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Consolidated Statements of Income - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
INTEREST INCOME      
Interest and fees on loans $ 74,854 $ 62,468 $ 51,217
Interest on deposits with other banks 489 403 340
Interest on investment securities - taxable 3,055 3,580 2,658
Interest on tax exempt loans and securities 3,963 3,309 2,383
Total interest income 82,361 69,760 56,598
INTEREST EXPENSE      
Interest on deposits 17,439 11,635 8,294
Interest on repurchase agreements 48 56 75
Interest on FHLB and other borrowings 4,704 4,259 1,690
Interest on subordinated debt 770 1,756 2,242
Total interest expense 22,961 17,706 12,301
NET INTEREST INCOME 59,400 52,054 44,297
Provision for loan losses 1,789 2,440 2,173
Net interest income after provision for loan losses 57,611 49,614 42,124
NONINTEREST INCOME      
Service charges on deposit accounts 1,409 1,033 765
Income on bank owned life insurance 1,197 1,182 646
Visa debit card and interchange income 571 647 1,258
Mortgage fee income 41,045 32,337 37,149
Gain on sale of portfolio loans 520 198 538
Insurance and investment services income 727 716 563
(Loss) gain on sale of available-for-sale securities, net (166) 327 731
(Loss) on sale of equity securities, net (7) 0 0
Gain (loss) on derivatives 1,253 (278) (2,722)
Commercial swap fee income 1,717 552 503
Holding gain on equity securities 13,767 590 0
Compliance consulting income 921 0 0
Other operating income 1,650 1,336 1,275
Total noninterest income 64,604 38,640 40,706
NONINTEREST EXPENSES      
Salary and employee benefits 56,175 46,224 44,108
Occupancy expense 4,816 4,234 4,084
Equipment depreciation and maintenance 3,640 3,239 3,005
Data processing and communications 4,025 3,741 5,116
Mortgage processing 3,041 3,551 3,207
Marketing, contributions and sponsorships 1,290 1,141 1,179
Professional fees 4,999 3,559 3,143
Printing, postage and supplies 674 762 988
Insurance, tax and assessment expense 1,663 1,846 1,797
Travel, entertainment, dues and subscriptions 4,151 2,808 2,221
Other operating expenses 2,727 1,773 1,652
Total noninterest expense 87,201 72,878 70,500
Income from continuing operations, before income taxes 35,014 15,376 12,330
Income tax expense - continuing operations 8,450 3,373 4,755
Net Income from continuing operations 26,564 12,003 7,575
Income from discontinued operations, before income taxes 575 0 0
Income tax expense - discontinued operations 148 0 0
Net Income from discontinued operations 427 0 0
Net Income 26,991 12,003 7,575
Preferred dividends 479 489 498
Net Income available to common shareholders $ 26,512 $ 11,514 $ 7,077
Earnings per share from continuing operations - basic (in dollars per share) $ 2.22 $ 1.04 $ 0.69
Earnings per share from discontinued operations - basic (in dollars per share) 0.04 0 0
Earnings per common shareholder - basic (in dollars per share) 2.26 1.04 0.69
Earnings per share from continuing operations - diluted (in dollars per share) 2.16 1.00 0.68
Earnings per share from discontinued operations - diluted (in dollars per share) 0.04 0 0
Earnings per common shareholder - diluted (in dollars per share) $ 2.20 $ 1.00 $ 0.68
Weighted average shares outstanding - basic (in shares) 11,713,885 11,030,984 10,308,738
Weighted average shares outstanding - diluted (in shares) 12,044,667 12,722,003 10,440,228