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Consolidated Statements of Operations (Unaudited) - USD ($)
shares in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Sep. 30, 2016
Sep. 30, 2015
Interest income:        
Interest and fees on loans $ 9,007,000 $ 8,357,000 $ 26,254,000 $ 24,572,000
Interest on taxable securities 689,000 743,000 2,281,000 2,489,000
Interest on tax-exempt securities 552,000 592,000 1,734,000 1,793,000
Interest on interest-bearing deposits in other banks 82,000 40,000 222,000 167,000
Total interest income 10,330,000 9,732,000 30,491,000 29,021,000
Service charges on deposit accounts 133,000 52,000 293,000 153,000
ATM and point of sale fees 287,000 96,000 714,000 279,000
Fees on payroll and benefit processing 133,000 138,000 432,000 416,000
Earnings on cash surrender value - life insurance 152,000 158,000 461,000 482,000
Gain on investment securities, net 70,000 137,000 192,000 413,000
Impairment losses on investment securities (546,000)
Other income 184,000 227,000 799,000 800,000
Total noninterest income 959,000 808,000 2,345,000 2,543,000
Interest expense:        
Interest on demand deposits 136,000 116,000 388,000 339,000
Interest on savings deposits 43,000 53,000 129,000 162,000
Interest on certificates of deposit 524,000 586,000 1,636,000 1,771,000
Interest on term debt 292,000 475,000 1,369,000 1,187,000
Interest on junior subordinated debentures 59,000 47,000 172,000 143,000
Total interest expense 1,054,000 1,277,000 3,694,000 3,602,000
Net interest income 9,276,000 8,455,000 26,797,000 25,419,000
Provision for loan and lease losses
Net interest income after provision for loan and lease losses 9,276,000 8,455,000 26,797,000 25,419,000
Noninterest expense:        
Salaries and related benefits 3,873,000 3,208,000 12,188,000 10,693,000
Premises and equipment 1,071,000 714,000 2,847,000 2,157,000
Federal Deposit Insurance Corporation insurance premium 176,000 159,000 513,000 544,000
Data processing fees 464,000 243,000 1,142,000 736,000
Professional service fees 303,000 337,000 1,209,000 1,167,000
Telecommunications 199,000 116,000 545,000 335,000
Branch acquisition costs 580,000
Loss on cancellation of interest rate swap 2,325,000
Other expenses 1,039,000 797,000 3,445,000 2,657,000
Total noninterest expense 7,125,000 5,574,000 24,794,000 18,289,000
Income before provision for income taxes 3,110,000 3,689,000 4,348,000 9,673,000
Provision for income taxes 744,000 1,164,000 1,386,000 2,957,000
Net income 2,366,000 2,525,000 2,962,000 6,716,000
Less: Preferred stock dividends 50,000 150,000
Income available to common shareholders $ 2,366,000 $ 2,475,000 $ 2,962,000 $ 6,566,000
Earnings per share - basic (in dollars per share) $ 0.18 $ 0.18 $ 0.22 $ 0.49
Weighted average shares - basic (in shares) 13,369 13,340 13,366 13,327
Earnings per share - diluted (in dollars per share) $ 0.18 $ 0.18 $ 0.22 $ 0.49
Weighted average shares - diluted (in shares) 13,439 13,377 13,412 13,358