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CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Jun. 30, 2016
Jun. 30, 2015
INTEREST INCOME        
Loans and loan fees $ 18,041 $ 15,995 $ 35,263 $ 30,564
U.S. Government agency obligations 197 531 615 1,072
Obligations of states and political subdivisions 924 1,276 1,918 2,611
Collateralized mortgage obligations 100 176 179 358
Mortgage-backed securities 473 443 937 888
Corporate bonds 162 45 308 83
Federal funds sold, securities purchased under agreements to resell and interest-bearing deposits due from banks 29 20 58 43
Dividends 108 90 183 150
Total interest income 20,034 18,576 39,461 35,769
INTEREST EXPENSE        
Savings, N.O.W. and money market deposits 510 294 1,023 568
Time deposits 336 353 684 647
Borrowings 166 108 408 216
Total interest expense 1,012 755 2,115 1,431
Net interest income 19,022 17,821 37,346 34,338
Provision for loan losses 0 0 250 250
Net interest income after provision for loan losses 19,022 17,821 37,096 34,088
NON-INTEREST INCOME        
Service charges on deposit accounts 614 823 1,390 1,570
Other service charges, commissions and fees 684 680 1,295 1,273
Net gain on sale of securities available for sale 18 160 24 186
Net gain on sale of portfolio loans 457 0 457 198
Net gain on sale of mortgage loans originated for sale 73 61 147 205
Income from bank-owned life insurance 345 303 691 612
Other operating income 50 23 129 97
Total non-interest income 2,241 2,050 4,133 4,141
OPERATING EXPENSES        
Employee compensation and benefits 8,482 8,516 17,148 17,122
Occupancy expense 1,346 1,373 2,788 2,835
Equipment expense 461 404 847 789
Consulting and professional services 619 544 1,102 882
FDIC assessment 291 286 584 576
Data processing 234 514 413 1,084
Other operating expenses 1,886 1,537 3,589 2,994
Total operating expenses 13,319 13,174 26,471 26,282
Income before income tax expense 7,944 6,697 14,758 11,947
Income tax expense 2,159 1,579 4,135 2,820
NET INCOME $ 5,785 $ 5,118 $ 10,623 $ 9,127
EARNINGS PER COMMON SHARE - BASIC (in dollars per share) $ 0.49 $ 0.44 $ 0.90 $ 0.78
EARNINGS PER COMMON SHARE - DILUTED (in dollars per share) $ 0.48 $ 0.43 $ 0.89 $ 0.77
WEIGHTED AVERAGE COMMON SHARES - BASIC (in shares) 11,875,546 11,748,068 11,852,371 11,721,396
WEIGHTED AVERAGE COMMON SHARES - DILUTED (in shares) 11,945,719 11,822,562 11,923,247 11,793,307