XML 14 R4.htm IDEA: XBRL DOCUMENT v3.8.0.1
Condensed Consolidated Statements of Income - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
Interest Income        
Loans receivable $ 28,113 $ 25,313 $ 79,699 $ 65,854
Investment securities        
Taxable 2,167 2,498 6,817 7,703
Tax exempt 1,790 1,151 5,193 3,583
Total interest income 32,070 28,962 91,709 77,140
Interest Expense        
Deposits 1,841 1,875 5,315 4,923
Borrowed funds 1,753 2,128 4,028 5,608
Subordinated debentures 597 549 1,721 1,556
Total interest expense 4,191 4,552 11,064 12,087
Net Interest Income 27,879 24,410 80,645 65,053
Provision for loan losses 710 455 1,370 1,219
Net Interest Income after Provision for Loan Losses 27,169 23,955 79,275 63,834
Non-interest Income        
Service charges on deposit accounts 1,672 1,605 4,638 4,310
Wire transfer fees 175 292 503 588
Interchange fees 1,251 1,156 3,809 3,065
Fiduciary activities 1,887 1,653 5,752 4,753
Gains (losses) on sale of investment securities (includes $6 and $0 for the three months ended September 30, 2017 and 2016, respectively, and $38 and $875 for the nine months ended September 30, 2017 and 2016, respectively, related to accumulated other comprehensive earnings reclassifications) 6   38 875
Gain on sale of mortgage loans 1,950 3,528 5,918 9,171
Mortgage servicing income net of impairment 369 409 1,175 1,356
Increase in cash value of bank owned life insurance 474 449 1,346 1,145
Other income 237 226 613 708
Total non-interest income 8,021 9,318 23,792 25,971
Non-interest Expense        
Salaries and employee benefits 12,911 12,210 37,086 32,592
Net occupancy expenses 2,400 2,174 7,048 6,011
Data processing 1,502 1,616 4,311 3,855
Professional fees 649 612 1,797 2,190
Outside services and consultants 2,504 2,686 4,991 5,983
Loan expense 1,215 1,482 3,572 4,086
FDIC insurance expense 270 465 776 1,279
Other losses 58 107 186 510
Other expense 3,004 2,730 8,755 7,798
Total non-interest expense 24,513 24,082 68,522 64,304
Income Before Income Tax 10,677 9,191 34,545 25,501
Income tax expense (includes $2 and $0 for the three months ended September 30, 2017 and 2016, respectively, and $13 and $306 for the nine months ended September 30, 2017 and 2016, respectively, related to income tax expense from reclassification items) 2,506 2,589 9,078 7,192
Net Income 8,171 6,602 25,467 18,309
Preferred stock dividend       (42)
Net Income Available to Common Shareholders $ 8,171 $ 6,602 $ 25,467 $ 18,267
Basic Earnings Per Share $ 0.36 $ 0.31 $ 1.14 $ 0.95
Diluted Earnings Per Share $ 0.36 $ 0.30 $ 1.13 $ 0.94