94
Net Income available to common shareholders $ 1,462 $ 796 $ 2,629 $ 1,584
Basic net income per share after preferred dividends $ 0.43 $ 0.34 $ 0.83 $ 0.73
Diluted net income per share after preferred dividends $ 0.42 $ 0.33 $ 0.81 $ 0.71
Basic weighted average shares Outstanding 3,442,509 2,183,210 3,185,456 2,184,950
Diluted weighted average shares Outstanding 3,527,274 2,236,267 3,270,222 2,235,007