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Unaudited Condensed Consolidated Statements of Income - USD ($)
shares in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Sep. 30, 2016
Sep. 30, 2015
Interest Income        
Interest and fees on loans $ 11,714,000 $ 11,919,000 $ 35,640,000 $ 36,006,000
Interest on investment securities:        
Taxable 2,159,000 2,508,000 7,095,000 7,944,000
Nontaxable 630,000 661,000 1,866,000 1,982,000
Interest on deposits in other banks 102,000 32,000 290,000 123,000
Interest on federal funds sold, securities purchased under agreements to resell, and money market mutual funds 14,000 3,000 31,000 9,000
Total interest income 14,619,000 15,123,000 44,922,000 46,064,000
Interest Expense        
Interest on deposits 578,000 725,000 1,823,000 2,283,000
Interest on federal funds purchased and other short-term borrowings 26,000 13,000 72,000 33,000
Interest on securities sold under agreements to repurchase and other long-term borrowings 1,028,000 1,201,000 3,398,000 3,564,000
Interest on subordinated notes payable to unconsolidated trusts 177,000 219,000 534,000 643,000
Total interest expense 1,809,000 2,158,000 5,827,000 6,523,000
Net interest income 12,810,000 12,965,000 39,095,000 39,541,000
Provision for loan losses (190,000) (898,000) (819,000) (2,707,000)
Net interest income after provision for loan losses 13,000,000 13,863,000 39,914,000 42,248,000
Noninterest Income        
Service charges and fees on deposits 2,046,000 1,955,000 5,840,000 5,634,000
Allotment processing fees 810,000 1,066,000 2,504,000 3,358,000
Other service charges, commissions, and fees 1,459,000 1,442,000 4,173,000 4,056,000
Trust income 715,000 667,000 2,034,000 1,821,000
Investment securities gains (losses), net 3,776,000 (2,000) 3,990,000 163,000
Gains on sale of mortgage loans, net 273,000 220,000 695,000 558,000
Income from company-owned life insurance 229,000 234,000 785,000 702,000
Gain on debt extinguishment 0 0 4,050,000 0
Legal settlement 1,350,000 0 1,450,000 0
Other 114,000 107,000 314,000 346,000
Total noninterest income 10,772,000 5,689,000 25,835,000 16,638,000
Noninterest Expense        
Salaries and employee benefits 7,810,000 7,774,000 23,444,000 23,946,000
Occupancy expenses, net 1,172,000 1,177,000 3,541,000 3,623,000
Equipment expenses 777,000 691,000 2,088,000 1,918,000
Data processing and communication expenses 1,081,000 1,114,000 3,482,000 3,243,000
Bank franchise tax 613,000 608,000 1,823,000 1,820,000
Amortization of intangibles 0 112,000 0 337,000
Deposit insurance expense 227,000 397,000 805,000 1,201,000
Other real estate expenses, net 454,000 262,000 1,466,000 1,033,000
Legal expenses 101,000 292,000 370,000 693,000
Loss on extinguishment of long-term securities sold under agreements to repurchase 3,776,000 0 3,776,000 0
Other 1,877,000 1,854,000 5,384,000 5,451,000
Total noninterest expense 17,888,000 14,281,000 46,179,000 43,265,000
Income before income taxes 5,884,000 5,271,000 19,570,000 15,621,000
Income tax expense 1,560,000 1,439,000 5,510,000 4,213,000
Net income 4,324,000 3,832,000 14,060,000 11,408,000
Less preferred stock dividends 0 0 0 395,000
Net income available to common shareholders $ 4,324,000 $ 3,832,000 $ 14,060,000 $ 11,013,000
Per Common Share        
Net income – basic and diluted (in dollars per share) $ 0.58 $ 0.51 $ 1.87 $ 1.47
Cash dividends declared - common, per share (in dollars per share) $ 0.07 $ 0 $ 0.21 $ 0
Weighted Average Common Shares Outstanding        
Basic and diluted (in shares) 7,505 7,495 7,503 7,492