XML 41 R4.htm IDEA: XBRL DOCUMENT v2.4.0.8
Consolidated Statements of Earnings (Unaudited) (USD $)
In Thousands, except Share data, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2014
Jun. 30, 2013
Jun. 30, 2014
Jun. 30, 2013
Interest income:        
Interest and fees on loans $ 16,344 $ 16,482 $ 32,387 $ 32,946
Interest and dividends on securities:        
Taxable securities 1,640 975 3,240 2,034
Exempt from Federal income taxes 168 153 332 299
Interest on loans held for sale 62 52 113 123
Interest on Federal funds sold 41 55 87 99
Interest and dividends on restricted securities 31 32 61 68
Total interest income 18,286 17,749 36,220 35,569
Interest expense:        
Interest on negotiable order of withdrawal accounts 400 397 791 793
Interest on money market and savings accounts 568 610 1,168 1,204
Interest on certificates of deposit 1,464 1,729 2,972 3,579
Interest on securities sold under repurchase agreements 5 12 14 25
Total interest expense 2,437 2,748 4,945 5,601
Net interest income before provision for loan losses 15,849 15,001 31,275 29,968
Provision for loan losses 28 755 277 1,424
Net interest income after provision for loan losses 15,821 14,246 30,998 28,544
Non-interest income:        
Service charges on deposit accounts 1,049 1,021 1,965 1,961
Other fees and commissions 2,432 1,969 4,379 3,749
Gain on sale of loans 629 988 1,130 1,810
Gain on the sale of fixed assets 7   7  
Gain on sale of other assets 1 6   6
Gain on sale of other real estate 4      
Gain on sale of securities 288 78 288 78
Total non-interest income 4,410 4,062 7,769 7,604
Non-interest expense:        
Salaries and employee benefits 6,829 6,430 13,536 12,481
Occupancy expenses, net 696 663 1,392 1,281
Furniture and equipment expense 433 332 839 639
Data processing expense 561 488 1,139 896
Directors' fees 164 162 346 364
Other operating expenses 3,001 2,800 5,861 5,411
Litigation expense 44 277 68 2,808
Loss on sale of other assets   4 3 6
Loss on sale of other real estate   468 156 716
Total non-interest expense 11,728 11,624 23,340 24,602
Earnings before income taxes 8,503 6,684 15,427 11,546
Income taxes 3,349 2,437 6,101 4,321
Net earnings $ 5,154 $ 4,247 $ 9,326 $ 7,225
Weighted average number of shares outstanding-basic 7,534,761 7,459,554 7,528,555 7,452,666
Weighted average number of shares outstanding-diluted 7,539,232 7,464,306 7,533,041 7,457,466
Basic earnings per common share $ 0.68 $ 0.57 $ 1.24 $ 0.97
Diluted earnings per common share $ 0.68 $ 0.57 $ 1.24 $ 0.97
Dividends per share     $ 0.30 $ 0.30