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Consolidated Statements of Income (USD $)
In Thousands, except Per Share data, unless otherwise specified
3 Months Ended 9 Months Ended
Sep. 30, 2014
Sep. 30, 2013
Sep. 30, 2014
Sep. 30, 2013
INTEREST AND DIVIDEND INCOME:        
Loans including fees $ 17,146 $ 13,153 $ 51,300 $ 37,736
Securities:        
Taxable 3,340 3,283 10,030 10,166
Tax-exempt 941 969 2,777 2,891
Dividends 105 60 280 134
Total interest and dividend income 21,532 17,465 64,387 50,927
INTEREST EXPENSE:        
Deposits 2,081 1,673 6,230 5,862
Borrowed funds 825 949 2,436 2,557
Subordinated debentures (includes $95 and $102 for the three months ended September 30, 2014 and 2013, and $287 and $304 for nine months ended September 30, 2014 and 2013 accumulated other comprehensive income reclassification for change in fair value of interest rate swap agreements) 186 195 558 583
Total interest expense 3,092 2,817 9,224 9,002
NET INTEREST INCOME 18,440 14,648 55,163 41,925
PROVISION FOR LOAN LOSSES 1,038 846 3,558 4,891
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES 17,402 13,802 51,605 37,034
NON-INTEREST INCOME:        
Wealth and asset management fees 710 615 2,135 1,727
Service charges on deposit accounts 1,198 1,102 3,384 3,063
Other service charges and fees 762 607 2,000 1,561
Net realized gains on available-for-sale securities (includes $41 and $0 for three months ended September 30, 2014 and 2013, and $245 and $328 for nine months ended September 30, 2014 and 2013 accumulated other comprehensive income reclassifications for net realized gains on available-for-sale securities) 41 0 245 328
Net realized and unrealized gains (losses) on trading securities (59) 166 15 497
Mortgage banking 144 107 502 633
Bank owned life insurance 222 365 701 1,442
Other 478 286 1,233 839
Total non-interest income 3,496 3,248 10,215 10,090
NON-INTEREST EXPENSES:        
Salaries and benefits 6,562 5,288 19,840 15,817
Net occupancy expense 1,695 1,234 5,216 3,832
Amortization of core deposit intangible 302 0 906 0
Data processing 999 890 2,943 2,455
State and local taxes 461 391 1,477 1,266
Legal, professional, and examination fees 409 313 1,153 966
Advertising 368 205 1,110 697
FDIC insurance premiums 342 332 1,026 930
Merger costs 0 398 0 1,329
Other 2,012 1,292 5,348 3,526
Total non-interest expenses 13,150 10,343 39,019 30,818
INCOME BEFORE INCOME TAXES 7,748 6,707 22,801 16,306
INCOME TAX EXPENSE (includes ($19) and ($36) for three months ended September 30, 2014 and 2013, and ($15) and $8 for nine months ended September 30, 2014 and 2013 income tax expense from reclassification items) 2,200 2,004 6,470 4,355
NET INCOME $ 5,548 $ 4,703 $ 16,331 $ 11,951
EARNINGS PER SHARE:        
Basic $ 0.39 $ 0.38 $ 1.13 $ 0.96
Diluted $ 0.39 $ 0.38 $ 1.13 $ 0.96
DIVIDENDS PER SHARE:        
Cash dividends per share $ 0.165 $ 0.165 $ 0.495 $ 0.495