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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 INCOME        
Loans $ 50,848 $ 55,771 $ 104,978 $ 110,327
Investment securities and other 3,163 2,952 6,507 5,754
TOTAL INTEREST INCOME 54,011 58,723 111,485 116,081
INTEREST EXPENSE        
Deposits 9,041 11,582 19,618 22,052
Short-term borrowings and repurchase agreements 10 859 659 1,780
Subordinated debentures issued to capital trust 167 267 383 534
Subordinated notes 1,338 1,094 2,432 2,189
TOTAL INTEREST EXPENSE 10,556 13,802 23,092 26,555
NET INTEREST INCOME 43,455 44,921 88,393 89,526
PROVISION FOR LOAN LOSSES 6,000 1,600 9,871 3,550
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES 37,455 43,321 78,522 85,976
NON-INTEREST INCOME        
Commissions 176 163 442 497
Net gains on loan sales 1,841 376 2,430 623
Net realized gains on sales of available-for-sale securities 78 0 78 10
Late charges and fees on loans 468 356 824 702
Loss on derivative interest rate products (106) (44) (514) (68)
Service charges and ATM fees 4,140 5,309 8,898 10,268
Other income 1,664 997 3,469 2,575
TOTAL NON-INTEREST INCOME 8,261 7,157 15,627 14,607
NON-INTEREST EXPENSE        
Salaries and employee benefits 16,830 15,428 34,999 31,068
Net occupancy and equipment expense 6,707 6,449 13,473 12,850
Postage 777 784 1,546 1,550
Insurance 534 662 916 1,328
Advertising 437 842 1,057 1,368
Office supplies and printing 301 226 535 485
Telephone 1,005 839 1,917 1,742
Legal, audit and other professional fees 664 630 1,262 1,342
Expense on other real estate and repossessions 268 419 747 1,039
Partnership tax credit investment amortization 0 91 0 182
Acquired deposit intangible asset amortization 289 289 577 613
Other operating expenses 1,537 1,724 3,134 3,310
TOTAL NON-INTEREST EXPENSE 29,349 28,383 60,163 56,877
INCOME BEFORE INCOME TAXES 16,367 22,095 33,986 43,706
PROVISION FOR INCOME TAXES 3,164 3,720 5,915 7,718
NET INCOME AND NET INCOME AVAILABLE TO COMMON STOCKHOLDERS $ 13,203 $ 18,375 $ 28,071 $ 35,988
Basic Earnings Per Common Share $ 0.94 $ 1.29 $ 1.98 $ 2.54
Diluted Earnings Per Common Share 0.93 1.28 1.98 2.52
Dividends Declared Per Common Share $ 0.34 $ 0.32 $ 1.68 $ 1.39