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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 (including fee income) $ 18,471 $ 14,068 $ 34,961 $ 27,382
Mortgage-backed securities, CMOs and other asset-backed securities 2,468 2,949 5,035 5,240
U.S. GSE securities 381 698 786 1,505
State and municipal obligations 747 691 1,493 1,392
Corporate Bonds 184 211 369 365
Deposits with banks 11 7 18 15
Other interest and dividend income 118 106 225 189
Total interest income 22,380 18,730 42,887 36,088
Interest expense:        
Savings, NOW and money market deposits 832 801 1,605 1,638
Certificates of deposit of $100,000 or more 217 209 407 384
Other time deposits 131 121 243 216
Federal funds purchased and repurchase agreements 92 140 238 269
Federal Home Loan Bank advances 339 302 589 547
Junior subordinated debentures 342 342 683 683
Total interest expense 1,953 1,915 3,765 3,737
Net interest income 20,427 16,815 39,122 32,351
Provision for loan losses 700 500 1,500 1,200
Net interest income after provision for loan losses 19,727 16,315 37,622 31,151
Non-interest income:        
Service charges on deposit accounts 863 878 1,716 1,677
Fees for other customer services 788 709 1,386 1,275
Net securities losses   (16) (10) (1,128)
Title fee income 492 461 955 783
Other operating income 384 260 1,284 487
Total non-interest income 2,527 2,292 5,331 3,094
Non-interest expense:        
Salaries and employee benefits 7,557 6,412 15,080 12,618
Occupancy and equipment 2,257 1,933 4,460 3,548
Technology and communications 823 766 1,613 1,483
Marketing and advertising 850 649 1,423 1,070
Professional services 565 400 1,086 756
FDIC assessments 308 346 619 634
Acquisition costs and branch restructuring 8,204 300 8,379 4,734
Amortization of core deposit intangible 45 96 93 154
Other operating expenses 1,425 1,222 2,591 2,140
Total non-interest expense 22,034 12,124 35,344 27,137
Income before income taxes 220 6,483 7,609 7,108
Income tax expense (benefit) (243) 2,165 2,383 2,384
Net income $ 463 $ 4,318 $ 5,226 $ 4,724
Basic earnings per share (in dollars per share) $ 0.04 $ 0.37 $ 0.43 $ 0.41
Diluted earnings per share (in dollars per share) $ 0.04 $ 0.37 $ 0.43 $ 0.41