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Condensed Consolidated Statements of Income and Comprehensive Income (unaudited) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Interest income:        
Interest and fees on loans, including loans held for sale $ 39,577 $ 41,781 $ 121,306 $ 124,009
Interest and dividends on securities        
Taxable 3,220 3,086 9,133 9,338
Tax exempt 629 552 1,752 1,810
Interest and dividends on Federal Reserve Bank and Federal Home Loan Bank stock 129 207 407 764
Interest on Federal Reserve Bank deposits 61 1,330 645 3,641
Other, including interest on federal funds sold 10 31 50 131
Total interest income 43,626 46,987 133,293 139,693
Interest expense:        
Interest on deposits 4,975 8,649 17,229 25,680
Interest on repurchase agreements and federal funds purchased 691 1,169 2,472 3,516
Interest on advances from Federal Home Loan Bank 0 0 0 39
Interest on long-term debt 280 650 1,206 1,929
Total interest expense 5,946 10,468 20,907 31,164
Net interest income 37,680 36,519 112,386 108,529
Provision for credit losses 2,433 1,253 15,091 [1] 3,006
Net interest income after provision for credit losses 35,247 35,266 97,295 105,523
Noninterest income:        
Service charges on deposit accounts 6,296 6,859 17,179 19,504
Gains on sales of loans, net 2,470 450 4,706 1,298
Trust and wealth management income 2,692 2,725 8,145 8,065
Loan related fees 1,383 622 2,300 1,635
Bank owned life insurance 602 590 1,739 1,837
Brokerage revenue 310 418 995 978
Securities gains 142 14 1,328 574
Other noninterest income 1,016 711 2,919 2,920
Total noninterest income 14,911 12,389 39,311 36,811
Noninterest expense:        
Officer salaries and employee benefits 3,115 2,812 8,970 9,483
Other salaries and employee benefits 13,022 12,208 37,351 37,583
Occupancy, net 2,029 2,031 5,952 5,894
Equipment 695 776 2,102 2,264
Data processing 1,936 1,987 5,789 5,539
Bank franchise tax 1,815 1,656 5,439 5,054
Legal fees 467 555 1,440 1,409
Professional fees 534 577 1,617 1,654
Advertising and marketing 797 894 1,999 2,560
FDIC insurance 295 (280) 736 266
Other real estate owned provision and expense 505 2,476 1,975 4,271
Repossession expense 285 334 595 823
Amortization of limited partnership investments 984 745 2,792 2,688
Other noninterest expense 2,994 3,111 8,846 9,507
Total noninterest expense 29,473 29,882 85,603 88,995
Income before income taxes 20,685 17,773 51,003 53,339
Income taxes 3,238 2,504 7,325 4,807
Net income 17,447 15,269 43,678 48,532
Unrealized holding gains on debt securities available-for-sale:        
Unrealized holding gains arising during the period 2,107 2,538 12,340 15,184
Less: Reclassification adjustments for realized gains (losses) included in net income 24 (2) 1,069 4
Tax expense 541 664 2,930 3,640
Other comprehensive income, net of tax 1,542 1,876 8,341 11,540
Comprehensive income $ 18,989 $ 17,145 $ 52,019 $ 60,072
Basic earnings per share (in dollars per share) $ 0.98 $ 0.86 $ 2.46 $ 2.74
Diluted earnings per share (in dollars per share) $ 0.98 $ 0.86 $ 2.46 $ 2.74
Weighted average shares outstanding-basic (in shares) 17,746 17,726 17,746 17,720
Weighted average shares outstanding-diluted (in shares) 17,752 17,743 17,753 17,733
[1] Effective January 1, 2020, the provision for loan losses became the provision for credit losses with the implementation of ASU 2016-13, commonly referred to as CECL.