XML 17 R4.htm IDEA: XBRL DOCUMENT v3.5.0.2
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Sep. 30, 2016
Sep. 30, 2015
INTEREST INCOME        
Loans and loan fees $ 17,545 $ 15,798 $ 52,808 $ 46,362
U.S. Government agency obligations 47 530 662 1,602
Obligations of states and political subdivisions 791 1,114 2,709 3,725
Collateralized mortgage obligations 91 149 270 507
Mortgage-backed securities 464 441 1,401 1,329
Corporate bonds 161 96 469 179
Federal funds sold, securities purchased under agreements to resell and interest-bearing deposits due from banks 133 7 191 50
Dividends 92 71 275 221
Total interest income 19,324 18,206 58,785 53,975
INTEREST EXPENSE        
Savings, N.O.W. and money market deposits 539 338 1,562 906
Time deposits 331 396 1,015 1,043
Borrowings 66 94 474 310
Total interest expense 936 828 3,051 2,259
Net interest income 18,388 17,378 55,734 51,716
(Credit) provision for loan losses (350) 350 (100) 600
Net interest income after (credit) provision for loan losses 18,738 17,028 55,834 51,116
NON-INTEREST INCOME        
Service charges on deposit accounts 523 749 1,913 2,319
Other service charges, commissions and fees 793 759 2,088 2,032
Net gain on sale of securities available for sale 523 133 547 319
Net gain on sale of portfolio loans 0 370 457 568
Net gain on sale of mortgage loans originated for sale 100 85 247 290
Income from bank-owned life insurance 344 306 1,035 918
Other operating income 39 25 168 122
Total non-interest income 2,322 2,427 6,455 6,568
OPERATING EXPENSES        
Employee compensation and benefits 8,518 7,980 25,666 25,102
Occupancy expense 1,337 1,401 4,125 4,236
Equipment expense 494 410 1,341 1,199
Consulting and professional services 476 609 1,578 1,491
FDIC assessment 303 226 887 802
Data processing 156 506 569 1,590
Merger costs 644 0 644 0
Other operating expenses 1,539 1,536 5,128 4,530
Total operating expenses 13,467 12,668 39,938 38,950
Income before income tax expense 7,593 6,787 22,351 18,734
Income tax expense 2,118 1,864 6,253 4,684
NET INCOME $ 5,475 $ 4,923 $ 16,098 $ 14,050
EARNINGS PER COMMON SHARE - BASIC (in dollars per share) $ 0.46 $ 0.42 $ 1.36 $ 1.20
EARNINGS PER COMMON SHARE - DILUTED (in dollars per share) $ 0.46 $ 0.42 $ 1.35 $ 1.19
WEIGHTED AVERAGE COMMON SHARES - BASIC (in shares) 11,901,866 11,785,731 11,868,990 11,743,076
WEIGHTED AVERAGE COMMON SHARES - DILUTED (in shares) 12,000,351 11,863,299 11,950,595 11,817,899