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FINANCIAL HIGHLIGHTS

Amounts in thousands, except per share data Year ended December 31,
and performance ratios
2018 2017 2016

Selected Results of Operations
Interest income $ 67,263 $ 55,310 $ 47,024

Interest expense 13,516 9,453 8,767
Net interest income 53,747 45,857 38,257
Provision for loan losses 2,050 1,650 1,220
Noninterest income 9,031 8,270 11,060
Noninterest expense 33,421 30,044 27,631
Provision for income taxes 5,388 9,540 7,257
Net income (GAAP) 21,919 12,893 13,209
Nonrecurring adjustments (Non-GAAP)* - 1,733 (1,483)

Core net income (Non-GAAP)* 21,919 14,626 11,726
Per Share Data

Net income per common share - Basic $ 2.04 $ 1.22 $ 1.40
Net income per common share - Diluted 2.01 1.20 1.38
Book value per common share 12.85 11.13 10.14
Market value per common share 20.76 19.75 15.70
Cash dividends declared on common shares 0.27 0.23 0.18

Selected Balance Sheet Data

Assets $ 1,579,036 $ 1,455,496 $ 1,189,906
Loans 1,304,566 1,170,674 973,414
Allowance for loan losses (15,488) (13,556) (12,579)
Securities 63,732 69,800 61,547
Deposits 1,207,687 1,043,137 945,723
Borrowed funds and subordinated debentures 220,310 285,310 131,310

Shareholders’ equity 138,488 118,105 106,291
Common shares outstanding 10,780 10,615 10,477
Performance Ratios

Return on average assets 1.53 % 1.02 % 1.17 %
Return on average equity 17.10 % 11.47 % 15.37 %
Efficiency ratio 53.07 % 55.57 % 56.51 %
Net interest margin 3.97 % 3.83 % 3.58 %

*Nonrecurring adjustments include the after tax impact of the “Tax Cuts and Jobs Act” in 2017 and the nonrecurring gain on the
repurchase of subordinated debentures in 2016.