XML 54 R4.htm IDEA: XBRL DOCUMENT v2.4.0.8
Consolidated Statements of Income (USD $)
In Thousands, except Per Share data, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2014
Jun. 30, 2013
Jun. 30, 2014
Jun. 30, 2013
INTEREST AND DIVIDEND INCOME:        
Loans including fees $ 17,069 $ 12,281 $ 34,154 $ 24,583
Securities:        
Taxable 3,350 3,474 6,690 6,883
Tax-exempt 927 965 1,836 1,922
Dividends 72 38 175 74
Total interest and dividend income 21,418 16,758 42,855 33,462
INTEREST EXPENSE:        
Deposits 2,077 1,955 4,149 4,189
Borrowed funds 713 779 1,611 1,608
Subordinated debentures (includes $94 and $105 for three months ended and $191 and $202 for six months ended accumulated other comprehensive income reclassification for change in fair value of interest rate swap agreements in 2014 and 2013, respectively) 185 198 372 388
Total interest expense 2,975 2,932 6,132 6,185
NET INTEREST INCOME 18,443 13,826 36,723 27,277
PROVISION FOR LOAN LOSSES 1,501 3,115 2,520 4,045
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES 16,942 10,711 34,203 23,232
NON-INTEREST INCOME:        
Wealth and asset management fees 753 538 1,425 1,112
Service charges on deposit accounts 1,145 1,019 2,186 1,961
Other service charges and fees 670 524 1,238 954
Net realized gains on available-for-sale securities (includes $138 and $252 for three months ended and $204 and $328 for six months ended accumulated other comprehensive income reclassifications for net realized gains on available-for-sale securities in 2014 and 2013, respectively) 138 252 204 328
Net realized and unrealized gains on trading securities 99 28 74 331
Mortgage banking 183 271 358 526
Bank owned life insurance 239 815 479 1,077
Other 287 324 755 553
Total non-interest income 3,514 3,771 6,719 6,842
NON-INTEREST EXPENSES:        
Salaries and benefits 6,443 5,332 13,278 10,529
Net occupancy expense 1,760 1,281 3,521 2,598
Amortization of core deposit intangible 301 0 604 0
Data processing 841 798 1,944 1,565
State and local taxes 454 436 1,016 875
Legal, professional, and examination fees 302 253 744 653
Advertising 431 246 742 492
FDIC insurance premiums 344 319 684 598
Merger costs 0 539 0 913
Other 1,732 1,589 3,336 2,252
Total non-interest expenses 12,608 10,793 25,869 20,475
INCOME BEFORE INCOME TAXES 7,848 3,689 15,053 9,599
INCOME TAX EXPENSE (includes $15 and $51 for three months ended and $5 and $44 for six months ended income tax expense from reclassification items in 2014 and 2013, respectively) 2,231 738 4,270 2,351
NET INCOME $ 5,617 $ 2,951 $ 10,783 $ 7,248
EARNINGS PER SHARE:        
Basic $ 0.39 $ 0.24 $ 0.75 $ 0.58
Diluted $ 0.39 $ 0.24 $ 0.75 $ 0.58
DIVIDENDS PER SHARE:        
Cash dividends per share $ 0.165 $ 0.165 $ 0.33 $ 0.33