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Consolidated Statements of Income - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
Interest Income:        
Interest and fees on loans $ 10,588 $ 9,994 $ 30,634 $ 29,089
Interest and dividends on investment securities: Taxable 754 721 2,409 2,175
Interest and dividends on investment securities: Exempt from federal taxes 219 236 654 714
Interest on cash and cash equivalents 74 38 140 166
Total interest and dividend income 11,635 10,989 33,837 32,144
Interest Expense:        
Interest on NOW, money market and savings 998 606 2,822 1,678
Interest on time deposits 579 307 1,237 921
Interest on brokered deposits 457 160 1,070 346
Interest on FHLB advances 199 185 739 522
Interest on repurchase agreements 2 8 14 21
Interest on junior subordinated debentures 122 99 340 286
Interest on subordinated debt 104 104 311 311
Interest on other borrowings 23 14 58 42
Total interest expense 2,484 1,483 6,591 4,127
Net interest income 9,151 9,506 27,246 28,017
Provision for credit losses 100 375 850 1,285
Net interest income after provision for credit losses 9,051 9,131 26,396 26,732
Non-interest Income:        
Service charges 274 282 848 936
Wealth management 542 411 1,489 1,256
Mortgage banking 56 62 193 112
Increase in cash surrender value of BOLI 54 55 158 165
Gain on sale of investment securities, net       25
Gain on sale of loans 27 35 37 132
Gains from insurance proceeds 8   8 80
Other fees 410 426 1,243 1,293
Total non-interest income 1,371 1,271 3,976 3,999
Non-interest Expense:        
Salaries and employee benefits 3,709 3,926 11,742 11,291
Furniture and equipment 564 525 1,603 1,526
Occupancy 656 631 1,987 2,006
Professional and consulting 484 485 1,311 1,334
Advertising and marketing 182 135 568 575
FDIC insurance 123 161 363 506
PA shares tax 242 219 727 677
Telecommunications 89 87 254 265
Loss on sale or write down of OREO, net 11 7 151 121
Due diligence and merger expense       77
Other expenses 713 814 2,337 2,441
Total non-interest expense 6,773 6,990 21,043 20,819
Income before income tax expense 3,649 3,412 9,329 9,912
Income tax expense 629 1,001 1,647 2,774
Net income $ 3,020 $ 2,411 $ 7,682 $ 7,138
Earnings per common share:        
Basic $ 0.70 $ 0.57 $ 1.79 $ 1.68
Diluted 0.70 0.56 1.78 1.66
Cash dividends per common share $ 0.07 $ 0.07 $ 0.21 $ 0.21
Weighted average common shares outstanding:        
Basic 4,307,402 4,262,165 4,298,987 4,255,520
Diluted 4,317,553 4,296,371 4,313,638 4,287,745