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CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Jun. 30, 2017
Jun. 30, 2016
Interest income        
Loans $ 20,011 $ 14,184 $ 37,569 $ 27,985
Loans held for sale 872 363 1,533 695
Securities available for sale, nontaxable 418 290 836 413
Securities available for sale, taxable 1,479 1,781 3,081 3,716
Securities held to maturity, nontaxable 52 62 114 117
Securities held to maturity, taxable 454 524 919 1,101
Federal Home Loan Bank stock dividends 227 180 441 362
Other interest earning assets 40 15 120 30
Total interest income 23,553 17,399 44,613 34,419
Interest expense        
Deposits 1,987 1,496 3,608 3,108
Federal Home Loan Bank advances 1,064 563 2,019 1,093
Repurchase agreements and other 8 6 16 11
Total interest expense 3,059 2,065 5,643 4,212
Net interest income 20,494 15,334 38,970 30,207
Provision for loan losses 842 395 2,317 2,550
Net interest income after provision for loan losses 19,652 14,939 36,653 27,657
Non-interest income        
Insurance agency income 472 516 945 818
Brokerage income 301 396 623 696
Deposit related fees 1,411 1,362 2,701 2,688
Mortgage servicing fees 729 701 1,465 1,399
Mortgage servicing rights valuation (2) (292) (5) (727)
Mortgage servicing rights amortization (486) (567) (935) (1,035)
Other service fees 33 47 62 65
Net gains:        
Securities available for sale (includes $301, $233, $330 and $386, respectively, accumulated other comprehensive income reclassifications for unrealized net gains on available for sale securities) 301 233 330 386
Mortgage banking income 2,117 1,869 3,440 3,251
Real estate owned and other repossessed assets, net (18) (63) (70) (76)
Debit/credit card fees 1,326 1,120 2,249 2,001
Trust fees 420   702  
Other income 486 458 967 972
Total non-interest income 7,090 5,780 12,474 10,438
Non-interest expense        
Salaries and employee benefits (includes $0, $(278), $0 and $(556), respectively, accumulated other comprehensive income reclassifications from prior service credit on postretirement plan). 8,749 7,186 17,724 14,274
Occupancy 943 855 1,907 1,717
Equipment and data processing 2,306 1,887 4,385 3,722
Financial institutions tax 510 431 1,000 873
Advertising 265 221 389 348
Amortization of intangible assets 113 10 196 23
FDIC insurance premiums 340 287 528 613
Other insurance premiums 109 73 221 162
Legal and consulting fees 184 214 413 411
Other professional fees 420 351 940 421
Real estate owned and other repossessed asset expenses 23 77 85 149
Acquisition costs     4,962  
Other expenses 1,214 1,268 2,716 2,611
Total non-interest expenses 15,176 12,860 35,466 25,324
Income before income taxes 11,566 7,859 13,661 12,771
Income tax expense (includes $105, $178, $115 and $329 income tax expense from reclassification items) 3,377 2,529 3,934 4,121
Net income 8,189 5,330 9,727 8,650
Other comprehensive income        
Unrealized gain on securities, available for sale, net of reclassifications and tax of $842, $2,392, $1,362 and $5,852, respectively 1,562 4,442 2,527 10,871
Accretion of unrealized losses on securities transferred from available for sale to held to maturity, net of tax of $17, $20, $35 and $38, respectively 32 37 65 71
Accretion of unrecognized actuarial gains and amortization of prior service credit on postretirement plan, net of tax of $0, $(97), $0 and $(194), respectively recognized in net income   (181)   (362)
Total other comprehensive income 1,594 4,298 2,592 10,580
Comprehensive income $ 9,783 $ 9,628 $ 12,319 $ 19,230
Earnings per share        
Basic $ 0.16 $ 0.11 $ 0.20 $ 0.18
Diluted $ 0.16 $ 0.11 $ 0.20 $ 0.18