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CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Sep. 30, 2016
Sep. 30, 2015
Interest and dividend income :        
Interest and fees on loans $ 11,792 $ 10,099 $ 33,790 $ 29,620
Interest and dividends on taxable securities 581 587 2,059 1,772
Interest and dividends on tax exempt securities 84 100 252 302
Interest and dividends on other earning assets 162 362 482 621
Total interest and dividend income 12,619 11,148 36,583 32,315
Interest expense:        
Interest on deposits 2,128 1,796 5,918 4,660
Interest on borrowings 118 169 406 521
Total interest expense 2,246 1,965 6,324 5,181
Net interest income 10,373 9,183 30,259 27,134
Provision for loan losses 2,050 850 4,062 2,875
Net interest income after provision for loan losses 8,323 8,333 26,197 24,259
Noninterest income:        
Account maintenance and deposit service fees 225 243 675 703
Income from bank-owned life insurance 175 160 524 464
Equity income from mortgage affiliate 749 492 1,381 1,270
Gain on sale of other assets       7
Net gain on sale of available for sale securities       520
Other 26 69 88 164
Total noninterest income 1,175 964 2,668 3,128
Noninterest expenses:        
Salaries and benefits 2,699 2,892 8,753 8,531
Occupancy expenses 783 807 2,377 2,504
Furniture and equipment expenses 283 194 720 628
Amortization of core deposit intangible 44 66 168 196
Virginia franchise tax expense 96 88 290 264
FDIC assessment 165 174 478 502
Data processing expense 184 164 533 498
Telephone and communication expense 201 197 586 604
Amortization of FDIC indemnification asset 187 105 606 351
Net (gain) loss on other real estate owned (9) 97 74 360
Other operating expenses 725 787 2,403 2,543
Total noninterest expenses 5,358 5,571 16,988 16,981
Income before income taxes 4,140 3,726 11,877 10,406
Income tax expense 1,375 1,245 3,757 3,455
Net income 2,765 2,481 8,120 6,951
Other comprehensive income (loss):        
Unrealized gain (loss) on available for sale securities 188 (7) (296) (225)
Realized amount on securities sold, net       (520)
Non-credit component of other-than-temporary impairment on held-to-maturity securities       4,278
Accretion of amounts previously recorded upon transfer to held-to-maturity from available-for-sale 3 3 10 28
Net unrealized gain (loss) 191 (4) (286) 3,561
Tax effect (64) 1 98 (1,211)
Other comprehensive income (loss) 127 (3) (188) 2,350
Comprehensive income $ 2,892 $ 2,478 $ 7,932 $ 9,301
Earnings per share, basic (in dollars per share) $ 0.23 $ 0.20 $ 0.66 $ 0.56
Earnings per share, diluted (in dollars per share) $ 0.22 $ 0.20 $ 0.65 $ 0.56