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Consolidated Statements of Income (USD $)
In Thousands, except Share data, unless otherwise specified
3 Months Ended 9 Months Ended
Sep. 30, 2013
Sep. 30, 2012
Sep. 30, 2013
Sep. 30, 2012
Interest income        
Interest and fees on loans $ 5,008 $ 4,855 $ 14,843 $ 14,078
Interest on deposits with other banks 54 47 151 156
Interest on investment securities - taxable 363 335 917 1,168
Interest on tax exempt loans and securities 589 381 1,560 1,006
Total interest income 6,014 5,618 17,471 16,408
Interest expense        
Deposits 1,065 974 2,921 2,893
Repurchase agreements 131 116 402 359
FHLB and other borrowings 86 113 301 351
Subordinated debt 20 22 59 66
Total interest expense 1,302 1,225 3,683 3,669
Net interest income 4,712 4,393 13,788 12,739
Provision for loan losses 326 775 1,993 2,125
Net interest income after provision for loan losses 4,386 3,618 11,795 10,614
Other income        
Service charges on deposit accounts 183 197 489 536
Income on bank owned life insurance 118 75 342 231
Visa debit card income 148 120 410 345
Income on loans held for sale 5,623 618 18,385 1,686
Capitalized servicing retained income 93   749  
Insurance commissions income 781   781  
Other operating income 750 560 2,153 1,006
Gain on sale of securities, net   113 82 186
Gain on sale of subsidiary 626   626  
Gain (loss) on derivative, net (276)   423  
Total other income 8,046 1,683 24,440 3,990
Other expense        
Salary and employee benefits 7,215 2,129 20,872 6,248
Occupancy expense 448 207 1,358 620
Equipment expense 341 185 916 518
Data processing 279 173 730 390
Mortgage processing 723   1,908  
Visa debit card expense 132 110 345 295
Advertising 540 229 1,109 578
Legal and accounting fees 370 85 755 269
Printing, stationery and supplies 137 50 387 141
Consulting fees 196 132 421 356
FDIC insurance 90 121 364 202
Other taxes 46 47 156 137
Other operating expenses 1,065 383 2,649 1,111
Total other expense 11,582 3,851 31,970 10,865
Income before income taxes 850 1,450 4,265 3,739
Income tax expense 93 402 836 1,013
Net income 757 1,048 3,429 2,726
Preferred dividends 21 21 64 115
Net income available to common shareholders $ 736 $ 1,027 $ 3,365 $ 2,611
Basic net income per share after preferred dividends (in dollars per share) $ 0.21 $ 0.47 $ 1.03 $ 1.19
Diluted net income per share after preferred dividends (in dollars per share) $ 0.21 $ 0.46 $ 0.99 $ 1.17
Basic weighted average shares outstanding (in shares) 3,454,396 2,195,761 3,276,088 2,188,580
Diluted weighted average shares outstanding (in shares) 3,570,408 2,245,818 3,392,100 2,238,637
Cash dividends paid per share $ 0.00 $ 0.00 $ 0.07 $ 0.07