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CONSOLIDATED STATEMENTS OF INCOME - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Interest and dividend income:        
Loans/leases, including fees $ 42,614 $ 47,515 $ 85,774 $ 93,082
Securities:        
Taxable 2,048 1,678 3,775 3,344
Nontaxable 3,565 3,474 7,024 7,018
Interest-bearing deposits at financial institutions 134 1,168 495 2,091
Restricted investment securities 288 290 546 598
Federal funds sold 1 56 18 150
Total interest and dividend income 48,650 54,181 97,632 106,283
Interest expense:        
Deposits 5,766 13,825 14,972 26,304
Short-term borrowings 22 81 86 152
Federal Home Loan Bank advances 347 601 796 1,662
Other borrowings   92   539
Subordinated notes 994 993 1,988 1,557
Junior subordinated debentures 573 576 1,144 1,148
Total interest expense 7,702 16,168 18,986 31,362
Net interest income 40,948 38,013 78,646 74,921
Provision for loan/lease losses 19,915 1,941 28,282 4,075
Net interest income after provision for loan/lease losses 21,033 36,072 50,364 70,846
Noninterest income:        
Revenue 77,276 71,246 141,454 135,341
Gains on sales of residential real estate loans, net 1,196 489 1,848 858
Gains on sales of government guaranteed portions of loans, net   39   70
Swap fee income 19,927 7,891 26,731 11,089
Securities gains (losses), net 65 (52) 65 (52)
Earnings on bank-owned life insurance 612 412 941 952
Other 941 1,293 1,863 2,357
Total noninterest income 28,626 17,065 43,822 29,058
Noninterest expense:        
Salaries and employee benefits 21,304 22,749 39,823 43,628
Occupancy and equipment expense 3,748 3,533 7,780 7,227
Professional and data processing fees 3,646 3,031 7,015 5,781
Post-acquisition compensation, transition and integration costs 70 708 221 842
Disposition costs (83)   434  
FDIC insurance, other insurance and regulatory fees 908 926 1,591 1,890
Loan/lease expense 339 312 567 526
Net cost of (income from) and gains/losses on operations of other real estate (332) 1,182 (319) 1,480
Advertising and marketing 552 1,037 1,234 1,822
Bank service charges 501 508 1,005 991
Losses on liability extinguishment 429   576  
Correspondent banking expense 212 206 428 410
Intangibles amortization 548 615 1,097 1,147
Goodwill impairment     500  
Other 1,280 1,753 2,585 3,251
Total noninterest expense 33,122 36,560 64,537 68,995
Net income before income taxes 16,537 16,577 29,649 30,909
Federal and state income tax expense 2,798 3,073 4,682 4,487
Net income $ 13,739 $ 13,504 $ 24,967 $ 26,422
Basic earnings per common share (in dollars per share) $ 0.87 $ 0.86 $ 1.58 $ 1.68
Diluted earnings per common share (in dollars per share) $ 0.86 $ 0.85 $ 1.56 $ 1.66
Weighted average common shares outstanding (in shares) 15,747,056 15,714,588 15,771,926 15,703,967
Weighted average common and common equivalent shares outstanding (in shares) 15,895,336 15,938,377 15,956,958 15,930,659
Cash dividends declared per common share (in dollars per share) $ 0.06 $ 0.06 $ 0.12 $ 0.12
Trust department fees        
Noninterest income:        
Revenue $ 2,227 $ 2,361 $ 4,539 $ 4,854
Investment advisory and management fees        
Noninterest income:        
Revenue 1,399 1,888 3,126 3,624
Deposit service fees        
Noninterest income:        
Revenue 1,286 1,658 2,763 3,212
Debit card fees        
Noninterest income:        
Revenue 775 914 1,533 1,706
Correspondent banking fees        
Noninterest income:        
Revenue $ 198 $ 172 $ 413 $ 388