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Consolidated Statements of Income - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Jun. 30, 2016
Jun. 30, 2015
Interest income        
Interest and fees on loans $ 12,587 $ 9,839 $ 25,018 $ 18,603
Interest on deposits with other banks 82 63 170 127
Interest on investment securities - taxable 332 222 642 461
Interest on tax exempt loans and securities 579 570 1,132 1,141
Total interest income 13,580 10,694 26,962 20,332
Interest expense        
Interest on deposits 1,949 1,522 3,837 2,889
Interest on repurchase agreements 17 20 38 44
Interest on FHLB and other borrowings 319 177 545 334
Interest on subordinated debt 553 549 1,105 1,092
Total interest expense 2,838 2,268 5,525 4,359
Net interest income 10,742 8,426 21,437 15,973
Provision for loan losses 1,275 561 1,900 1,220
Net interest income after provision for loan losses 9,467 7,865 19,537 14,753
Noninterest income        
Service charges on deposit accounts 185 164 358 296
Income on bank owned life insurance 158 165 319 332
Visa debit card and interchange income 309 231 601 440
Mortgage fee income 9,397 8,617 16,182 14,926
Gain on sale of portfolio loans 451 454 600 800
Insurance and investment services income 122 107 175 178
Gain on sale of securities 222 5 603 126
Gain on derivatives 1,031 (143) 1,432 2,106
Total noninterest income 12,001 9,647 20,613 19,419
Other operating income 126 47 343 215
Noninterest expense        
Salary and employee benefits 11,735 9,292 22,044 18,140
Occupancy expense 901 812 1,839 1,622
Equipment depreciation and maintenance 586 470 1,146 939
Data processing and communications 1,256 920 2,381 1,819
Mortgage processing 793 790 1,654 1,536
Marketing, contributions and sponsorships 350 350 647 681
Professional fees 838 617 1,543 1,277
Printing, postage and supplies 202 165 417 347
Insurance, tax and assessment expense 359 399 732 809
Travel, entertainment, dues and subscriptions 451 402 819 696
Other operating expenses 285 328 434 561
Total noninterest expense 17,756 14,545 33,656 28,427
Income from continuing operations, before income taxes 3,712 2,967 6,494 5,745
Income tax expense - continuing operations 1,254 888 2,134 1,906
Net Income from continuing operations 2,458 2,079 4,360 3,839
Income from discontinued operations, before income taxes 6,516 (279) 6,346 275
Income tax expense - discontinued operations 2,475 (105) 2,411 106
Net Income from discontinued operations 4,041 (174) 3,935 169
Net Income (loss) 6,499 1,905 8,295 4,008
Preferred dividends 314 143 500 285
Net Income available to common shareholders $ 6,185 $ 1,762 $ 7,795 $ 3,723
Earnings per share from continuing operations - basic $ 0.27 $ 0.24 $ 0.48 $ 0.45
Earnings per share from discontinued operations - basic 0.50 (0.02) 0.49 0.02
Earnings per common shareholder - basic 0.77 0.22 0.97 0.47
Earnings per share from continuing operations - diluted 0.25 0.23 0.45 0.43
Earnings per share from discontinued operations - diluted 0.38 (0.02) 0.40 0.02
Earnings per share - diluted (in dollars per share) 0.63 0.21 0.85 0.45
Cash dividends declared $ 0.02 $ 0.04 $ 0.04 $ 0.04
Weighted average shares outstanding - basic (in shares) 8,078,000 7,987,333 8,070,082 7,987,333
Weighted average shares outstanding - diluted (in shares) 10,433,120 9,934,355 9,925,573 9,933,614