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Consolidated Statements of Income (unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
INTEREST AND DIVIDEND INCOME:        
Loans including fees $ 40,534 $ 34,562 $ 81,673 $ 70,072
Securities:        
Taxable 2,679 2,990 5,340 6,870
Tax-exempt 270 359 621 840
Dividends 45 162 189 381
Total interest and dividend income 43,528 38,073 87,823 78,163
INTEREST EXPENSE:        
Deposits 4,072 5,935 8,352 13,840
Borrowed funds and finance lease liabilities 6 1,267 12 2,494
Subordinated notes and debentures (includes $62, $65, $131 and $86 accumulated other comprehensive income reclassification for change in fair value of interest rate swap agreements, respectively) 1,145 933 2,033 1,897
Total interest expense 5,223 8,135 10,397 18,231
NET INTEREST INCOME 38,305 29,938 77,426 59,932
PROVISION FOR CREDIT LOSS EXPENSE 1,967 5,680 4,089 8,759
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSS EXPENSE 36,338 24,258 73,337 51,173
NON-INTEREST INCOME:        
Service charges on deposit accounts 1,446 924 2,794 2,451
Other service charges and fees 601 606 1,091 1,196
Wealth and asset management fees 1,765 1,374 3,287 2,667
Net realized and unrealized gains (losses) on available-for-sale debt securities (includes $0, $2,190, $0 and $2,190 accumulated other comprehensive income reclassifications for net realized gains on available-for-sale securities, respectively) 0 2,190 0 2,190
Net realized and unrealized gains (losses) on trading securities 350 306 470 (282)
Mortgage banking 536 664 1,771 1,001
Bank owned life insurance 504 386 1,444 865
Card processing and interchange income 2,079 1,325 3,913 2,453
Other 576 174 1,326 772
Total non-interest income 7,857 7,949 16,096 13,313
NON-INTEREST EXPENSES:        
Salaries and benefits 13,518 10,673 28,091 22,070
Net occupancy expense 2,935 3,047 6,204 6,072
Amortization of core deposit intangible 28 69 56 152
Technology expense 2,888 1,213 5,558 2,549
State and local taxes 1,029 903 2,046 1,484
Legal, professional, and examination fees 897 680 2,050 1,325
Advertising 549 411 830 810
FDIC insurance premiums 557 621 1,173 1,240
Card processing and interchange expenses 1,408 592 2,088 1,388
Merger costs 0 462 0 534
Other 3,156 3,528 6,673 6,317
Total non-interest expenses 26,965 22,199 54,769 43,941
INCOME BEFORE INCOME TAXES 17,230 10,008 34,664 20,545
INCOME TAX EXPENSE (includes $(14), $446, $(28) and $442 income tax expense from reclassification items, respectively) 3,240 1,762 6,493 3,486
NET INCOME 13,990 8,246 28,171 17,059
PREFERRED STOCK DIVIDENDS 1,075 0 2,150 0
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS $ 12,915 $ 8,246 $ 26,021 $ 17,059
EARNINGS PER COMMON SHARE:        
Basic (in dollars per share) $ 0.76 $ 0.54 $ 1.54 $ 1.11
Diluted (in dollars per share) 0.76 0.54 1.54 1.11
DIVIDENDS PER COMMON SHARE:        
Cash dividends per share (in dollars per share) $ 0.17 $ 0.17 $ 0.34 $ 0.34