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CONSOLIDATED STATEMENTS OF INCOME (unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Interest Income:        
Loans (including fees) $ 15,919 $ 12,826 $ 30,783 $ 25,026
Deposits with other banks 31 41 116 60
Securities (including FHLB stock) 3,330 3,298 6,683 6,701
Federal funds sold 0 2 1 2
Total Interest Income 19,280 16,167 37,583 31,789
Interest Expense:        
Demand deposits 2,142 1,360 4,118 2,442
Savings deposits 92 50 174 86
Time deposits 2,290 1,591 4,375 3,035
Borrowings 472 374 877 740
Total Interest Expense 4,996 3,375 9,544 6,303
Net Interest Income 14,284 12,792 28,039 25,486
Less: Provision for loan losses (409) 1,302 196 2,013
Net Interest Income after Provision for Loan Losses 14,693 11,490 27,843 23,473
Noninterest Income:        
Service charges, commissions and fees 777 571 1,494 1,133
ATM and debit card fees 531 493 1,032 967
Net (losses) gains on securities (216) 404 (206) 934
Net gains on sale of loans 129 119 131 124
Other 547 410 895 795
Total Noninterest Income 1,768 1,997 3,346 3,953
Noninterest Expense:        
Salaries and employee benefits 5,633 4,593 11,215 9,419
Occupancy and equipment expense 1,397 1,077 2,738 2,108
Other 3,647 3,351 6,931 6,488
Total Noninterest Expense 10,677 9,021 20,884 18,015
Income Before Income Taxes 5,784 4,466 10,305 9,411
Less: Provision for income taxes 1,187 1,534 2,107 3,228
Net Income $ 4,597 $ 2,932 $ 8,198 $ 6,183
Per Common Share:        
Earnings (in dollars per share) [1] $ 0.52 $ 0.35 $ 0.93 $ 0.74
Cash dividends paid (in dollars per share) [1] $ 0.16 $ 0.15 $ 0.32 $ 0.30
Weighted Average Common Shares Outstanding (in shares) 8,807,175 8,441,581 8,807,175 8,405,702
[1] All share amounts have been restated to reflect the ten percent stock dividend paid December 14, 2017 to shareholders of record as of December 8, 2017.