Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED STATEMENTS OF INCOME (unaudited)

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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 fees $ 11,152 $ 10,547 $ 22,115 $ 21,491
Securities        
Taxable 501 499 1,002 998
Tax-exempt 376 264 720 519
FHLB Stock 111 104 228 260
Federal funds sold and other short-term investments 98 114 184 230
Total interest income 12,238 11,528 24,249 23,498
Interest expense        
Deposits 610 620 1,229 1,360
Other borrowings 452 426 867 857
Subordinated and long-term debt 331 326 656 650
Total interest expense 1,393 1,372 2,752 2,867
Net interest income 10,845 10,156 21,497 20,631
Provision for loan losses (500) (1,000) (1,500) (2,000)
Net interest income after provision for loan losses 11,345 11,156 22,997 22,631
Noninterest income        
Service charges and fees 1,097 1,065 2,098 2,056
Net gains on mortgage loans 821 468 1,544 726
Trust fees 723 701 1,457 1,332
ATM and debit card fees 1,219 1,203 2,329 2,255
Gain on sales of securities 0 41 83 51
Other 652 590 1,296 1,158
Total noninterest income 4,512 4,068 8,807 7,578
Noninterest expense        
Salaries and benefits 6,134 5,544 12,316 11,367
Occupancy of premises 903 932 1,875 1,940
Furniture and equipment 813 751 1,596 1,591
Legal and professional 191 238 431 443
Marketing and promotion 263 272 568 552
Data processing 648 583 1,226 1,172
FDIC assessment 289 320 571 647
Interchange and other card expense 285 265 560 537
Bond and D&O Insurance 146 163 292 327
Net (gains) losses on repossessed and foreclosed properties (31) 371 420 185
Administration and disposition of problem assets 284 516 660 1,172
Other 1,297 1,283 2,569 2,475
Total noninterest expenses 11,222 11,238 23,084 22,408
Income before income tax 4,635 3,986 8,720 7,801
Income tax expense 1,420 1,231 2,665 2,408
Net income $ 3,215 $ 2,755 $ 6,055 $ 5,393
Basic earnings per common share (in dollars per share) $ 0.09 $ 0.08 $ 0.18 $ 0.16
Diluted earnings per common share (in dollars per share) 0.09 0.08 0.18 0.16
Cash dividends per common share (in dollars per share) $ 0.03 $ 0.02 $ 0.05 $ 0.04