XML 15 R4.htm IDEA: XBRL DOCUMENT v3.20.2
Condensed Consolidated Statements of Income and Comprehensive Income (unaudited) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Interest income:        
Interest and fees on loans, including loans held for sale $ 41,264 $ 41,318 $ 81,729 $ 82,228
Interest and dividends on securities        
Taxable 2,867 3,089 5,913 6,252
Tax exempt 596 580 1,123 1,258
Interest and dividends on Federal Reserve Bank and Federal Home Loan Bank stock 138 261 278 557
Interest on Federal Reserve Bank deposits 88 1,525 584 2,311
Other, including interest on federal funds sold 15 44 40 100
Total interest income 44,968 46,817 89,667 92,706
Interest expense:        
Interest on deposits 5,312 8,956 12,254 17,031
Interest on repurchase agreements and federal funds purchased 777 1,191 1,781 2,347
Interest on advances from Federal Home Loan Bank 0 0 0 39
Interest on long-term debt 417 643 926 1,279
Total interest expense 6,506 10,790 14,961 20,696
Net interest income 38,462 36,027 74,706 72,010
Provision for credit losses (49)   12,658 [1]  
Provision for credit losses   1,563   1,753
Net interest income after provision for credit losses 38,511 34,464 62,048 70,257
Noninterest income:        
Service charges on deposit accounts 4,967 6,525 10,883 12,645
Gains on sales of loans, net 1,753 518 2,236 848
Trust and wealth management income 2,569 2,765 5,453 5,340
Loan related fees 822 440 917 1,013
Bank owned life insurance 564 689 1,137 1,247
Brokerage revenue 313 299 685 560
Securities gains 937 204 1,186 560
Other noninterest income 954 812 1,903 2,209
Total noninterest income 12,879 12,252 24,400 24,422
Noninterest expense:        
Officer salaries and employee benefits 3,104 3,297 5,855 6,671
Other salaries and employee benefits 12,049 12,790 24,329 25,375
Occupancy, net 1,938 1,812 3,923 3,863
Equipment 686 749 1,407 1,488
Data processing 1,875 1,789 3,853 3,552
Bank franchise tax 1,812 1,683 3,624 3,398
Legal fees 496 424 973 854
Professional fees 514 546 1,083 1,077
Advertising and marketing 568 874 1,202 1,666
FDIC insurance 294 369 441 546
Other real estate owned provision and expense 601 1,024 1,470 1,795
Repossession expense 175 112 310 489
Amortization of limited partnership investments 920 1,166 1,808 1,943
Other noninterest expense 2,877 3,395 5,852 6,396
Total noninterest expense 27,909 30,030 56,130 59,113
Income before income taxes 23,481 16,686 30,318 35,566
Income taxes 3,829 (1,638) 4,087 2,303
Net income 19,652 18,324 26,231 33,263
Unrealized holding gains on debt securities available-for-sale:        
Unrealized holding gains arising during the period 8,086 6,522 10,233 12,646
Less: Reclassification adjustments for realized gains included in net income 564 5 1,045 6
Tax expense 1,956 1,690 2,389 2,976
Other comprehensive income, net of tax 5,566 4,827 6,799 9,664
Comprehensive income $ 25,218 $ 23,151 $ 33,030 $ 42,927
Basic earnings per share (in dollars per share) $ 1.11 $ 1.03 $ 1.48 $ 1.88
Diluted earnings per share (in dollars per share) $ 1.11 $ 1.03 $ 1.48 $ 1.88
Weighted average shares outstanding-basic (in shares) 17,739 17,721 17,746 17,717
Weighted average shares outstanding-diluted (in shares) 17,742 17,733 17,753 17,728
[1] *Effective January 1, 2020, the provision for loan losses became the provision for credit losses with the implementation of ASU 2016-13, commonly referred to as CECL.