XML 15 R4.htm IDEA: XBRL DOCUMENT v3.19.2
Consolidated Statements of Income - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Jun. 30, 2019
Jun. 30, 2018
INTEREST INCOME        
Interest and fees on loans and leases $ 22,214 $ 12,073 $ 43,292 $ 23,410
Interest on interest-bearing balances 27 17 57 26
Interest on federal funds sold 130 153 198 321
Interest and dividends on investment securities:        
U.S. Treasury and government agencies 839 884 1,732 1,636
State and political subdivision obligations, tax-exempt 584 517 1,203 1,059
Other securities 204 76 382 248
Total Interest Income 23,998 13,720 46,864 26,700
INTEREST EXPENSE        
Interest on deposits 5,276 1,997 9,862 3,777
Interest on short-term borrowings 157   389 12
Interest on long-term and subordinated debt 795 309 1,537 619
Total Interest Expense 6,228 2,306 11,788 4,408
Net Interest Income 17,770 11,414 35,076 22,292
PROVISION FOR LOAN AND LEASE LOSSES 465   590 125
Net Interest Income After Provision for Loan and Lease Losses 17,305 11,414 34,486 22,167
NONINTEREST INCOME        
Net gain on sales of SBA loans 233 152 435 409
Earnings from cash surrender value of life insurance 79 65 157 129
Net gain on sales of investment securities 17 4 24 102
Other income 419 560 749 846
Total Noninterest Income 2,874 1,913 4,923 3,560
NONINTEREST EXPENSE        
Salaries and employee benefits 7,786 4,832 15,545 9,896
Occupancy expense, net 1,344 870 2,745 1,667
Equipment expense 658 544 1,285 952
Pennsylvania bank shares tax expense 245 171 381 342
FDIC Assessment 314 93 673 321
Legal and professional fees 471 256 893 480
Marketing and advertising expense 226 230 405 419
Software licensing and utilization 1,111 861 2,132 1,684
Telephone expense 161 156 315 303
Loss on sale or write-down of foreclosed assets 18 1 14 3
Intangible amortization 360 248 723 496
Merger and acquisition expense   222   1,916
Other expenses 2,102 1,612 3,988 2,800
Total Noninterest Expense 14,796 10,096 29,099 21,279
INCOME BEFORE PROVISION FOR INCOME TAXES 5,383 3,231 10,310 4,448
Provision for income taxes 980 452 1,830 665
NET INCOME $ 4,403 $ 2,779 $ 8,480 $ 3,783
PER COMMON SHARE DATA:        
Basic and Diluted Earnings Per Common Share $ 0.52 $ 0.45 $ 1.00 $ 0.63
Cash Dividends Paid $ 0.18 $ 0.15 $ 0.43 $ 0.40
Income from Fiduciary Activities [Member]        
NONINTEREST INCOME        
Non-interest Income $ 347 $ 286 $ 706 $ 526
Service Charges on Deposits [Member]        
NONINTEREST INCOME        
Non-interest Income 218 222 435 425
Mortgage Banking Income [Member]        
NONINTEREST INCOME        
Non-interest Income 1,077 205 1,514 361
ATM Debit Card Interchange Income [Member]        
NONINTEREST INCOME        
Non-interest Income 380 326 714 591
Merchant Services Income [Member]        
NONINTEREST INCOME        
Non-interest Income $ 104 $ 93 $ 189 $ 171