CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2017 |
Jun. 30, 2016 |
Jun. 30, 2017 |
Jun. 30, 2016 |
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Interest and dividend income | ||||
Loans and leases, including fees | $ 15,837 | $ 13,147 | $ 30,806 | $ 26,240 |
Taxable securities | 2,141 | 2,052 | 4,149 | 4,199 |
Tax-exempt securities | 932 | 730 | 1,737 | 1,460 |
Dividend income on securities | 6 | 0 | 11 | 36 |
Federal funds sold and other | 139 | 5 | 255 | 32 |
Total interest income | 19,055 | 15,934 | 36,958 | 31,967 |
Interest expense | ||||
Deposits | 868 | 508 | 1,557 | 999 |
Short-term borrowings | 10 | 31 | 21 | 56 |
Subordinated debentures | 337 | 200 | 657 | 402 |
Total interest expense | 1,215 | 739 | 2,235 | 1,457 |
Net interest income | 17,840 | 15,195 | 34,723 | 30,510 |
Provision for loan losses | 300 | 0 | 300 | 0 |
Net interest income after provision for loan losses | 17,540 | 15,195 | 34,423 | 30,510 |
Non-interest income | ||||
Service charges on deposits | 2,776 | 2,478 | 5,348 | 4,848 |
Net gains on sale of securities available-for-sale | 58 | 146 | 66 | 122 |
Other income | 2,530 | 1,950 | 5,084 | 3,898 |
Total non-interest income | 5,364 | 4,574 | 10,498 | 8,868 |
Other operating expense | ||||
Salaries and employee benefits | 7,253 | 6,624 | 15,138 | 13,490 |
Occupancy and equipment | 2,235 | 1,866 | 4,555 | 3,617 |
Other | 5,603 | 5,225 | 11,099 | 10,087 |
Total non-interest expenses | 15,091 | 13,715 | 30,792 | 27,194 |
Income before taxes | 7,813 | 6,054 | 14,129 | 12,184 |
Provision for income taxes | 2,611 | 1,968 | 4,375 | 4,062 |
Net income | $ 5,202 | $ 4,086 | $ 9,754 | $ 8,122 |
PER SHARE DATA | ||||
Book value | $ 15.62 | $ 14.93 | $ 15.62 | $ 14.93 |
Cash dividends | 0.14 | 0.12 | 0.28 | 0.24 |
Earnings per share basic | 0.38 | 0.31 | 0.71 | 0.61 |
Earnings per share diluted | $ 0.37 | $ 0.31 | $ 0.70 | $ 0.61 |
Average shares outstanding, basic | 13,831,345 | 13,280,433 | 13,816,576 | 13,272,903 |
Average shares outstanding, diluted | 14,010,328 | 13,393,448 | 14,009,485 | 13,388,664 |
Total shareholder equity (in thousands) | $ 216,123 | $ 198,315 | $ 216,123 | $ 198,315 |
Shares outstanding | 13,832,549 | 13,285,568 | 13,832,549 | 13,285,568 |
Dividends paid (in thousands) | $ 1,936 | $ 1,593 | $ 3,867 | $ 3,185 |
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- Definition Represents the book value for a specified period. No definition available.
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- Definition Aggregate dividends paid during the period for each share of common stock outstanding. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Number of shares of common stock outstanding. Common stock represent the ownership interest in a corporation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Amount of operating dividend income on securities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Amount of paid and unpaid cash, stock, and paid-in-kind (PIK) dividends declared, for example, but not limited to, common and preferred stock. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- References No definition available.
