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CONSOLIDATED STATEMENTS OF INCOME - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Sep. 30, 2016
Sep. 30, 2015
Interest income:        
Loans, including fees $ 20,312 $ 17,713 $ 59,235 $ 48,360
Securities, taxable 2,401 1,670 8,004 4,828
Securities, exempt from Federal tax 569 568 1,723 1,589
Other investments and interest-bearing deposits in other financial institutions 592 355 1,478 1,070
Total interest income 23,874 20,306 70,440 55,847
Interest expense:        
Deposits 826 623 2,344 1,664
Total interest expense 826 623 2,344 1,664
Net interest income before provision for loan losses 23,048 19,683 68,096 54,183
Provision (credit) for loan losses 245 (301) 997 (339)
Net interest income after provision for loan losses 22,803 19,984 67,099 54,522
Noninterest income:        
Service charges and fees on deposit accounts 798 748 2,348 2,086
Increase in cash surrender value of life insurance 428 429 1,317 1,225
Servicing income 364 214 1,106 819
Gain on sales of SBA loans 69 267 653 660
Gain on proceeds from company owned life insurance     1,019  
Gain on sales of securities     527  
Other 653 408 1,616 1,366
Total noninterest income 2,312 2,066 8,586 6,156
Noninterest expense:        
Salaries and employee benefits 8,363 10,358 26,052 26,112
Occupancy and equipment 1,120 1,063 3,277 3,135
Professional fees 1,086 612 2,619 946
Other 3,727 4,386 11,414 11,119
Total noninterest expense 14,296 16,419 43,362 41,312
Income before income taxes 10,819 5,631 32,323 19,366
Income tax expense 4,054 2,172 12,157 7,292
Net income 6,765 3,459 20,166 12,074
Dividends on preferred stock (504) (448) (1,512) (1,344)
Net income available to common shareholders 6,261 3,011 18,654 10,730
Undistributed earnings allocated to Series C preferred stock (300) (111) (1,278) (706)
Distributed and undistributed earnings allocated to common shareholders $ 5,961 $ 2,900 $ 17,376 $ 10,024
Earnings per common share:        
Basic (in dollars per share) $ 0.18 $ 0.10 $ 0.53 $ 0.37
Diluted (in dollars per share) $ 0.18 $ 0.10 $ 0.53 $ 0.36