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Consolidated Statements of Income - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Sep. 30, 2015
Sep. 30, 2014
Interest income        
Interest and fees on loans $ 10,584 $ 8,161 $ 29,187 $ 23,322
Interest on deposits with other banks 71 53 198 150
Interest on investment securities - taxable 213 253 674 1,022
Interest on tax exempt loans and securities 548 627 1,689 2,138
Total interest income 11,416 9,094 31,748 26,632
Interest expense        
Deposits 1,665 1,337 4,554 4,133
Repurchase agreements 18 29 62 262
FHLB and other borrowings 159 126 493 399
Subordinated debt 556 544 1,648 589
Total interest expense 2,398 2,036 6,757 5,383
Net interest income 9,018 7,058 24,991 21,249
Provision for loan losses 636 783 1,856 2,192
Net interest income after provision for loan losses 8,382 6,275 23,135 19,057
Noninterest income        
Service charges on deposit accounts 175 183 471 500
Income on bank owned life insurance 160 169 492 424
Visa debit card and interchange income 244 203 684 573
Mortgage fee income 8,955 4,948 23,881 12,491
Gain on sale of portfolio loans 319 216 1,119 1,549
Insurance and investment services income 1,142 909 3,805 2,745
Gain on sale of securities 4 271 130 396
Gain (loss) on derivatives (2,039) (391) 67 548
Gain on sale of other real estate owned 618   654 57
Other operating income 376 72 596 119
Total noninterest income 9,954 6,580 31,899 19,402
Noninterest expense        
Salary and employee benefits 10,203 7,598 30,131 22,327
Occupancy expense 902 732 2,657 2,036
Equipment depreciation and maintenance 557 400 1,524 1,111
Data processing and communications 1,075 733 2,945 2,114
Mortgage processing 774 596 2,310 1,706
Marketing, contributions and sponsorships 398 293 1,094 828
Professional fees 936 645 2,217 1,522
Printing, postage and supplies 210 186 566 579
Insurance, tax and assessment expense 436 423 1,283 1,147
Travel, entertainment, dues and subscriptions 485 330 1,237 1,003
Other operating expenses 448 279 1,138 866
Total noninterest expense 16,424 12,215 47,102 35,239
Income before income taxes 1,912 640 7,932 3,220
Income tax expense 506 103 2,518 556
Net Income 1,406 537 5,414 2,664
Preferred dividends 145 144 430 187
Net Income available to common shareholders $ 1,261 $ 393 $ 4,984 $ 2,477
Earnings per share - basic (in dollars per share) $ 0.16 $ 0.05 $ 0.62 $ 0.31
Earnings per share - diluted (in dollars per share) $ 0.16 $ 0.05 $ 0.62 $ 0.31
Weighted average shares outstanding - basic (in shares) 8,023,549 8,032,362 7,998,203 7,863,820
Weighted average shares outstanding - diluted (in shares) 8,631,700 8,246,437 8,606,354 8,077,895