|
Consolidated Statements of Income (USD $)
|
12 Months Ended |
|
Dec. 31, 2014
|
Dec. 31, 2013
|
Dec. 31, 2012
|
| Interest income |
|
|
|
| Loans, including fees |
$ 80,824,000 |
$ 52,924,000 |
$ 53,898,000 |
| Securities, taxable |
6,417,000 |
4,134,000 |
4,383,000 |
| Securities, tax-exempt |
1,643,000 |
951,000 |
1,415,000 |
| Federal funds sold |
124,000 |
212,000 |
192,000 |
| Interest-bearing deposits |
110,000 |
21,000 |
29,000 |
| Total interest income |
89,118,000 |
58,242,000 |
59,917,000 |
| Interest expense |
|
|
|
| Deposits |
8,378,000 |
8,912,000 |
11,137,000 |
| Short-term borrowings |
122,000 |
80,000 |
157,000 |
| Federal Home Loan Bank advances |
636,000 |
533,000 |
993,000 |
| Subordinated debentures and other borrowings |
2,204,000 |
1,261,000 |
929,000 |
| Total interest expense |
11,340,000 |
10,786,000 |
13,216,000 |
| Net interest income |
77,778,000 |
47,456,000 |
46,701,000 |
| Provision for loan losses |
(3,000,000) |
(7,200,000) |
(3,100,000) |
| Net interest income after provision for loan losses |
80,778,000 |
54,656,000 |
49,801,000 |
| Noninterest income |
|
|
|
| Service charges on deposit and sweep accounts |
2,586,000 |
1,532,000 |
1,523,000 |
| Credit and debit card fees |
2,494,000 |
1,063,000 |
891,000 |
| Mortgage banking activities |
1,672,000 |
800,000 |
1,479,000 |
| Earnings on bank owned life insurance |
1,184,000 |
1,329,000 |
1,528,000 |
| Payroll processing |
782,000 |
660,000 |
591,000 |
| Letter of credit fees |
335,000 |
370,000 |
336,000 |
| Rental income from other real estate owned |
109,000 |
528,000 |
1,061,000 |
| Other income |
866,000 |
590,000 |
585,000 |
| Total noninterest income |
10,028,000 |
6,872,000 |
7,994,000 |
| Noninterest expense |
|
|
|
| Salaries and benefits |
33,703,000 |
20,298,000 |
19,367,000 |
| Occupancy |
4,637,000 |
2,547,000 |
2,501,000 |
| Furniture and equipment rent, depreciation and maintenance |
1,738,000 |
984,000 |
1,176,000 |
| Data processing |
5,869,000 |
3,440,000 |
3,193,000 |
| Merger-related costs |
5,447,000 |
1,246,000 |
0 |
| Advertising |
1,315,000 |
1,113,000 |
1,167,000 |
| FDIC insurance costs |
1,182,000 |
793,000 |
1,200,000 |
| Problem asset costs |
585,000 |
595,000 |
5,862,000 |
| Other expense |
11,134,000 |
5,387,000 |
5,158,000 |
| Total noninterest expenses |
65,610,000 |
36,403,000 |
39,624,000 |
| Income before federal income tax expense |
25,196,000 |
25,125,000 |
18,171,000 |
| Federal income tax expense |
7,865,000 |
8,092,000 |
5,636,000 |
| Net income |
17,331,000 |
17,033,000 |
12,535,000 |
| Preferred stock dividends and accretion |
0 |
0 |
1,030,000 |
| Net income attributable to common shares |
$ 17,331,000 |
$ 17,033,000 |
$ 11,505,000 |
| Earnings per common share: |
|
|
|
| Basic (in Dollars per share) |
$ 1.28 |
$ 1.96 |
$ 1.33 |
| Diluted (in Dollars per share) |
$ 1.28 |
$ 1.95 |
$ 1.30 |