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CONSOLIDATED STATEMENTS OF INCOME - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Jun. 30, 2015
Jun. 30, 2014
Interest income        
Loans, including fees $ 21,422 $ 19,216 $ 42,818 $ 38,368
Securities 5,829 6,082 11,674 12,401
Other interest income 42 22 68 35
Total interest income 27,293 25,320 54,560 50,804
Interest expense        
Deposits 894 908 1,793 1,920
Federal Home Loan Bank advances 733 866 1,728 1,700
Subordinated debentures 315 312 624 663
Other borrowings 7 17 17 39
Total interest expense 1,949 2,103 4,162 4,322
Net interest income 25,344 23,217 50,398 46,482
Provision for loan losses   750   1,500
Net interest income after provision for loan losses 25,344 22,467 50,398 44,982
Non-interest income        
Mortgage banking 2,609 1,662 4,464 2,978
Trust and investment product fees 1,254 1,146 2,460 2,416
Service charges on deposit accounts 5,498 5,307 10,119 9,892
Net realized gains/(loss) on securities (includes $63 and $315 accumulated other comprehensive income (AOCI) reclassifications for realized net gains on available-for-sale securities in 2015 and includes ($4) and ($4) accumulated other comprehensive income reclassifications for realized net (losses) on available-for-sale securities in 2014) 63 (4) 315 (4)
Increase in cash surrender value of life insurance 308 323 621 650
Interchange income 2,228 2,024 4,189 3,759
Gain/(loss) on sale and write-down of OREO (33) 39 (44) (38)
Other income 942 635 2,136 708
Total non-interest income 12,869 11,132 24,260 20,361
Non-interest expense        
Salaries and employee benefits 14,534 13,699 28,511 27,272
Net occupancy 2,030 1,773 4,212 3,912
Equipment 2,826 2,391 5,558 4,899
Intangibles amortization 419 432 839 864
Telecommunications 442 424 880 868
Stationery printing and supplies 286 272 592 559
FDIC assessment 435 365 810 800
Marketing 903 760 1,465 1,358
Collection expense 250 394 506 831
Prepayment penalty on FHLB advance     2,364  
Consultant expense 250 350 500 700
Interchange expense 715 540 1,290 1,061
Other expenses 2,630 2,394 5,220 4,884
Total non-interest expense 25,720 23,794 52,747 48,008
Income before income tax 12,493 9,805 21,911 17,335
Income tax expense (includes $21 and $107 income tax expense from AOCI reclassification items in 2015 and ($1) and ($1) income tax expense from AOCI reclassification items in 2014) 2,833 2,051 4,588 3,356
Net income $ 9,660 $ 7,754 $ 17,323 $ 13,979
Cash dividends declared per common share (in dollars per share) $ 0.13 $ 0.10 $ 0.26 $ 0.20
Net income per common share -basic (in dollars per share) 0.45 0.38 0.80 0.68
Net income per common share - diluted (in dollars per share) $ 0.44 $ 0.38 $ 0.79 $ 0.68