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Consolidated Statements of Income (unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Jun. 30, 2016
Jun. 30, 2015
Interest and fees on loans        
Taxable $ 13,488 $ 12,854 $ 26,779 $ 25,588
Tax-exempt 134 118 280 233
Interest and dividends on securities        
Taxable 1,063 1,092 2,146 2,368
Tax-exempt 594 593 1,236 1,211
Interest on interest bearing deposits with other banks 4 1 7 2
Total interest income 15,283 14,658 30,448 29,402
Interest expense        
Interest on deposits 2,154 2,074 4,324 4,145
Interest on short-term borrowings 419 126 659 238
Interest on long-term borrowings and subordinated debentures 976 1,000 1,952 2,041
Total interest expense 3,549 3,200 6,935 6,424
Net interest income 11,734 11,458 23,513 22,978
Provision for loan losses 250 500 500 750
Net interest income (loss) after provision for loan losses 11,484 10,958 23,013 22,228
Other income        
Insurance commissions 1,090 1,080 2,014 2,208
Service fees related to deposit accounts 1,059 1,072 2,038 2,048
Realized securities gains 383 170 775 650
Bank owned life insurance income 258 261 514 522
Other 255 277 511 571
Total other income 3,045 2,860 5,852 5,999
Other expense        
Salaries, commissions, and employee benefits 4,764 4,442 9,446 8,629
Net occupancy expense 512 489 1,051 988
Equipment expense 686 560 1,342 1,095
Professional fees 429 372 901 707
Amortization of intangibles 50 50 100 100
FDIC premiums 300 320 600 650
Business Combination, Acquisition Related Costs 153   265  
Foreclosed properties expense 93 158 217 366
(Gain) loss on sale of foreclosed properties (276) 103 (282) 253
Write-down of foreclosed properties 259 160 369 732
Other 1,467 1,407 2,982 2,746
Total other expense 8,437 8,061 16,991 16,266
Income before income taxes 6,092 5,757 11,874 11,961
Income tax expense 1,849 1,747 3,569 3,667
Net Income 4,243 4,010 8,305 8,294
Net income (loss) applicable to common shares $ 4,243 $ 4,010 $ 8,305 $ 8,294
Basic earnings per common share $ 0.40 $ 0.38 $ 0.78 $ 0.85
Diluted earnings per common share $ 0.40 $ 0.38 $ 0.78 $ 0.78