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CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Jun. 30, 2015
Jun. 30, 2014
Interest income        
Loans $ 12,890 $ 12,361 $ 25,581 $ 24,483
Loans held for sale 341 74 635 123
Securities available for sale 2,679 3,125 5,540 6,366
Securities held to maturity (nontaxable) 12   12  
Federal Home Loan Bank stock dividends 178 230 360 497
Other interest earning assets 11 21 17 47
Total interest income 16,111 15,811 32,145 31,516
Interest expense        
Deposits 1,639 1,627 3,172 3,304
Federal Home Loan Bank advances 302 524 607 1,042
Repurchase agreements and other 319 919 635 1,827
Total interest expense 2,260 3,070 4,414 6,173
Net interest income 13,851 12,741 27,731 25,343
(Recovery) provision for loan losses 753 (1,614) 569 (1,581)
Net interest income after provision for loan losses 13,098 14,355 27,162 26,924
Non-interest income        
Non-deposit investment income 248 407 540 748
Mortgage servicing fees 681 686 1,355 1,375
Deposit related fees 1,341 1,331 2,406 2,529
Mortgage servicing rights valuation 206 (5) 45 (6)
Mortgage servicing rights amortization (462) (432) (905) (824)
Other service fees 20   37  
Net gains (losses):        
Securities available for sale (includes $0, $31, $11 and $34, respectively, accumulated other comprehensive income reclassifications for unrealized net gains on available for sale securities)   31 11 34
Mortgage banking income 2,187 312 3,179 924
Change in fair value of loans held for sale, carried at fair value (146)   415  
Real estate owned and other repossessed assets, net (102) (42) (192) (425)
Card fees 925 852 1,741 1,624
Other income 377 298 761 683
Total non-interest income 5,275 3,438 9,393 6,662
Non-interest expense        
Salaries and employee benefits 6,898 8,282 14,074 15,862
Occupancy 768 815 1,686 1,748
Equipment and data processing 1,719 1,963 3,391 3,761
Franchise tax 326 198 652 396
Advertising 221 247 363 436
Amortization of core deposit intangible 13 16 27 35
FDIC insurance premiums 307 327 633 580
Other insurance premiums 85 135 169 272
Legal and consulting fees 311 177 528 338
Other professional fees 386 617 762 1,009
Real estate owned and other repossessed asset expenses 18 137 159 350
Other expenses 1,156 1,312 2,445 2,982
Total non-interest expenses 12,208 14,226 24,889 27,769
Income before income taxes 6,165 3,567 11,666 5,817
Income tax expense (includes $0, $11, $4 and $12 income tax expense from reclassification items) 2,040 (38,837) 3,855 (38,681)
Net income 4,125 42,404 7,811 44,498
Other comprehensive income        
Unrealized (loss) gain on securities, net of tax (5,937) 3,216 (2,040) 15,786
Reclassification adjustment for (gains) losses, net of tax   (20) (7) (22)
Total other comprehensive (loss) income (5,937) 3,196 (2,047) 15,764
Comprehensive (loss) income $ (1,812) $ 45,600 $ 5,764 $ 60,262
Earnings per share        
Basic $ 0.08 $ 0.84 $ 0.16 $ 0.88
Diluted $ 0.08 $ 0.84 $ 0.16 $ 0.88