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Consolidated Statements of Income - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
INTEREST INCOME        
Interest and fees on loans $ 13,275 $ 12,484 $ 37,695 $ 37,502
Interest on deposits with other banks 89 81 250 251
Interest on investment securities - taxable 693 342 1,884 984
Interest on tax exempt loans and securities 573 616 1,683 1,748
Total interest income 14,630 13,523 41,512 40,485
INTEREST EXPENSE        
Interest on deposits 2,083 1,902 5,952 5,739
Interest on repurchase agreements 20 17 56 55
Interest on FHLB and other borrowings 548 316 1,216 861
Interest on subordinated debt 565 559 1,674 1,664
Total interest expense 3,216 2,794 8,898 8,319
NET INTEREST INCOME 11,414 10,729 32,614 32,166
Provision for loan losses 96 1,075 1,137 2,975
Net interest income after provision for loan losses 11,318 9,654 31,477 29,191
NONINTEREST INCOME        
Service charges on deposit accounts 207 199 559 557
Income on bank owned life insurance 151 158 453 477
Visa debit card and interchange income 293 291 906 892
Mortgage fee income 10,018 10,668 28,604 26,850
Gain on sale of portfolio loans 265 238 477 838
Insurance and investment services income 147 128 395 303
Gain on sale of securities 105 479 455 1,082
(Loss) gain on derivatives (1,306) 1 (2,216) 1,433
Other operating income 278 364 916 707
Total noninterest income 10,158 12,526 30,549 33,139
NONINTEREST EXPENSES        
Salary and employee benefits 11,249 12,383 33,009 34,427
Occupancy expense 1,042 898 3,083 2,737
Equipment depreciation and maintenance 783 635 2,214 1,781
Data processing and communications 1,139 1,434 3,833 3,815
Mortgage processing 818 802 2,455 2,456
Marketing, contributions and sponsorships 263 355 867 1,002
Professional fees 851 750 2,264 2,293
Printing, postage and supplies 320 169 783 586
Insurance, tax and assessment expense 475 374 1,403 1,106
Travel, entertainment, dues and subscriptions 562 393 1,621 1,212
Other operating expenses 464 546 1,254 980
Total noninterest expense 17,966 18,739 52,786 52,395
Income from continuing operations, before income taxes 3,510 3,441 9,240 9,935
Income tax expense - continuing operations 1,192 1,131 3,088 3,265
Net income from continuing operations 2,318 2,310 6,152 6,670
Income from discontinued operations, before income taxes 0 0 0 6,346
Income tax benefit - discontinued operations 0 0 0 2,411
Net income from discontinued operations 0 0 0 3,935
Net income 2,318 2,310 6,152 10,605
Preferred dividends 123 314 374 814
Net income available to common shareholders $ 2,195 $ 1,996 $ 5,778 $ 9,791
Earnings per share from continuing operations - basic (in dollars per share) $ 0.21 $ 0.25 $ 0.56 $ 0.73
Earnings per share from discontinued operations - basic (in dollars per share) 0.00 0.00 0.00 0.49
Earnings per common shareholder - basic (in dollars per share) 0.21 0.25 0.56 1.22
Earnings per share from continuing operations - diluted (in dollars per share) 0.21 0.24 0.56 0.68
Earnings per share from discontinued operations - diluted (in dollars per share) 0.00 0.00 0.00 0.40
Earnings per common shareholder - diluted (in dollars per share) 0.21 0.24 0.56 1.08
Cash dividends declared (in dollars per share) $ 0.025 $ 0.02 $ 0.075 $ 0.06
Weighted average shares outstanding - basic (in shares) 10,443,443 8,080,690 10,262,944 8,073,644
Weighted average shares outstanding - diluted (in shares) 12,410,070 10,434,344 10,288,534 9,935,209