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Condensed Consolidated Statements of Income - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Interest Income    
Loans receivable $ 44,958 $ 39,623
Investment securities - taxable 2,898 3,122
Investment securities - tax exempt 3,798 2,628
Total interest income 51,654 45,373
Interest Expense    
Deposits 7,716 6,876
Borrowed funds 2,238 3,621
Subordinated debentures 775 596
Total interest expense 10,729 11,093
Net Interest Income 40,925 34,280
Credit loss expense 8,600 364
Net Interest Income after Credit Loss Expense 32,325 33,916
Non-interest Income    
Service charges on deposit accounts 2,446 1,877
Wire transfer fees 171 118
Interchange fees 1,896 1,361
Fiduciary activities 2,528 2,089
Debt and Equity Securities, Gain (Loss) 339 15
Gain on sale of mortgage loans 3,473 1,309
Mortgage servicing income net of impairment 25 606
Increase in cash value of bank owned life insurance 554 513
Death benefit on bank owned life insurance 233 0
Other income 398 824
Total non-interest income 12,063 8,712
Non-interest Expense    
Salaries and employee benefits 16,591 14,466
Net occupancy expenses 3,252 2,772
Data processing 2,405 1,966
Professional fees 536 493
Outside services and consultants 1,915 3,530
Loan expense 2,099 1,949
FDIC insurance expense 150 160
Other losses 120 104
Other expense 4,081 4,298
Total non-interest expense 31,149 29,738
Income Before Income Taxes 13,239 12,890
Income Tax Expense (Benefit) 1,584 2,074
Net Income $ 11,655 $ 10,816
Basic Earnings Per Share (in USD per share) $ 0.26 $ 0.28
Diluted Earnings Per Share (in USD per share) $ 0.26 $ 0.28