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CONSOLIDATED STATEMENTS OF INCOME
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2017
USD ($)
$ / shares
Sep. 30, 2016
USD ($)
$ / shares
Sep. 30, 2017
USD ($)
$ / shares
Sep. 30, 2016
USD ($)
$ / shares
INTEREST INCOME        
Interest and Fees on Loans $ 23,182 $ 22,311 $ 68,046 $ 63,645
Interest on Federal Funds Sold and Other Short-term Investments 46 25 100 62
Interest and Dividends on Securities:        
Taxable 2,688 2,491 8,109 7,055
Non-taxable 2,070 1,907 6,165 5,502
TOTAL INTEREST INCOME 27,986 26,734 82,420 76,264
INTEREST EXPENSE        
Interest on Deposits 1,959 1,323 5,028 3,804
Interest on FHLB Advances and Other Borrowings 1,110 851 2,937 2,445
TOTAL INTEREST EXPENSE 3,069 2,174 7,965 6,249
NET INTEREST INCOME 24,917 24,560 74,455 70,015
Provision for Loan Losses 250 0 1,100 1,200
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES 24,667 24,560 73,355 68,815
NON-INTEREST INCOME        
Trust and Investment Product Fees 1,301 1,191 3,894 3,435
Service Charges on Deposit Accounts 1,608 1,612 4,570 4,379
Insurance Revenues 1,728 1,661 6,112 5,993
Company Owned Life Insurance 317 247 1,051 709
Interchange Fee Income 1,186 965 3,365 2,626
Other Operating Income 608 1,246 2,095 2,481
Net Gains on Sales of Loans 952 1,004 2,598 2,607
Net Gains on Securities 575 458 575 1,426
TOTAL NON-INTEREST INCOME 8,275 8,384 24,260 23,656
NON-INTEREST EXPENSE        
Salaries and Employee Benefits 11,570 10,572 34,474 32,357
Occupancy Expense 1,694 1,656 4,813 4,649
Furniture and Equipment Expense 678 568 1,965 1,680
FDIC Premiums 241 373 712 1,040
Data Processing Fees 1,067 1,261 3,122 4,607
Professional Fees 551 777 2,267 2,875
Advertising and Promotion 1,315 687 2,723 1,860
Intangible Amortization 230 280 725 800
Other Operating Expenses 2,425 2,479 7,002 7,364
TOTAL NON-INTEREST EXPENSE 19,771 18,653 57,803 57,232
Income before Income Taxes 13,171 14,291 39,812 35,239
Income Tax Expense 3,511 4,106 10,757 10,120
NET INCOME $ 9,660 $ 10,185 $ 29,055 $ 25,119
Basic Earnings Per Share (USD per share) | $ / shares [1] $ 0.42 [2] $ 0.45 [2] $ 1.27 $ 1.13
Diluted Earnings Per Share (USD per share) | $ / shares [1] 0.42 [2] 0.45 [2] 1.27 1.13
Dividends Per Share (USD per share) | $ / shares [1] $ 0.13 $ 0.12 $ 0.39 $ 0.36
[1] Per share data has been adjusted to reflect a 3-for-2 stock split on April 21, 2017.
[2] Share and per share data has been adjusted to reflect a 3-for-2 stock split on April 21, 2017.