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Consolidated Statements of Earnings (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Interest income:        
Interest and fees on loans $ 28,590 $ 27,035 $ 85,120 $ 79,020
Interest and dividends on securities:        
Taxable securities 1,739 2,318 5,609 6,428
Exempt from federal income taxes 346 217 859 535
Interest on loans held for sale 166 85 392 230
Interest on federal funds sold 0 113 56 171
Interest on balances held at depository institutions 91 517 485 1,652
Interest and dividends on restricted securities 29 44 96 144
Total interest income 30,961 30,329 92,617 88,180
Interest expense:        
Interest on negotiable order of withdrawal accounts 294 619 1,064 1,807
Interest on money market and savings accounts 1,009 1,807 3,431 5,338
Interest on time deposits 2,685 3,371 8,509 9,566
Interest on federal funds purchased 0 4 0 4
Interest on Federal Home Loan Bank advances 124 190 410 410
Total interest expense 4,112 5,991 13,414 17,125
Net interest income before provision for loan losses 26,849 24,338 79,203 71,055
Provision for loan losses 1,038 167 6,631 1,354
Net interest income after provision for loan losses 25,811 24,171 72,572 69,701
Non-interest income:        
Service charges on deposit accounts 1,391 1,756 4,159 5,114
Other fees and commissions 4,063 3,765 11,468 10,660
Income on BOLI and annuity contracts 214 204 609 608
Gain on sale of loans 3,775 1,870 6,808 5,131
Loss on the sale of fixed assets (4) (1) (4) (2)
Gain (loss) on sale of other real estate (8) (35) 652 (48)
Gain (loss) on sale of securities 0 41 425 (268)
Gain (loss) on sale of other assets 2 (3) 2 (3)
Other income 61 0 61 0
Total non-interest income 9,494 7,597 24,180 21,192
Salaries and employee benefits 11,956 10,440 34,573 31,101
Occupancy expenses, net 1,406 1,242 3,879 3,567
Advertising & public relations expense 702 540 1,790 1,638
Furniture and equipment expense 849 784 2,417 2,337
Data processing expense 1,298 1,161 3,715 3,136
ATM & interchange expense 1,054 867 2,805 2,529
Directors’ fees 142 142 439 404
Audit, legal & consulting expenses 233 372 620 1,096
Other operating expenses 2,996 2,664 9,175 8,196
Total non-interest expense 20,636 18,212 59,413 54,004
Earnings before income taxes 14,669 13,556 37,339 36,889
Income taxes 3,137 3,290 7,749 8,817
Net earnings $ 11,532 $ 10,266 $ 29,590 $ 28,072
Weighted average number of common shares outstanding-basic (in shares) 10,963,411 10,766,738 10,907,251 10,729,065
Weighted average number of common shares outstanding-diluted (in shares) 10,991,167 10,786,752 10,932,925 10,746,130
Basic earnings per common share (in dollars per share) $ 1.05 $ 0.95 $ 2.71 $ 2.62
Diluted earnings per common share (in dollars per share) 1.05 0.95 2.71 2.61
Cash dividends declared, per share (in dollars per share) $ 0.60 $ 0.55 $ 1.20 $ 1.10