XML 40 R4.htm IDEA: XBRL DOCUMENT v3.2.0.727
Consolidated Statements of Earnings (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Jun. 30, 2015
Jun. 30, 2014
Interest income:        
Interest and fees on loans $ 17,753 $ 16,344 $ 34,861 $ 32,387
Interest and dividends on securities:        
Taxable securities 1,525 1,640 3,136 3,240
Exempt from Federal income taxes 172 168 343 332
Interest on loans held for sale 95 62 165 113
Interest on Federal funds sold 41 41 78 87
Interest and dividends on restricted securities 31 31 61 61
Total interest income 19,617 18,286 38,644 36,220
Interest expense:        
Interest on negotiable order of withdrawal accounts 388 400 754 791
Interest on money market and savings accounts 493 568 998 1,168
Interest on certificates of deposit 1,307 1,464 2,650 2,972
Interest on federal funds purchased 1   1  
Interest on securities sold under repurchase agreements 2 5 4 14
Total interest expense 2,191 2,437 4,407 4,945
Net interest income before provision for loan losses 17,426 15,849 34,237 31,275
Provision for loan losses 81 28 156 277
Net interest income after provision for loan losses 17,345 15,821 34,081 30,998
Non-interest income:        
Service charges on deposit accounts 1,255 1,049 2,354 1,965
Other fees and commissions 2,449 2,432 4,990 4,379
Gain on sale of loans 1,133 629 1,996 1,130
Gain on the sale of fixed assets   7   7
Gain on sale of other assets   1    
Gain on sale of other real estate 28 4 46  
Gain on sale of securities 166 288 166 288
Total non-interest income 5,031 4,410 9,552 7,769
Non-interest expense:        
Salaries and employee benefits 8,294 6,829 15,546 13,536
Occupancy expenses, net 832 696 1,598 1,392
Furniture and equipment expense 499 433 997 839
Data processing expense 557 561 1,088 1,139
Directors' fees 181 164 357 346
Other operating expenses 2,115 3,045 4,994 5,929
Loss on the sale of fixed assets 8   8  
Loss on sale of other assets 1   2 3
Loss on sale of other real estate       156
Total non-interest expense 12,487 11,728 24,590 23,340
Earnings before income taxes 9,889 8,503 19,043 15,427
Income taxes 3,688 3,349 7,226 6,101
Net earnings $ 6,201 $ 5,154 $ 11,817 $ 9,326
Weighted average number of shares outstanding-basic 7,610,002 7,534,761 7,603,734 7,528,555
Weighted average number of shares outstanding-diluted 7,613,368 7,539,232 7,607,185 7,533,041
Basic earnings per common share $ 0.81 $ 0.68 $ 1.55 $ 1.24
Diluted earnings per common share $ 0.81 $ 0.68 1.55 1.24
Dividends per share     $ 0.30 $ 0.30