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CONSOLIDATED STATEMENTS OF INCOME - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Sep. 30, 2015
Sep. 30, 2014
Interest income        
Loans, including fees $ 22,040 $ 19,220 $ 64,858 $ 57,588
Securities 6,045 5,888 17,719 18,289
Other interest income 28 20 96 55
Total interest income 28,113 25,128 82,673 75,932
Interest expense        
Deposits 915 844 2,708 2,764
Federal Home Loan Bank advances 773 862 2,501 2,562
Subordinated debentures 318 312 942 975
Other borrowings 19 21 36 60
Total interest expense 2,025 2,039 6,187 6,361
Net interest income 26,088 23,089 76,486 69,571
Provision for loan losses 800   800 1,500
Net interest income after provision for loan losses 25,288 23,089 75,686 68,071
Non-interest income        
Mortgage banking 2,270 1,677 6,734 4,655
Trust and investment product fees 1,204 1,087 3,664 3,503
Service charges on deposit accounts 6,102 5,429 16,221 15,321
Net realized gains/(loss) on securities (includes $45 and $360 accumulated other comprehensive income (AOCI) reclassifications for realized net gains on available-for-sale securities in 2015 and includes $- and (4) accumulated other comprehensive income reclassifications for realized net (losses) on available-for-sale securities in 2014) 45   360 (4)
Increase in cash surrender value of life insurance 310 328 931 978
Interchange income 2,256 1,912 6,445 5,671
(Loss) on sale and write-down of OREO (19) (9) (63) (47)
Other income 1,176 634 3,312 1,342
Total non-interest income 13,344 11,058 37,604 31,419
Non-interest expense        
Salaries and employee benefits 14,674 13,000 43,185 40,272
Net occupancy 2,064 1,819 6,276 5,731
Equipment 2,823 2,669 8,381 7,568
Intangibles amortization 431 389 1,270 1,253
Telecommunications 410 430 1,290 1,298
Stationery printing and supplies 302 317 894 876
FDIC assessment 435 385 1,245 1,185
Marketing 948 769 2,413 2,127
Collection expense 263 156 769 987
Prepayment penalty on FHLB advance     2,364  
Consultant expense 250 350 750 1,050
Branch acquisition expense 617   617  
Interchange expense 696 605 1,986 1,666
Other expenses 2,722 2,288 7,942 7,172
Total non-interest expense 26,635 23,177 79,382 71,185
Income before income tax 11,997 10,970 33,908 28,305
Income tax expense (includes $16 and $126 income tax expense from AOCI reclassification items in 2015 and $- and ($1) income tax expense from AOCI reclassification items in 2014) 2,886 2,513 7,474 5,869
Net income $ 9,111 $ 8,457 $ 26,434 $ 22,436
Cash dividends declared per common share (in dollars per share) $ 0.14 $ 0.11 $ 0.40 $ 0.31
Net income per common share -basic (in dollars per share) 0.42 0.41 1.22 1.10
Net income per common share - diluted (in dollars per share) $ 0.42 $ 0.41 $ 1.21 $ 1.09