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Unaudited Condensed Consolidated Statements of Income - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
Interest Income        
Interest and fees on loans $ 12,281 $ 11,714 $ 36,109 $ 35,640
Interest on investment securities:        
Taxable 1,857 2,159 5,741 7,095
Nontaxable 563 630 1,733 1,866
Interest on deposits in other banks 225 102 495 290
Interest on federal funds sold, securities purchased under agreements to resell, and money market mutual funds 57 14 114 31
Total interest income 14,983 14,619 44,192 44,922
Interest Expense        
Interest on deposits 540 578 1,596 1,823
Interest on securities sold under agreements to repurchase 17 867 58 2,912
Interest on Federal Home Loan Bank advances 109 187 398 558
Interest on subordinated notes payable to unconsolidated trusts 227 177 638 534
Total interest expense 893 1,809 2,690 5,827
Net interest income 14,090 12,810 41,502 39,095
Provision for loan losses (379) (190) (298) (819)
Net interest income after provision for loan losses 14,469 13,000 41,800 39,914
Noninterest Income        
Service charges and fees on deposits 2,041 2,046 6,011 5,840
Allotment processing fees 693 810 2,059 2,504
Other service charges, commissions, and fees 1,360 1,459 4,060 4,173
Trust income 724 715 2,054 2,034
Net gain (loss) on sales of available for sale investment securities 3 3,776 (7) 3,990
Net gain on sales of cost method investment securities 82 0 82 0
Gains on sale of mortgage loans, net 172 273 515 695
Income from company-owned life insurance 467 229 923 785
Gain on debt extinguishment 0 0 0 4,050
Legal settlement 0 1,350 0 1,450
Other 85 114 283 314
Total noninterest income 5,627 10,772 15,980 25,835
Noninterest Expense        
Salaries and employee benefits 7,309 7,810 22,572 23,444
Occupancy expenses, net 1,166 1,172 3,515 3,541
Equipment expenses 613 662 1,765 1,833
Data processing and communication expenses 1,119 1,085 3,505 3,411
Bank franchise tax 610 613 1,776 1,823
Deposit insurance expense 129 227 396 805
Other real estate expenses, net 316 454 716 1,466
Loss on debt extinguishment 0 3,776 0 3,776
Other 1,446 2,089 5,338 6,080
Total noninterest expense 12,708 17,888 39,583 46,179
Income before income taxes 7,388 5,884 18,197 19,570
Income tax expense 2,076 1,560 5,074 5,510
Net income $ 5,312 $ 4,324 $ 13,123 $ 14,060
Per Common Share        
Net income – basic and diluted (in dollars per share) $ 0.71 $ 0.58 $ 1.75 $ 1.87
Cash dividends declared (in dollars per share) $ 0.10 $ 0.07 $ 0.30 $ 0.21
Weighted Average Common Shares Outstanding        
Basic and diluted (in shares) 7,514 7,505 7,512 7,503