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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 INCOME        
Interest and fees on loans $ 12,484 $ 10,584 $ 37,502 $ 29,187
Interest on deposits with other banks 81 71 251 198
Interest on investment securities - taxable 342 213 984 674
Interest on tax exempt loans and securities 616 548 1,748 1,689
Total interest income 13,523 11,416 40,485 31,748
INTEREST EXPENSE        
Interest on deposits 1,902 1,665 5,739 4,554
Interest on repurchase agreements 17 18 55 62
Interest on FHLB and other borrowings 316 159 861 493
Interest on subordinated debt 559 556 1,664 1,648
Total interest expense 2,794 2,398 8,319 6,757
NET INTEREST INCOME 10,729 9,018 32,166 24,991
Provision for loan losses 1,075 636 2,975 1,856
Net interest income after provision for loan losses 9,654 8,382 29,191 23,135
NONINTEREST INCOME        
Service charges on deposit accounts 199 175 557 471
Income on bank owned life insurance 158 160 477 492
Visa debit card and interchange income 291 244 892 684
Mortgage fee income 10,668 8,955 26,850 23,881
Gain on sale of portfolio loans 238 319 838 1,119
Insurance and investment services income 128 98 303 276
Gain on sale of securities 479 4 1,082 130
Gain on derivatives 1 (2,039) 1,433 67
Other operating income 364 537 707 752
Total noninterest income 12,526 8,453 33,139 27,872
NONINTEREST EXPENSES        
Salary and employee benefits 12,383 9,284 34,427 27,424
Occupancy expense 898 833 2,737 2,455
Equipment depreciation and maintenance 635 543 1,781 1,482
Data processing and communications 1,434 1,047 3,815 2,866
Mortgage processing 802 774 2,456 2,310
Marketing, contributions and sponsorships 355 391 1,002 1,072
Professional fees 750 919 2,293 2,196
Printing, postage and supplies 169 205 586 552
Insurance, tax and assessment expense 374 393 1,106 1,202
Travel, entertainment, dues and subscriptions 393 451 1,212 1,147
Other operating expenses 546 (84) 980 477
Total noninterest expense 18,739 14,756 52,395 43,183
Income (loss) from continuing operations, before income taxes 3,441 2,079 9,935 7,824
Income tax expense - continuing operations 1,131 569 3,265 2,475
Net income (loss) from continuing operations 2,310 1,510 6,670 5,349
Income (loss) from discontinued operations, before income taxes 0 (167) 6,346 108
Income tax expense (benefit) - discontinued operations 0 (63) 2,411 43
Net Income (loss) from discontinued operations 0 (104) 3,935 65
Net income (loss) 2,310 1,406 10,605 5,414
Preferred dividends 314 145 814 430
Net income (loss) available to common shareholders $ 1,996 $ 1,261 $ 9,791 $ 4,984
Earnings per share from continuing operations - basic (in dollars per share) $ 0.25 $ 0.17 $ 0.73 $ 0.61
Earnings per share from discontinued operations - basic (in dollars per share) 0.00 (0.01) 0.49 0.01
Earnings per common shareholder - basic (in dollars per share) 0.25 0.16 1.22 0.62
Earnings per share from continuing operations - diluted (in dollars per share) 0.24 0.17 0.68 0.60
Earnings per share from discontinued operations - diluted (in dollars per share) 0.00 (0.01) 0.40 0.00
Earnings per common shareholder - diluted (in dollars per share) 0.24 0.16 1.08 0.60
Cash dividends declared (in dollars per share) $ 0.02 $ 0.02 $ 0.06 $ 0.06
Weighted average shares outstanding - basic (in shares) 8,080,690 8,023,549 8,073,644 7,998,203
Weighted average shares outstanding - diluted (in shares) 10,434,344 8,176,304 9,935,209 9,961,233