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CONSOLIDATED STATEMENTS OF INCOME - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
Interest income:        
Loans, including fees $ 22,507 $ 20,312 $ 64,112 $ 59,235
Securities, taxable 3,596 2,401 9,916 8,004
Securities, exempt from Federal tax 563 569 1,694 1,723
Other investments and interest-bearing deposits in other financial institutions 1,289 592 3,037 1,478
Total interest income 27,955 23,874 78,759 70,440
Interest expense:        
Deposits 1,051 826 2,867 2,332
Subordinated debt 583   811  
Short-term borrowings     1 12
Total interest expense 1,634 826 3,679 2,344
Net interest income before provision for loan losses 26,321 23,048 75,080 68,096
Provision for loan losses 115 245 390 997
Net interest income after provision for loan losses 26,206 22,803 74,690 67,099
Noninterest income:        
Service charges and fees on deposit accounts 869 798 2,410 2,348
Increase in cash surrender value of life insurance 417 428 1,259 1,317
Servicing income 246 364 736 1,106
Gain on sales of SBA loans 147 69 635 653
Gain on proceeds from company-owned life insurance       1,019
Gain (loss) on sales of securities     (6) 527
Other 781 653 2,014 1,616
Total noninterest income 2,460 2,312 7,048 8,586
Noninterest expense:        
Salaries and employee benefits 9,071 8,363 27,766 26,052
Occupancy and equipment 1,142 1,120 3,426 3,277
Professional fees 695 1,086 2,439 2,619
Other 3,926 3,727 11,785 11,414
Total noninterest expense 14,834 14,296 45,416 43,362
Income before income taxes 13,832 10,819 36,322 32,323
Income tax expense 5,249 4,054 13,752 12,157
Net income 8,583 6,765 22,570 20,166
Dividends on preferred stock   (504)   (1,512)
Net income available to common shareholders 8,583 6,261 22,570 18,654
Undistributed earnings allocated to Series C preferred stock   (300)   (1,278)
Distributed and undistributed earnings allocated to common shareholders $ 8,583 $ 5,961 $ 22,570 $ 17,376
Earnings per common share:        
Basic (in dollars per share) $ 0.22 $ 0.18 $ 0.59 $ 0.53
Diluted (in dollars per share) $ 0.22 $ 0.18 $ 0.59 $ 0.53