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CONSOLIDATED STATEMENTS OF INCOME - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Interest income:        
Loans, including fees $ 28,621 $ 25,515 $ 83,718 $ 75,768
Securities available-for-sale:        
Taxable 546 748 1,813 2,591
Tax-exempt 364 338 1,064 1,173
Federal funds sold and other earning assets 327 743 1,206 2,059
Total interest income 29,858 27,344 87,801 81,591
Interest expense:        
Deposits 2,897 5,605 11,016 16,644
Borrowings 334 15 674 250
Subordinated debt 584 584 1,751 1,757
Total interest expense 3,815 6,204 13,441 18,651
Net interest income 26,043 21,140 74,360 62,940
Provision for loan losses 2,634 724 8,683 1,914
Net interest income after provision for loan losses 23,409 20,416 65,677 61,026
Noninterest income:        
Service charges on deposit accounts 892 767 2,370 2,129
Gain (loss) on sale of securities (9) 1 6 34
Mortgage banking 1,029 518 2,544 1,192
Investment services 359 260 1,159 684
Insurance commissions 560 0 1,302 0
Interchange and debit card transaction fees 868 148 1,652 467
Merger termination fee 0 0 0 6,400
Other 422 502 1,417 1,405
Total noninterest income 4,121 2,196 10,450 12,311
Noninterest expense:        
Salaries and employee benefits 11,032 9,072 31,395 26,357
Occupancy and equipment 2,186 1,635 6,093 4,967
FDIC insurance 534 (219) 894 140
Other real estate and loan related expense 643 335 1,535 1,067
Advertising and marketing 253 263 653 817
Data processing 558 273 1,689 1,465
Professional services 594 573 2,172 1,724
Amortization of intangibles 402 341 1,169 1,027
Software as service contracts 573 560 1,604 1,696
Merger related and restructuring expenses 290 73 3,863 2,792
Other 2,102 1,802 5,699 5,045
Total noninterest expense 19,167 14,708 56,766 47,097
Income before income tax expense 8,363 7,904 19,361 26,240
Income tax expense 1,968 1,941 4,059 6,425
Net income $ 6,395 $ 5,963 $ 15,302 $ 19,815
Earnings per common share:        
Basic (in dollars per share) $ 0.42 $ 0.43 $ 1.03 $ 1.42
Diluted (in dollars per share) $ 0.42 $ 0.42 $ 1.02 $ 1.41
Weighted average common shares outstanding:        
Basic (in shares) 15,160,579 13,955,859 14,903,757 13,949,325
Diluted (in shares) 15,210,611 14,053,432 14,965,455 14,038,414