XML 42 R4.htm IDEA: XBRL DOCUMENT v3.19.3
Consolidated Statements of Income (unaudited) - 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:        
Loans including fees $ 36,165 $ 30,385 $ 103,284 $ 85,817
Securities:        
Taxable 3,093 2,698 9,226 6,862
Tax-exempt 562 677 1,843 2,054
Dividends 265 280 767 793
Total interest and dividend income 40,085 34,040 115,120 95,526
INTEREST EXPENSE:        
Deposits 7,798 4,812 21,586 11,423
Borrowed funds 1,399 1,334 4,101 4,426
Subordinated debentures (includes $11, $44, $31 and $149 accumulated other comprehensive income reclassification for change in fair value of interest rate swap agreements, respectively) 987 1,016 2,980 2,873
Total interest expense 10,184 7,162 28,667 18,722
NET INTEREST INCOME 29,901 26,878 86,453 76,804
PROVISION FOR LOAN LOSSES 2,118 1,095 5,212 4,631
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES 27,783 25,783 81,241 72,173
NON-INTEREST INCOME:        
Service charges on deposit accounts 1,676 1,584 4,726 4,102
Other service charges and fees 761 732 2,155 2,073
Wealth and asset management fees 1,238 1,031 3,482 3,151
Net realized gains on available-for-sale securities (includes $0, $0, $148 and $0 accumulated other comprehensive income reclassifications for net realized gains on available-for-sale securities, respectively) 0 0 148 0
Net realized and unrealized gains on trading securities 197 421 1,651 672
Mortgage banking 408 283 1,017 801
Bank owned life insurance 315 335 1,002 1,074
Card processing and interchange income 1,195 1,066 3,445 3,140
Other 486 481 1,595 1,277
Total non-interest income 6,276 5,933 19,221 16,290
NON-INTEREST EXPENSES:        
Salaries and benefits 11,633 11,429 34,040 31,095
Net occupancy expense 2,683 2,650 8,244 7,780
Amortization of core deposit intangible 139 222 470 718
Data processing 1,329 1,149 3,951 3,370
State and local taxes 956 808 2,678 2,494
Legal, professional, and examination fees 702 603 1,825 1,661
Advertising 626 554 1,510 1,732
FDIC insurance premiums 107 361 902 1,037
Card processing and interchange expenses 749 767 2,180 2,139
Other 2,520 2,251 8,803 7,310
Total non-interest expenses 21,444 20,794 64,603 59,336
INCOME BEFORE INCOME TAXES 12,615 10,922 35,859 29,127
INCOME TAX EXPENSE (includes ($2), ($9), $25 and ($31) income tax expense from reclassification items, respectively) 2,258 1,686 6,262 4,353
NET INCOME $ 10,357 $ 9,236 $ 29,597 $ 24,774
EARNINGS PER SHARE:        
Basic (in dollars per share) $ 0.68 $ 0.60 $ 1.94 $ 1.62
Diluted (in dollars per share) 0.68 0.60 1.94 1.62
DIVIDENDS PER SHARE:        
Cash dividends per share (in dollars per share) $ 0.17 $ 0.17 $ 0.51 $ 0.50