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CONSOLIDATED STATEMENTS OF INCOME - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Jun. 30, 2015
Jun. 30, 2014
Interest and Dividend Income        
Loans, including fees $ 10,373,000 $ 9,685,000 $ 20,550,000 $ 19,268,000
Taxable interest and dividends on investment securities 560,000 565,000 1,107,000 1,155,000
Interest on deposits with banks 2,000 4,000 6,000 6,000
Total interest and dividend income 10,935,000 10,254,000 21,663,000 20,429,000
Interest Expense        
Deposits 1,042,000 1,159,000 2,030,000 2,367,000
Short-term borrowings 12,000 1,000 21,000 7,000
Long-term debt 848,000 524,000 1,516,000 1,051,000
Total interest expense 1,902,000 1,684,000 3,567,000 3,425,000
Net interest income 9,033,000 8,570,000 18,096,000 17,004,000
Provision for loan losses 392,000 563,000 570,000 766,000
Net interest income after provision for loan losses 8,641,000 8,007,000 17,526,000 16,238,000
Noninterest Income        
Loan appraisal, credit, and miscellaneous charges 90,000 92,000 148,000 192,000
Gain on sale of asset 1,000 7,000 19,000 7,000
Net (losses) gains on sale of OREO (18,000) 4,000 (18,000) 4,000
Net (losses) gains on sale of investment securities     (1,000) 24,000
Income from bank owned life insurance 205,000 152,000 410,000 303,000
Service charges 677,000 524,000 1,262,000 1,076,000
Gain on sale of loans held for sale 7,000 76,000 104,000 144,000
Total noninterest income 962,000 855,000 1,924,000 1,750,000
Noninterest Expense        
Salary and employee benefits 3,888,000 3,992,000 8,033,000 8,021,000
Occupancy expense 605,000 654,000 1,235,000 1,219,000
Advertising 183,000 201,000 286,000 323,000
Data processing expense 507,000 381,000 1,025,000 652,000
Professional fees 272,000 288,000 567,000 518,000
Depreciation of furniture, fixtures, and equipment 204,000 182,000 405,000 367,000
Telephone communications 39,000 41,000 85,000 91,000
Office supplies 31,000 74,000 70,000 154,000
FDIC insurance 190,000 199,000 388,000 338,000
OREO valuation allowance and expenses 334,000 165,000 553,000 294,000
Other 635,000 590,000 1,184,000 1,121,000
Total noninterest expense 6,888,000 6,767,000 13,831,000 13,098,000
Income before income taxes 2,715,000 2,095,000 5,619,000 4,890,000
Income tax expense 1,004,000 760,000 2,087,000 1,834,000
Net income 1,711,000 1,335,000 3,532,000 3,056,000
Preferred stock dividends   50,000 23,000 100,000
Net income available to common shareholders $ 1,711,000 $ 1,285,000 $ 3,509,000 $ 2,956,000
Earnings Per Common Share        
Basic (in dollars per share) $ 0.37 $ 0.28 $ 0.75 $ 0.64
Diluted (in dollars per share) 0.37 0.28 0.75 0.63
Cash dividends paid per common share (in dollars per share) $ 0.10 $ 0.10 $ 0.20 $ 0.20