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Condensed Consolidated Statements of Income (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Interest Income    
Loans receivable $ 24,791 $ 19,747
Investment securities    
Taxable 2,406 2,544
Tax exempt 1,637 1,237
Total interest income 28,834 23,528
Interest Expense    
Deposits 1,753 1,491
Borrowed funds 937 1,759
Subordinated debentures 576 504
Total interest expense 3,266 3,754
Net Interest Income 25,568 19,774
Provision for loan losses 330 532
Net Interest Income after Provision for Loan Losses 25,238 19,242
Non-interest Income    
Service charges on deposit accounts 1,400 1,288
Wire transfer fees 150 121
Interchange fees 1,176 931
Fiduciary activities 1,922 1,635
Gain on sale of investment securities (includes $35 and $108 for the three months ended March 31, 2017 and 2016 related to accumulated other comprehensive earnings reclassifications) 35 108
Gain on sale of mortgage loans 1,914 2,114
Mortgage servicing income net of impairment 447 447
Increase in cash value of bank owned life insurance 464 345
Other income 51 398
Total non-interest income 7,559 7,387
Non-interest Expense    
Salaries and employee benefits 11,709 10,065
Net occupancy expenses 2,452 1,936
Data processing 1,307 1,105
Professional fees 613 831
Outside services and consultants 1,222 1,099
Loan expense 1,107 1,195
FDIC insurance expense 263 405
Other losses 50 267
Other expense 2,798 2,367
Total non-interest expense 21,521 19,270
Income Before Income Tax 11,276 7,359
Income tax expense (includes $12 and $38 for the three months ended March 31, 2017 and 2016, respectively, related to income tax expense from reclassification items) 3,052 1,978
Net Income 8,224 5,381
Preferred stock dividend   (42)
Net Income Available to Common Shareholders $ 8,224 $ 5,339
Basic Earnings Per Share $ 0.37 $ 0.30
Diluted Earnings Per Share $ 0.37 $ 0.30