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Consolidated Statements of Income (Unaudited) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Sep. 30, 2016
Sep. 30, 2015
Interest Income        
Interest and fees on loans $ 7,409,000 $ 7,676,000 $ 22,032,000 $ 22,886,000
Interest on interest-bearing deposits 97,000 54,000 409,000 173,000
Interest on securities – taxable 1,381,000 1,678,000 4,625,000 5,124,000
Interest on securities – nontaxable 1,270,000 1,352,000 3,867,000 4,095,000
Total interest income 10,157,000 10,760,000 30,933,000 32,278,000
Interest Expense        
Interest on time deposits 238,000 301,000 765,000 943,000
Interest on other deposits 781,000 708,000 2,385,000 2,204,000
Total interest expense 1,019,000 1,009,000 3,150,000 3,147,000
Net interest income 9,138,000 9,751,000 27,783,000 29,131,000
Provision for loan losses 291,000 178,000 1,148,000 734,000
Net interest income after provision for loan losses 8,847,000 9,573,000 26,635,000 28,397,000
Noninterest Income        
Service charges on deposit accounts 649,000 571,000 1,778,000 1,676,000
Other service charges and fees 47,000 45,000 165,000 164,000
Credit card fees 963,000 972,000 2,802,000 2,843,000
Trust income 330,000 314,000 1,007,000 902,000
BOLI income 149,000 152,000 447,000 451,000
Other income 242,000 230,000 1,042,000 963,000
Realized securities gain, net 101,000 2,000 199,000 5,000
Total noninterest income 2,481,000 2,286,000 7,440,000 7,004,000
Noninterest Expense        
Salaries and employee benefits 3,239,000 3,150,000 9,714,000 9,433,000
Occupancy and furniture and fixtures 463,000 438,000 1,388,000 1,307,000
Data processing and ATM 624,000 387,000 1,630,000 1,230,000
FDIC assessment 135,000 138,000 421,000 408,000
Credit card processing 715,000 701,000 2,049,000 1,986,000
Intangible assets amortization 40,000 269,000 218,000 807,000
Net costs of other real estate owned 71,000 48,000 179,000 555,000
Franchise taxes 321,000 329,000 974,000 959,000
Other operating expenses 1,012,000 859,000 2,969,000 2,679,000
Total noninterest expense 6,620,000 6,319,000 19,542,000 19,364,000
Income before income taxes 4,708,000 5,540,000 14,533,000 16,037,000
Income tax expense 880,000 1,341,000 3,061,000 3,762,000
Net income $ 3,828,000 $ 4,199,000 $ 11,472,000 $ 12,275,000
Basic net income per common share (in dollars per share) $ 0.55 $ 0.60 $ 1.65 $ 1.77
Fully diluted net income per common share (in dollars per share) $ 0.55 $ 0.60 $ 1.65 $ 1.76
Weighted average number of common shares outstanding – basic (in shares) 6,957,974 6,955,126 6,957,974 6,952,716
Weighted average number of common shares outstanding – diluted (in shares) 6,957,974 6,959,168 6,957,974 6,956,689
Dividends, per share (in dollars per share) $ 0.55 $ 0.53
Net Income $ 3,828,000 $ 4,199,000 $ 11,472,000 $ 12,275,000