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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, 2014
Sep. 30, 2013
Sep. 30, 2014
Sep. 30, 2013
Interest income        
Interest and fees on loans $ 7,970 $ 5,540 $ 22,840 $ 16,438
Interest on deposits with other banks 53 54 150 151
Interest on investment securities - taxable 253 363 1,022 917
Interest on tax exempt loans and securities 627 589 2,138 1,560
Total interest income 8,903 6,546 26,150 19,066
Interest expense        
Deposits 1,325 1,065 4,104 2,921
Repurchase agreements 29 131 262 402
FHLB and other borrowings 282 206 841 697
Subordinated debt 544 20 589 59
Total interest expense 2,180 1,422 5,796 4,079
Net interest income 6,723 5,124 20,354 14,987
Provision for loan losses 784 326 2,192 1,993
Net interest income after provision for loan losses 5,939 4,798 18,162 12,994
Noninterest income        
Service charges on deposit accounts 183 183 500 489
Income on bank owned life insurance 169 118 424 342
Visa debit card income 176 148 501 410
Gain on loans held for sale 5,272 5,360 14,048 17,718
Capitalized servicing retained income (85) 93 156 749
Insurance income 846 570 2,553 781
Gain on sale of securities 271 0 396 82
Gain on sale of subsidiary   626   626
Gain (loss) on derivatives (391) (276) 548 423
Other operating income 485 812 1,181 1,621
Total noninterest income 6,926 7,634 20,307 23,241
Noninterest expense        
Salary and employee benefits 7,598 7,215 22,327 20,872
Occupancy expense 714 448 1,994 1,358
Equipment depreciation and maintenance 418 341 1,153 916
Data processing 434 279 1,199 730
Mortgage processing 596 723 1,711 1,908
Visa debit card expense 140 132 417 345
Advertising 373 540 1,000 1,109
Legal and accounting fees 351 370 715 755
Printing, stationery and supplies 102 137 333 387
Consulting fees 197 196 587 421
FDIC insurance 203 90 542 364
Travel 121 179 443 391
Other operating expenses 978 932 2,828 2,414
Total noninterest expense 12,225 11,582 35,249 31,970
Income before income taxes 640 850 3,220 4,265
Income tax expense 103 93 556 836
Net income 537 757 2,664 3,429
Preferred dividends 144 21 187 64
Net income available to common shareholders $ 393 $ 736 $ 2,477 $ 3,365
Earnings per share - basic (in dollars per share) $ 0.05 $ 0.11 $ 0.31 $ 0.51
Earnings per share - diluted (in dollars per share) $ 0.05 $ 0.10 $ 0.31 $ 0.50
Weighted average shares outstanding - basic (in shares) 8,032,362 6,908,792 7,863,820 6,552,176
Weighted average shares outstanding - diluted (in shares) 8,246,437 7,140,816 8,077,895 6,784,200