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Consolidated Statements of Income and Comprehensive Income - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Interest and Dividend Income:      
Loans including fees $ 139,867 $ 118,193 $ 97,005
Securities:      
Taxable 12,472 9,921 8,165
Tax-exempt 2,372 2,739 2,983
Dividends 1,017 1,017 721
Total interest and dividend income 155,728 131,870 108,874
Interest Expense:      
Deposits 30,202 17,228 9,312
Borrowed funds 5,349 5,856 4,021
Subordinated debentures (includes $63, $164, and $288 accumulated other comprehensive income reclassification for change in fair value of interest rate swap agreements in 2019, 2018, and 2017, respectively) 3,979 3,866 4,032
Total interest expense 39,530 26,950 17,365
Net Interest Income 116,198 104,920 91,509
Provision for Loan Losses 6,024 6,072 6,655
Net Interest Income After Provision for Loan Losses 110,174 98,848 84,854
Non-Interest Income:      
Service charges on deposit accounts 6,402 5,759 4,809
Other service charges and fees 2,930 2,833 2,454
Wealth and asset management fees 4,627 4,172 3,724
Net realized gains on available-for-sale securities (includes $148, $0, and $1,543 accumulated other comprehensive income reclassifications for net realized gains on available-for-sale securities in 2019, 2018, and 2017, respectively) 148 0 1,543
Net realized gains on trading securities 16 151 93
Net unrealized gains (losses) on trading securities 1,872 (602) 788
Realized gains on Visa Class B shares 463 0 0
Mortgage banking 1,412 1,019 906
Bank owned life insurance 1,317 1,408 1,659
Card processing and interchange income 4,641 4,261 3,763
Gain on sale of branch 0 0 536
Other 2,147 1,722 1,160
Total non-interest income 25,975 20,723 21,435
Non-Interest Expenses:      
Salaries 35,212 31,323 26,205
Employee benefits (includes $23, $84, and $192 accumulated other comprehensive income reclassifications for net amortization of actuarial losses in 2019, 2018, and 2017, respectively) 11,193 10,533 9,821
Net occupancy expense 11,221 10,281 9,546
Amortization of core deposit intangible 567 898 1,229
Data processing 4,994 4,586 3,944
State and local taxes 3,140 3,441 2,815
Legal, professional and examination fees 2,514 1,851 1,819
Advertising 2,113 2,345 2,243
FDIC insurance 1,252 1,396 1,182
Directors fees and benefits 1,352 885 1,063
Merger costs 170 0 0
Card processing and interchange expenses 2,891 2,834 2,116
Other 10,889 8,969 8,054
Total non-interest expenses 87,508 79,342 70,037
Income Before Income Taxes 48,641 40,229 36,252
Income Tax Expense (includes $13, $(52), and $372 income tax expense reclassification items in 2019, 2018, and 2017, respectively) 8,560 6,510 12,392
Net Income 40,081 33,719 23,860
Other Comprehensive Income (Loss):      
Net change in unrealized gains (losses) on available-for-sale securities, net of reclassification and tax 10,732 (4,007) (1,004)
Change in actuarial gain (loss), for post-employment health care plan, net of amortization and tax 428 386 825
Change in fair value of interest rate swap agreements designated as a cash flow hedge, net of interest and tax (225) (32)  
Change in fair value of interest rate swap agreements designated as a cash flow hedge, net of interest and tax     194
Total other comprehensive income (loss) 10,935 (3,653) 15
Comprehensive Income $ 51,016 $ 30,066 $ 23,875
Earnings Per Share:      
Basic (in dollars per share) $ 2.63 $ 2.21 $ 1.57
Diluted (in dollars per share) $ 2.63 $ 2.21 $ 1.57