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- Definition The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Includes amounts charged depositors for: (1) maintenance of their accounts (maintenance charges); (2) failure to maintain specified minimum balances on account; (3) exceeding the number of checks or transactions allowed to be processed in a given period; (4) checks drawn on no minimum balance deposit accounts; (5) withdrawals from nontransaction deposit accounts; (6) closing savings accounts before a specified minimum period of time has elapsed; (7) accounts which have remained inactive for extended periods of time or which have become dormant; (8) use of automated teller machines or remote service units; (9) checks drawn against insufficient funds that the bank assesses regardless of whether it decides to pay, return or hold the check; (10) issuing stop payment orders; (11) certifying checks; and (12) accumulating or disbursing funds deposited in IRAs or Keogh Plan accounts when not handled by the bank's trust department. This item does not include penalties assessed on the early withdrawal of time deposits. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The net gain (loss) realized from the sale, exchange, redemption, or retirement of securities, not separately or otherwise categorized as trading, available-for-sale, or held-to-maturity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Amount of income (loss) from continuing operations before deduction of income tax expense (benefit) and income (loss) attributable to noncontrolling interest, and addition of income (loss) from equity method investments. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Represents the total of interest and dividend income, including any amortization and accretion (as applicable) of discounts and premiums, earned from (1) loans and leases whether held-for-sale or held-in-portfolio; (2) investment securities; (3) federal funds sold; (4) securities purchased under agreements to resell; (5) investments in banker's acceptances, commercial paper, or certificates of deposit; (6) dividend income; or (7) other investments not otherwise specified herein. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- References No definition available.
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- Definition Interest and fee income generated by loans the Entity intends and has the ability to hold for the foreseeable future, or until maturity or payoff, including commercial and consumer loans, whether domestic or foreign, which may consist of: (1) industrial and agricultural; (2) real estate; and (3) real estate construction loans; (4) trade financing; (5) lease financing; (6) home equity lines-of-credit; (7) automobile and other vehicle loans; and (8) credit card and other revolving-type loans. Also includes interest income for leases held by the Entity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Amount of the cost of borrowed funds accounted for as interest expense. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- References No definition available.
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- Definition Aggregate amount of interest expense on all deposits. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The aggregate interest expense incurred on short-term borrowings including commercial paper and Federal funds purchased and securities sold under agreements to repurchase. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The amount of interest incurred to a trust which has issued trust-preferred securities. In order to issue trust preferred securities, a sponsor forms a trust by investing a nominal amount of cash to purchase all of the voting common stock of the trust. The trust issues nonvoting, mandatorily redeemable preferred securities to outside investors in exchange for cash. The proceeds received from the issuance of the preferred securities, together with the cash received for issuing the common stock to the sponsor, is then loaned to the sponsor in exchange for a note which has the same terms as the trust preferred securities. Trust preferred securities possesses characteristics of both equity and debt issues and are generally issued by bank holding companies. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Amount of interest income or expense, including any amortization and accretion (as applicable) of discounts and premiums, including consideration of the provisions for loan, lease, credit, and other related losses. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The net amount of operating interest income (expense). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The aggregate interest income earned from (1) the lending of excess federal funds to another commercial bank requiring such for its legal reserve requirements and (2) securities purchased under agreements to resell. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Amount of operating interest income, including amortization and accretion of premiums and discounts, on securities exempt from state, federal and other income tax. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Amount of operating interest income, including amortization and accretion of premiums and discounts, on securities subject to state, federal and other income tax. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The aggregate amount of expenditures for salaries, wages, profit sharing and incentive compensation, and other employee benefits, including equity-based compensation, and pension and other postretirement benefit expense. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Total aggregate amount of all noninterest expense. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- References No definition available.
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- Definition The total amount of noninterest income which may be derived from: (1) fees and commissions; (2) premiums earned; (3) insurance policy charges; (4) the sale or disposal of assets; and (5) other sources not otherwise specified. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- References No definition available.
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- Definition Amount of revenue earned, classified as other, excluding interest income. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Amount of net occupancy expense that may include items, such as depreciation of facilities and equipment, lease expenses, property taxes and property and casualty insurance expense. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Amount of noninterest expense classified as other. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Amount of expense related to estimated loss from loan and lease transactions. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The average number of shares or units issued and outstanding that are used in calculating diluted EPS or earnings per unit (EPU), determined based on the timing of issuance of shares or units in the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Number of [basic] shares or units, after adjustment for contingently issuable shares or units and other shares or units not deemed outstanding, determined by relating the portion of time within a reporting period that common shares or units have been outstanding to the total time in that period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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