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Consolidated Statements of Income - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Jun. 30, 2017
Jun. 30, 2016
INTEREST INCOME        
Interest and fees on loans $ 12,538 $ 12,587 $ 24,420 $ 25,018
Interest on deposits with other banks 82 82 161 170
Interest on investment securities - taxable 645 332 1,191 642
Interest on tax exempt loans and securities 549 579 1,110 1,132
Total interest income 13,814 13,580 26,882 26,962
INTEREST EXPENSE        
Interest on deposits 1,963 1,949 3,869 3,837
Interest on repurchase agreements 19 17 36 38
Interest on FHLB and other borrowings 380 319 668 545
Interest on subordinated debt 558 553 1,109 1,105
Total interest expense 2,920 2,838 5,682 5,525
NET INTEREST INCOME 10,894 10,742 21,200 21,437
Provision for loan losses 523 1,275 1,041 1,900
Net interest income after provision for loan losses 10,371 9,467 20,159 19,537
NONINTEREST INCOME        
Service charges on deposit accounts 165 185 352 358
Income on bank owned life insurance 155 158 302 319
Visa debit card and interchange income 318 309 613 601
Mortgage fee income 8,952 9,397 18,586 16,182
Gain on sale of portfolio loans 203 451 212 600
Insurance and investment services income 124 122 248 175
Gain on sale of securities 167 222 350 603
(Loss) gain on derivatives 1,037 1,031 (910) 1,432
Other operating income 446 126 638 343
Total noninterest income 11,567 12,001 20,391 20,613
NONINTEREST EXPENSES        
Salary and employee benefits 11,798 11,735 21,760 22,044
Occupancy expense 1,047 901 2,041 1,839
Equipment depreciation and maintenance 742 586 1,431 1,146
Data processing and communications 1,480 1,256 2,694 2,381
Mortgage processing 743 793 1,637 1,654
Marketing, contributions and sponsorships 277 350 604 647
Professional fees 736 838 1,413 1,543
Printing, postage and supplies 246 202 463 417
Insurance, tax and assessment expense 467 359 928 732
Travel, entertainment, dues and subscriptions 558 451 1,059 819
Other operating expenses 409 285 790 434
Total noninterest expense 18,503 17,756 34,820 33,656
Income from continuing operations, before income taxes 3,435 3,712 5,730 6,494
Income tax expense - continuing operations 1,175 1,254 1,896 2,134
Net income from continuing operations 2,260 2,458 3,834 4,360
Loss from discontinued operations, before income taxes 0 6,516 0 6,346
Income tax benefit - discontinued operations 0 2,475 0 2,411
Net loss from discontinued operations 0 4,041 0 3,935
Net income 2,260 6,499 3,834 8,295
Preferred dividends 122 314 251 500
Net income available to common shareholders $ 2,138 $ 6,185 $ 3,583 $ 7,795
Earnings per share from continuing operations - basic (in dollars per share) $ 0.21 $ 0.27 $ 0.35 $ 0.48
Earnings per share from discontinued operations - basic (in dollars per share) 0.00 0.50 0.00 0.49
Earnings per common shareholder - basic (in dollars per share) 0.21 0.77 0.35 0.97
Earnings per share from continuing operations - diluted (in dollars per share) 0.20 0.25 0.35 0.45
Earnings per share from discontinued operations - diluted (in dollars per share) 0.00 0.38 0.00 0.40
Earnings per common shareholder - diluted (in dollars per share) 0.20 0.63 0.35 0.85
Cash dividends declared (in dollars per share) $ 0.025 $ 0.02 $ 0.05 $ 0.04
Weighted average shares outstanding - basic (in shares) 10,343,933 8,078,000 10,171,198 8,070,082
Weighted average shares outstanding - diluted (in shares) 12,181,433 10,433,120 10,172,254 9,925,573