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Unaudited Condensed Consolidated Statements of Income - USD ($)
shares in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Jun. 30, 2016
Jun. 30, 2015
Interest Income        
Interest and fees on loans $ 11,836,000 $ 12,371,000 $ 23,926,000 $ 24,087,000
Interest on investment securities:        
Taxable 2,429,000 2,641,000 4,936,000 5,436,000
Nontaxable 606,000 665,000 1,236,000 1,321,000
Interest on deposits in other banks 93,000 41,000 188,000 91,000
Interest on federal funds sold, securities purchased under agreements to resell, and money market mutual funds 9,000 3,000 17,000 6,000
Total interest income 14,973,000 15,721,000 30,303,000 30,941,000
Interest Expense        
Interest on deposits 599,000 737,000 1,245,000 1,558,000
Interest on federal funds purchased and other short-term borrowings 22,000 10,000 46,000 20,000
Interest on securities sold under agreements to repurchase and other long-term borrowings 1,184,000 1,187,000 2,370,000 2,363,000
Interest on subordinated notes payable to unconsolidated trusts 170,000 214,000 357,000 424,000
Total interest expense 1,975,000 2,148,000 4,018,000 4,365,000
Net interest income 12,998,000 13,573,000 26,285,000 26,576,000
Provision for loan losses (156,000) (264,000) (629,000) (1,809,000)
Net interest income after provision for loan losses 13,154,000 13,837,000 26,914,000 28,385,000
Noninterest Income        
Service charges and fees on deposits 1,927,000 1,907,000 3,794,000 3,679,000
Allotment processing fees 820,000 1,102,000 1,694,000 2,292,000
Other service charges, commissions, and fees 1,432,000 1,347,000 2,714,000 2,614,000
Trust income 665,000 583,000 1,319,000 1,154,000
Investment securities gains, net 131,000 45,000 214,000 165,000
Gains on sale of mortgage loans, net 222,000 173,000 422,000 338,000
Income from company-owned life insurance 231,000 227,000 556,000 468,000
Gain on debt extinguishment 0 0 4,050,000 0
Other 93,000 124,000 300,000 239,000
Total noninterest income 5,521,000 5,508,000 15,063,000 10,949,000
Noninterest Expense        
Salaries and employee benefits 7,655,000 7,852,000 15,634,000 16,172,000
Occupancy expenses, net 1,179,000 1,219,000 2,369,000 2,446,000
Equipment expenses 682,000 609,000 1,311,000 1,227,000
Data processing and communication expenses 1,281,000 1,074,000 2,401,000 2,129,000
Bank franchise tax 611,000 607,000 1,210,000 1,212,000
Amortization of intangibles 0 113,000 0 225,000
Deposit insurance expense 280,000 404,000 578,000 804,000
Other real estate expenses, net 373,000 726,000 1,012,000 771,000
Legal expenses 102,000 189,000 269,000 401,000
Other 1,721,000 1,681,000 3,507,000 3,597,000
Total noninterest expense 13,884,000 14,474,000 28,291,000 28,984,000
Income before income taxes 4,791,000 4,871,000 13,686,000 10,350,000
Income tax expense 1,235,000 1,369,000 3,950,000 2,774,000
Net income 3,556,000 3,502,000 9,736,000 7,576,000
Less preferred stock dividends 0 170,000 0 395,000
Net income available to common shareholders $ 3,556,000 $ 3,332,000 $ 9,736,000 $ 7,181,000
Per Common Share        
Net income – basic and diluted (in dollars per share) $ 0.47 $ 0.44 $ 1.30 $ 0.96
Cash dividends declared - common, per share (in dollars per share) $ 0.07 $ 0.14
Weighted Average Common Shares Outstanding        
Basic and diluted (in shares) 7,502 7,492 7,501 7,491