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Consolidated Statements of Income (unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
INTEREST AND DIVIDEND INCOME:        
Loans including fees $ 34,562 $ 34,295 $ 70,072 $ 67,119
Securities:        
Taxable 2,990 3,155 6,870 6,133
Tax-exempt 359 584 840 1,281
Dividends 162 248 381 502
Total interest and dividend income 38,073 38,282 78,163 75,035
INTEREST EXPENSE:        
Deposits 5,935 7,201 13,840 13,788
Borrowed funds 1,267 1,292 2,494 2,702
Subordinated debentures (includes $65, $14, $86 and $20 accumulated other comprehensive income reclassification for change in fair value of interest rate swap agreements, respectively) 933 995 1,897 1,993
Total interest expense 8,135 9,488 18,231 18,483
NET INTEREST INCOME 29,938 28,794 59,932 56,552
Provision for loan losses 5,680 1,788 8,759 3,094
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES 24,258 27,006 51,173 53,458
NON-INTEREST INCOME:        
Service charges on deposit accounts 924 1,569 2,451 3,050
Other service charges and fees 606 748 1,196 1,394
Wealth and asset management fees 1,374 1,202 2,667 2,244
Net realized gains on available-for-sale securities (includes $2,190, $0, $2,190 and $148 accumulated other comprehensive income reclassifications for net realized gains on available-for-sale securities, respectively) 2,190 0 2,190 148
Net realized and unrealized gains (losses) on trading securities 306 654 (282) 1,454
Mortgage banking 664 370 1,001 609
Bank owned life insurance 386 326 865 687
Card processing and interchange income 1,325 1,221 2,453 2,250
Other 174 702 772 1,109
Total non-interest income 7,949 6,792 13,313 12,945
NON-INTEREST EXPENSES:        
Salaries and benefits 10,673 11,507 22,070 22,407
Net occupancy expense 3,059 2,695 6,086 5,561
Amortization of core deposit intangible 69 166 152 331
Data processing 1,213 1,437 2,549 2,622
State and local taxes 903 954 1,484 1,722
Legal, professional, and examination fees 680 570 1,325 1,123
Advertising 411 473 816 884
FDIC insurance premiums 621 373 1,240 795
Card processing and interchange expenses 592 684 1,388 1,431
Other 3,978 3,125 6,831 6,283
Total non-interest expenses 22,199 21,984 43,941 43,159
INCOME BEFORE INCOME TAXES 10,008 11,814 20,545 23,244
INCOME TAX EXPENSE (includes $446, $(3), $442 and $27 income tax expense from reclassification items, respectively) 1,762 2,047 3,486 4,004
NET INCOME $ 8,246 $ 9,767 $ 17,059 $ 19,240
EARNINGS PER SHARE:        
Basic (in dollars per share) $ 0.54 $ 0.64 $ 1.11 $ 1.26
Diluted (in dollars per share) 0.54 0.64 1.11 1.26
DIVIDENDS PER SHARE:        
Cash dividends per share (in dollars per share) $ 0.17 $ 0.17 $ 0.34 $ 0.34
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax $ 65 $ 14 $ 86 $ 20
Accumulated other comprehensive income reclassifications for net realized gains on available-for-sale securities 2,190 0 2,190 148
Income tax expense from reclassification $ 446 $ (3) $ 442 $ 27