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CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Jun. 30, 2015
Jun. 30, 2014
INTEREST INCOME        
Loans and loan fees $ 15,995 $ 13,203 $ 30,564 $ 26,080
U.S. Government agency obligations 531 591 1,072 1,219
Obligations of states and political subdivisions 1,276 1,489 2,611 2,994
Collateralized mortgage obligations 176 224 358 474
Mortgage-backed securities 443 500 888 1,001
Corporate bonds 45 87 83 177
Federal funds sold, securities purchased under agreements to resell and interest-bearing deposits due from banks 20 42 43 88
Dividends 90 35 150 73
Total interest income 18,576 16,171 35,769 32,106
INTEREST EXPENSE        
Saving, N.O.W. and money market deposits 294 287 568 579
Time deposits 353 337 647 682
Borrowings 108 5 216 5
Total interest expense 755 629 1,431 1,266
Net interest income 17,821 15,542 34,338 30,840
Provision for loan losses 0 250 250 500
Net interest income after provision for loan losses 17,821 15,292 34,088 30,340
NON-INTEREST INCOME        
Service charges on deposit accounts 823 944 1,570 1,947
Other service charges, commissions and fees 680 892 1,273 1,571
Fiduciary fees 0 280 0 559
Net gain (loss) on sale of securities available for sale 160 (23) 186 (23)
Net gain on sale of portfolio loans 0 0 198 0
Net gain on sale of mortgage loans originated for sale 61 70 205 163
Net gain on sale of premises and equipment 0 110 0 752
Income from bank owned life insurance 303 366 612 720
Other operating income 23 39 97 81
Total non-interest income 2,050 2,678 4,141 5,770
OPERATING EXPENSES        
Employee compensation and benefits 8,516 8,488 17,122 17,349
Occupancy expense 1,373 1,411 2,835 2,846
Equipment expense 404 434 789 883
Consulting and professional services 544 639 882 1,190
FDIC assessment 286 268 576 535
Data processing 514 559 1,084 1,132
Branch consolidation credits 0 (279) 0 (449)
Other operating expenses 1,537 1,632 2,994 2,975
Total operating expenses 13,174 13,152 26,282 26,461
Income before income tax expense 6,697 4,818 11,947 9,649
Income tax expense 1,579 1,047 2,820 2,158
NET INCOME $ 5,118 $ 3,771 $ 9,127 $ 7,491
EARNINGS PER COMMON SHARE - BASIC (in dollars per shares) $ 0.44 $ 0.33 $ 0.78 $ 0.65
EARNINGS PER COMMON SHARE - DILUTED (in dollars per shares) $ 0.43 $ 0.32 $ 0.77 $ 0.64
WEIGHTED AVERAGE COMMON SHARES - BASIC (in shares) 11,748,068 11,575,322 11,721,396 11,574,174
WEIGHTED AVERAGE COMMON SHARES - DILUTED (in shares) 11,822,562 11,647,921 11,793,307 11,639,298
CASH DIVIDENDS DECLARED PER COMMON SHARE $ 0.06 $ 0 $ 0.12 $ 0