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CONSOLIDATED STATEMENTS OF INCOME - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
Interest and dividend income:        
Loans/leases, including fees $ 42,448 $ 42,614 $ 83,781 $ 85,774
Securities:        
Taxable 2,132 2,048 4,174 3,775
Nontaxable 4,052 3,565 7,986 7,024
Interest-bearing deposits at financial institutions 34 134 71 495
Restricted investment securities 237 288 456 546
Federal funds sold   1   18
Total interest and dividend income 48,903 48,650 96,468 97,632
Interest expense:        
Deposits 3,235 5,766 6,662 14,972
Short-term borrowings 2 22 3 86
Federal Home Loan Bank advances 16 347 25 796
Subordinated notes 1,570 994 3,164 1,988
Junior subordinated debentures 564 573 1,123 1,144
Total interest expense 5,387 7,702 10,977 18,986
Net interest income 43,516 40,948 85,491 78,646
Provision for credit losses   19,915 6,713 28,282
Net interest income after provision for loan/lease losses 43,516 21,033 78,778 50,364
Noninterest income:        
Revenue 68,199 77,276 139,253 141,454
Gains on sales of residential real estate loans, net 1,184 1,196 2,521 1,848
Swap fee income/capitals markets revenue 9,568 19,927 23,125 26,731
Securities gains (losses), net (88) 65 (88) 65
Earnings on bank-owned life insurance 451 612 922 941
Other 1,449 941 3,135 1,863
Total noninterest income 19,296 28,626 42,785 43,822
Noninterest expenses:        
Salaries and employee benefits 23,044 21,304 47,891 39,823
Occupancy and equipment expense 3,965 3,748 8,073 7,780
Professional and data processing fees 3,702 3,646 7,145 7,015
Post-acquisition compensation, transition and integration costs   70   221
Disposition costs   (83) 8 434
FDIC insurance, other insurance and regulatory fees 986 908 2,051 1,591
Loan/lease expense 457 339 757 567
Net income from and gains/losses on operations of other real estate (113) (332) (74) (319)
Advertising and marketing 853 552 1,480 1,234
Bank service charges 572 501 1,095 1,005
Losses on liability extinguishment   429   576
Correspondent banking expense 198 212 398 428
Intangibles amortization 508 548 1,016 1,097
Goodwill impairment       500
Other 1,503 1,280 3,063 2,585
Total noninterest expenses 35,675 33,122 72,903 64,537
Net income before income taxes 27,137 16,537 48,660 29,649
Federal and state income tax expense 4,788 2,798 8,329 4,682
Net income $ 22,349 $ 13,739 $ 40,331 $ 24,967
Basic earnings per common share $ 1.41 $ 0.87 $ 2.55 $ 1.58
Diluted earnings per common share $ 1.39 $ 0.86 $ 2.52 $ 1.56
Weighted average common shares outstanding 15,813,932 15,747,056 15,808,788 15,771,926
Weighted average common and common equivalent shares outstanding 16,045,239 15,895,336 16,035,394 15,956,958
Cash dividends declared per common share $ 0.06 $ 0.06 $ 0.12 $ 0.12
Trust department fees        
Noninterest income:        
Revenue $ 2,848 $ 2,227 $ 5,649 $ 4,539
Investment advisory and management fees        
Noninterest income:        
Revenue 1,039 1,399 1,979 3,126
Deposit service fees        
Noninterest income:        
Revenue 1,492 1,286 2,900 2,763
Debit card fees        
Noninterest income:        
Revenue 1,084 775 2,059 1,533
Correspondent banking fees        
Noninterest income:        
Revenue $ 269 $ 198 $ 583 $ 413