XML 63 R4.htm IDEA: XBRL DOCUMENT v2.4.0.8
Condensed Consolidated Statements of Income (Unaudited) (USD $)
3 Months Ended 9 Months Ended
Sep. 30, 2014
Sep. 30, 2013
Sep. 30, 2014
Sep. 30, 2013
Interest income        
Loans, including fees $ 26,323,000 $ 13,411,000 $ 55,079,000 $ 38,944,000
Securities, taxable 1,992,000 1,003,000 4,619,000 3,017,000
Securities, tax-exempt 553,000 211,000 1,110,000 763,000
Federal funds sold 7,000 38,000 117,000 127,000
Interest-bearing deposits 25,000 4,000 46,000 17,000
Total interest income 28,900,000 14,667,000 60,971,000 42,868,000
Interest expense        
Deposits 1,971,000 2,190,000 6,279,000 6,733,000
Short-term borrowings 34,000 19,000 83,000 57,000
Federal Home Loan Bank advances 166,000 141,000 472,000 379,000
Other borrowings 740,000 323,000 1,532,000 938,000
Total interest expense 2,911,000 2,673,000 8,366,000 8,107,000
Net interest income 25,989,000 11,994,000 52,605,000 34,761,000
Provision for loan losses (400,000) (1,700,000) (3,000,000) (4,700,000)
Net interest income after provision for loan losses 26,389,000 13,694,000 55,605,000 39,461,000
Noninterest income        
Services charges on accounts 807,000 397,000 1,749,000 1,155,000
Earnings on bank owned life insurance 299,000 337,000 880,000 1,025,000
Mortgage banking activities 569,000 194,000 981,000 671,000
Other income 1,224,000 755,000 3,085,000 2,430,000
Total noninterest income 2,899,000 1,683,000 6,695,000 5,281,000
Noninterest expense        
Salaries and benefits 10,685,000 5,256,000 23,393,000 15,094,000
Occupancy 1,515,000 639,000 3,141,000 1,921,000
Furniture and equipment 560,000 242,000 1,175,000 754,000
FDIC insurance costs 331,000 184,000 733,000 604,000
Problem asset costs 235,000 373,000 179,000 783,000
Merger-related costs 1,250,000 719,000 5,081,000 779,000
Other expense 6,165,000 2,509,000 12,312,000 7,383,000
Total noninterest expenses 20,741,000 9,922,000 46,014,000 27,318,000
Income before federal income tax expense 8,547,000 5,455,000 16,286,000 17,424,000
Federal income tax expense 2,600,000 2,002,000 5,248,000 5,554,000
Net income $ 5,947,000 $ 3,453,000 $ 11,038,000 $ 11,870,000
Basic earnings per share (in Dollars per share) $ 0.35 $ 0.40 $ 0.89 $ 1.36
Diluted earnings per share (in Dollars per share) $ 0.35 $ 0.40 $ 0.89 $ 1.36
Cash dividends per share (in Dollars per share) $ 0.12 $ 0.12 $ 2.36 $ 0.33
Average basic shares outstanding (in Shares) 16,852,050 8,707,038 12,362,316 8,706,133
Average diluted shares outstanding (in Shares) 16,926,249 8,725,268 12,399,009 8,719,956