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Consolidated Statements of Income (unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Interest income:        
Loans (including fee income) $ 43,058 $ 41,005 $ 124,812 $ 118,495
Mortgage-backed securities, CMOs and other asset-backed securities 2,003 3,775 7,613 13,007
U.S. GSE securities 1 56 365 414
State and municipal obligations 443 507 1,433 1,711
Corporate bonds 244 296 854 951
Deposits with banks 135 342 514 1,485
Other interest and dividend income 412 373 1,157 1,158
Total interest income 46,296 46,354 136,748 137,221
Interest expense:        
Savings, NOW and money market deposits 2,092 5,816 8,632 19,182
Certificates of deposit of $100,000 or more 727 1,139 2,676 3,201
Other time deposits 228 300 1,004 1,150
Federal funds purchased and repurchase agreements   70 79 273
FHLB advances 1,407 1,179 3,163 3,455
Subordinated debentures 1,135 1,135 3,405 3,405
Total interest expense 5,589 9,639 18,959 30,666
Net interest income 40,707 36,715 117,789 106,555
Provision for credit losses 1,500 1,000 11,000 5,100
Net interest income after provision for credit losses 39,207 35,715 106,789 101,455
Non-interest income:        
Service charges and other fees 2,215 2,588 6,604 7,572
Net securities gains 3,540   3,525 201
Loss on termination of swaps (3,403)   (3,403)  
Change in fair value of loans held for sale     (2,643)  
Title fees 695 508 1,409 1,149
Gain on sale of Small Business Administration ("SBA") loans 2,191 601 3,031 1,662
Bank owned life insurance 543 561 1,638 1,670
Loan swap fees 554 1,557 3,105 3,200
Other 455 429 993 1,507
Total non-interest income 6,790 6,244 14,259 16,961
Non-interest expense:        
Salaries and employee benefits 16,406 14,294 45,874 41,233
Occupancy and equipment 3,599 3,490 10,618 10,581
Technology and communications 2,487 2,129 7,074 5,787
Marketing and advertising 449 1,282 2,240 3,729
Professional services 1,356 1,055 3,351 2,615
FDIC assessments 678 18 1,159 652
Merger expenses 2,352   2,352  
Amortization of other intangible assets 149 182 507 605
Other 1,461 1,754 5,004 5,605
Total non-interest expense 28,937 24,204 78,179 70,807
Income before income taxes 17,060 17,755 42,869 47,609
Income tax expense 3,999 3,852 9,804 10,126
Net income $ 13,061 $ 13,903 $ 33,065 $ 37,483
Basic earnings per share (in dollars per share) $ 0.66 $ 0.70 $ 1.66 $ 1.88
Diluted earnings per share (in dollars per share) $ 0.66 $ 0.70 $ 1.66 $ 1.88