Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF INCOME

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CONSOLIDATED STATEMENTS OF INCOME - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Interest income      
Loans, including fees $ 44,857 $ 42,911 $ 45,201
Securities      
Taxable 2,065 2,006 1,798
Tax-exempt 1,557 1,161 742
FHLB Stock 472 471 393
Federal funds sold and other short-term investments 435 439 486
Total interest income 49,386 46,988 48,620
Interest expense      
Deposits 2,210 2,576 3,993
Other borrowings 1,765 1,709 1,781
Subordinated and long-term debt 1,331 1,311 1,563
Total interest expense 5,306 5,596 7,337
Net interest income 44,080 41,392 41,283
Provision for loan losses (3,500) (3,350) (4,250)
Net interest income after provision for loan losses 47,580 44,742 45,533
Noninterest income      
Service charges and fees 4,377 4,334 4,129
Net gains on mortgage loans 2,925 1,939 2,554
Trust fees 2,927 2,701 2,413
ATM and debit card fees 4,750 4,654 4,325
Gain on sale of securities 129 75 120
Other 2,685 2,511 2,600
Total noninterest income 17,793 16,214 16,141
Noninterest expense      
Salaries and benefits 24,668 23,137 23,012
Occupancy of premises 3,714 3,840 3,756
Furniture and equipment 3,237 3,190 3,224
Legal and professional 833 846 680
Marketing and promotion 951 1,056 990
Data processing 2,483 2,423 2,306
FDIC assessment 1,137 1,218 1,458
Interchange and other card expense 1,151 1,109 1,300
Bond and D&O Insurance 584 659 740
Net losses on repossessed and foreclosed properties 1,651 999 1,825
Administration and disposition of problem assets 1,381 2,072 3,699
Other 5,163 5,361 4,865
Total noninterest expenses 46,953 45,910 47,855
Income before income tax 18,420 15,046 13,819
Income tax expense 5,626 4,573 4,270
Net income 12,794 10,473 9,549
Effect of induced exchange of preferred stock 0 0 17,575
Net income available to common shares $ 12,794 $ 10,473 $ (8,026)
Basic earnings per common share (in dollars per share) $ 0.38 $ 0.31 $ (0.29)
Diluted earnings per common share (in dollars per share) 0.38 0.31 (0.29)
Cash dividends per common share (in dollars per share) $ 0.11 $ 0.08 $ 0