XML 55 R4.htm IDEA: XBRL DOCUMENT v3.2.0.727
CONSOLIDATED STATEMENTS OF INCOME - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Jun. 30, 2015
Jun. 30, 2014
INTEREST INCOME        
Interest and fee on loans $ 22,624 $ 17,428 $ 43,611 $ 33,090
Interest on securities available for sale:        
Taxable 1,037 977 2,219 2,038
Tax-exempt 128 189 267 393
Interest on loans held for sale 24 15 34 25
Interest-earning deposits 39 21 82 33
Total interest income 23,852 18,630 46,213 35,579
INTEREST EXPENSE        
Interest on savings and interest-bearing deposit accounts 1,184 504 2,070 943
Interest on certificates of deposit 1,051 369 1,714 724
Interest on borrowed funds 428 382 820 772
Interest on capital lease obligation 126 118 254 237
Subtotal - interest expense 2,789 1,373 4,858 2,676
Interest-bearing demand - brokered 215 70 400 114
Interest on certificates of deposits - brokered 504 264 1,028 295
Total Interest expense 3,508 1,707 6,286 3,085
NET INTEREST INCOME BEFORE PROVISION FOR LOAN LOSSES 20,344 16,923 39,927 32,494
Provision for loan losses 2,200 1,150 3,550 2,475
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES 18,144 15,773 36,377 30,019
OTHER INCOME        
Wealth management fee income 4,532 4,005 8,563 7,759
Service charges and fees 837 708 1,642 1,402
Bank owned life insurance 248 276 785 542
Gain on loans held for sale at fair value (Mortgage banking) $ 161 112 $ 309 224
Gain on loans held for sale at lower of cost or fair value   176   176
Other income $ 545 117 $ 638 188
Securities gains, net 176 79 444 177
Total other income 6,499 5,473 12,381 10,468
OPERATING EXPENSES        
Salaries and employee benefits 9,872 9,089 19,297 17,937
Premises and equipment 2,778 2,334 5,394 4,772
Other operating expense 3,616 3,507 7,343 6,560
Total operating expenses 16,266 14,930 32,034 29,269
INCOME BEFORE INCOME TAX EXPENSE 8,377 6,316 16,724 11,218
Income tax expense 3,139 2,533 6,478 4,404
NET INCOME $ 5,238 $ 3,783 $ 10,246 $ 6,814
EARNINGS PER COMMON SHARE        
Basic (in dollars per share) $ 0.34 $ 0.32 $ 0.68 $ 0.58
Diluted (in dollars per share) $ 0.34 $ 0.32 $ 0.67 $ 0.58
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING        
Basic (in shares) 15,082,516 11,721,256 14,996,596 11,664,410
Diluted (in shares) 15,233,151 11,846,075 15,189,781 11,814,806