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CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Interest and dividend income:        
Interest and fees on loans $ 28,340 $ 27,952 $ 84,692 $ 81,554
Interest and dividends on taxable securities 1,375 1,438 4,275 4,320
Interest and dividends on tax exempt securities 145 158 453 477
Interest and dividends on other earning assets 614 493 1,748 1,372
Interest on federal funds sold   13 2 34
Total interest and dividend income 30,474 30,054 91,170 87,757
Interest expense:        
Interest on deposits 8,001 4,993 23,117 12,073
Interest on repurchase agreements 20 24 65 70
Interest on junior subordinated debt 158 150 458 425
Interest on senior subordinated notes 711 713 2,135 2,136
Interest on other borrowings 569 1,586 2,464 4,791
Total interest expense 9,459 7,466 28,239 19,495
Net interest income 21,015 22,588 62,931 68,262
Provision for loan losses 150 1,050 350 3,700
Net interest income after provision for loan losses 20,865 21,538 62,581 64,562
Noninterest income:        
Account maintenance and deposit service fees 1,837 1,398 5,312 4,181
Income from bank-owned life insurance 392 593 1,300 1,463
Equity gain (loss) from mortgage affiliate 599 (72) 1,175 (198)
Recoveries related to acquired charged-off loans and investment securities 145 667 1,060 2,392
Other 1 52 380 432
Total noninterest income 2,974 2,638 9,227 8,270
Noninterest expenses:        
Salaries and benefits 6,567 7,080 19,523 20,859
Occupancy expenses 968 1,660 4,572 4,966
Furniture and equipment expenses 514 620 1,962 2,129
Amortization of core deposit intangible 352 360 1,077 1,083
Virginia franchise tax expense 563 491 1,689 1,347
Data processing expense 622 475 1,704 1,405
Telephone and communication expense 477 465 1,258 1,560
Net (gain) loss on other real estate owned   (99) (38) 61
Professional fees 673 370 2,576 1,228
Other operating expenses 1,878 1,693 8,473 5,713
Total noninterest expenses 12,614 13,115 42,796 40,351
Income before income taxes 11,225 11,061 29,012 32,481
Income tax expense 2,361 2,200 4,809 6,494
Net income 8,864 8,861 24,203 25,987
Other comprehensive income (loss):        
Unrealized gain (loss) on available for sale securities 740 (846) 4,668 (3,559)
Accretion of amounts previously recorded upon transfer to held to maturity from available for sale 4 4 10 10
Net unrealized gain (loss) 744 (842) 4,678 (3,549)
Tax effect 157 (177) 983 (746)
Other comprehensive income (loss) 587 (665) 3,695 (2,803)
Comprehensive income $ 9,451 $ 8,196 $ 27,898 $ 23,184
Earnings per share, basic (in dollars per share) $ 0.37 $ 0.37 $ 1.01 $ 1.08
Earnings per share, diluted (in dollars per share) $ 0.36 $ 0.36 $ 0.99 $ 1.07