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Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2015
Dec. 31, 2014
ASSETS    
Cash and due from banks $ 13,777 $ 14,822
Interest bearing deposits with banks 13,362 114,004
Cash and cash equivalents 27,139 128,826
Investment securities available for sale, at fair value 284,795 185,379
Investment securities held to maturity, at amortized cost (fair value of $171,845 and $68,253, respectively) 172,277 67,866
Restricted stock, at cost 3,059 1,157
Loans held for sale 3,653 1,676
Loans receivable (net of allowance for loan losses of $8,703 and $11,536, respectively) 866,066 770,404
Premises and equipment, net 46,164 35,030
Other real estate owned, net 11,313 3,715
Accrued interest receivable 4,216 3,226
Other assets 20,761 17,319
Total Assets 1,439,443 1,214,598
Deposits    
Demand – non-interest bearing 243,695 224,245
Demand – interest bearing 381,499 283,768
Money market and savings 556,526 488,848
Time deposits 67,578 75,369
Total Deposits 1,249,298 1,072,230
Short-term borrowings 47,000  
Accrued interest payable 245 265
Other liabilities 7,049 6,816
Subordinated debt 22,476 22,476
Total Liabilities 1,326,068 1,101,787
Shareholders’ Equity    
Preferred stock, par value $0.01 per share: 10,000,000 shares authorized; no shares issued and outstanding 0 0
Common stock, par value $0.01 per share: 50,000,000 shares authorized; shares issued 38,365,848 as of December 31, 2015 and 38,344,348 as of December 31, 2014; shares outstanding 37,837,003 as of December 31, 2015 and 37,815,503 as of December 31, 2014 384 383
Additional paid in capital 152,897 152,234
Accumulated deficit (32,833) (35,266)
Treasury stock at cost (503,408 shares as of December 31, 2015 and December 31, 2014) (3,725) (3,725)
Stock held by deferred compensation plan (25,437 shares as of December 31, 2015 and December 31, 2014) (183) (183)
Accumulated other comprehensive loss [1] (3,165) (632)
Total Shareholders’ Equity 113,375 112,811
Total Liabilities and Shareholders’ Equity $ 1,439,443 $ 1,214,598
[1] All amounts are net of tax. Amounts in parentheses indicate reductions to other comprehensive income.