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Consolidated Statements of Income (unaudited) - 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 $ 10,100 $ 9,567 $ 20,062 $ 18,705
Interest and dividends on investments 316 339 672 585
Interest on federal funds sold and cash equivalents 55 27 78 42
Total interest income 10,471 9,933 20,812 19,332
Interest expense:        
Interest on deposits 1,375 1,198 2,630 2,329
Interest on borrowings 339 276 673 489
Total interest expense 1,714 1,474 3,303 2,818
Net interest income 8,757 8,459 17,509 16,514
Provision for loan losses (638) 750 62 1,590
Net interest income after provision for loan losses 9,395 7,709 17,447 14,924
Noninterest income:        
Gain on sale of SBA loans 372 1,200 1,803 1,757
Loan fees 159 341 506 655
Net income from BOLI 182 89 359 176
Service fees on deposit accounts 69 66 143 136
Loss on sale and write-down of real estate owned (75) (954) (1,042) (1,123)
Gain on sale of SBA related assets 7,611 0 7,611 0
Other 152 112 263 510
Total noninterest income 8,470 854 9,643 2,111
Noninterest expense:        
Compensation and benefits 1,781 1,920 3,865 3,909
Professional services 369 364 825 873
Occupancy and equipment 311 306 643 629
Data processing 131 111 263 250
FDIC insurance 174 169 349 334
OREO expense 270 425 598 911
Other operating expense 955 963 2,138 1,699
Total noninterest expense 3,991 4,258 8,681 8,605
Income before income tax expense 13,874 4,305 18,409 8,430
Income tax expense 5,154 1,387 6,700 2,908
Net income attributable to Company and noncontrolling interest 8,720 2,918 11,709 5,522
Net income attributable to noncontrolling interest (72) (395) (452) (501)
Net income attributable to Company 8,648 2,523 11,257 5,021
Preferred stock dividend and discount accretion 300 300 600 600
Net income available to common shareholders $ 8,348 $ 2,223 $ 10,657 $ 4,421
Earnings per common share:        
Basic (in dollars per share) $ 1.22 $ 0.33 $ 1.56 $ 0.67
Diluted (in dollars per share) $ 0.97 $ 0.29 $ 1.26 $ 0.57
Weighted average shares outstanding:        
Basic (in shares) 6,843,059 6,638,075 6,843,067 6,625,045
Diluted (in shares) 8,960,501 8,753,081 8,956,376 8,734,523