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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 and dividend income        
Loans, including fees $ 12,361 $ 7,317 $ 37,671 $ 21,039
Taxable securities 1,272 484 3,932 1,534
Tax-exempt securities 985 739 2,609 2,227
Federal Home Loan Bank and Federal Reserve dividends 45 72 209 188
Interest-bearing deposits in other financial institutions 32 18 136 53
Total interest and dividend income 14,695 8,630 44,557 25,041
Interest expense        
Deposits 570 255 1,724 775
Short-term borrowings 40 19 85 72
Other borrowings 691 182 1,956 558
Total interest expense 1,301 456 3,765 1,405
Net interest income 13,394 8,174 40,792 23,636
Provision for loan losses   166 2,261 638
Net interest income after provision for loan losses 13,394 8,008 38,531 22,998
Non-interest income        
Service charges on deposit accounts 1,655 874 4,715 2,501
Commission income 48 50 145 146
Net gain (loss) on sales of available for sale securities (1) 172 50 468
Mortgage banking income 70 40 261 84
Earnings on company owned life insurance 226 169 731 501
Gain on recognition of life insurance benefit 835   835  
Interchange income 575 281 1,495 881
Other income 101 113 341 335
Total non-interest income 3,509 1,699 8,573 4,916
Non-interest expense        
Salaries and employee benefits 5,619 3,869 19,824 10,602
Occupancy 2,127 638 4,954 1,887
Equipment 513 333 1,566 961
Data processing 1,567 618 4,302 1,947
Marketing and advertising 247 104 599 299
Legal and professional service fees 804 646 3,215 1,804
FDIC insurance premiums 249 156 895 449
Amortization of intangible assets 312 80 1,027 244
Foreclosed assets, net 119 (148) 368 43
Other expense 1,095 561 4,301 1,701
Total non-interest expense 12,652 6,857 41,051 19,937
Income before income taxes 4,251 2,850 6,053 7,977
Income tax expense (benefit) 334 534 (493) 1,401
Net income 3,917 2,316 6,546 6,576
Preferred stock dividend (110) (110) (329) (329)
Net income available to common shareholders $ 3,807 $ 2,206 $ 6,217 $ 6,247
Earnings per common share:        
Basic (in dollars per share) $ 0.70 $ 0.64 $ 1.15 $ 1.82
Diluted (in dollars per share) 0.70 0.63 1.14 1.80
Dividends per common share (in dollars per share) $ 0.12 $ 0.12 $ 0.36 $ 0.36