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Consolidated Statements of Income - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Jun. 30, 2015
Jun. 30, 2014
Interest income        
Interest and fees on loans $ 9,839 $ 7,996 $ 18,603 $ 15,162
Interest on deposits with other banks 63 51 127 97
Interest on investment securities - taxable 222 358 461 769
Interest on tax exempt loans and securities 570 757 1,141 1,511
Total interest income 10,694 9,162 20,332 17,539
Interest expense        
Deposits 1,522 1,691 2,889 2,796
Repurchase agreements 20 107 44 233
FHLB and other borrowings 177 143 334 273
Subordinated debt 549 26 1,092 45
Total interest expense 2,268 1,967 4,359 3,347
Net interest income 8,426 7,195 15,973 14,192
Provision for loan losses 561 889 1,220 1,408
Net interest income after provision for loan losses 7,865 6,306 14,753 12,784
Noninterest income        
Service charges on deposit accounts 164 171 296 317
Income on bank owned life insurance 165 127 332 255
Visa debit card and interchange income 231 203 440 370
Mortgage fee income 8,617 4,333 14,926 7,543
Gain on sale of portfolio loans 454 658 800 1,333
Insurance and investment services income 965 820 2,663 1,836
Gain on sale of securities 5 125 126 125
Gain (loss) on derivatives (143) 604 2,106 939
Other operating income 76 25 256 102
Total noninterest income 10,534 7,066 21,945 12,820
Noninterest expense        
Salary and employee benefits 10,194 7,932 19,928 14,729
Occupancy expense 880 677 1,755 1,304
Equipment depreciation and maintenance 484 349 967 711
Data processing and communications 944 696 1,870 1,381
Mortgage processing 790 567 1,536 1,112
Marketing, contributions and sponsorships 359 290 696 535
Professional fees 619 380 1,281 878
Printing, postage and supplies 170 199 356 392
Insurance, tax and assessment expense 419 385 847 724
Travel, entertainment, dues and subscriptions 432 362 752 674
Other operating expenses 420 351 690 584
Total noninterest expense 15,711 12,188 30,678 23,024
Income before income taxes 2,688 1,184 6,020 2,580
Income tax expense 783 215 2,012 453
Net Income 1,905 969 4,008 2,127
Preferred dividends 143 22 285 43
Net Income available to common shareholders $ 1,762 $ 947 $ 3,723 $ 2,084
Earnings per share - basic (in dollars per share) $ 0.22 $ 0.12 $ 0.47 $ 0.27
Earnings per share - diluted (in dollars per share) $ 0.22 $ 0.12 $ 0.46 $ 0.26
Weighted average shares outstanding - basic (in shares) 7,987,333 7,897,242 7,985,320 7,778,152
Weighted average shares outstanding - diluted (in shares) 8,674,241 8,110,791 8,672,228 7,991,701