XML 14 R4.htm IDEA: XBRL DOCUMENT v3.20.2
Consolidated Statements of Income (Unaudited) - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Interest income        
Loans, including fees $ 34,322,000 $ 36,765,000 $ 67,764,000 $ 72,555,000
Securities, taxable 2,187,000 1,945,000 5,628,000 3,825,000
Securities, tax-exempt 562,000 540,000 1,138,000 1,101,000
Other interest-earning assets 93,000 569,000 568,000 976,000
Total interest income 37,164,000 39,819,000 75,098,000 78,457,000
Interest expense        
Deposits 3,700,000 5,529,000 8,342,000 10,334,000
Short-term borrowings 55,000 68,000 94,000 173,000
Federal Home Loan Bank advances 2,214,000 2,261,000 4,427,000 4,494,000
Subordinated debentures and other borrowings 624,000 845,000 1,348,000 1,695,000
Total interest expense 6,593,000 8,703,000 14,211,000 16,696,000
Net interest income 30,571,000 31,116,000 60,887,000 61,761,000
Provision for loan losses 7,600,000 900,000 8,350,000 1,750,000
Net interest income after provision for loan losses 22,971,000 30,216,000 52,537,000 60,011,000
Noninterest income:        
Mortgage banking income 7,640,000 1,345,000 10,267,000 2,402,000
Payroll services income 370,000 355,000 947,000 860,000
Earnings on bank owned life insurance 307,000 1,608,000 643,000 3,238,000
Other income 248,000 370,000 675,000 1,397,000
Total noninterest income 10,984,000 6,334,000 17,534,000 12,967,000
Noninterest expense        
Salaries and benefits 14,126,000 13,286,000 27,654,000 26,302,000
Occupancy 1,862,000 1,629,000 3,921,000 3,391,000
Furniture and equipment depreciation, rent and maintenance 851,000 621,000 1,629,000 1,257,000
Data processing costs 2,633,000 2,295,000 5,117,000 4,511,000
Other expense 3,744,000 4,256,000 7,835,000 8,456,000
Total noninterest expenses 23,216,000 22,087,000 46,156,000 43,917,000
Income before federal income tax expense 10,739,000 14,463,000 23,915,000 29,061,000
Federal income tax expense 2,041,000 2,748,000 4,545,000 5,522,000
Net income $ 8,698,000 $ 11,715,000 $ 19,370,000 $ 23,539,000
Basic earnings per share (in dollars per share) $ 0.54 $ 0.71 $ 1.19 $ 1.43
Diluted earnings per share (in dollars per share) 0.54 0.71 1.19 1.43
Common Stock, Dividends, Per Share, Cash Paid (in dollars per share) $ 0.28 $ 0.26 $ 0.56 $ 0.52
Average basic shares outstanding (in shares) 16,212,500 16,428,187 16,281,391 16,428,875
Average diluted shares outstanding (in shares) 16,213,264 16,434,714 16,282,341 16,434,941
Deposit Account [Member]        
Noninterest income:        
Noninterest income $ 1,045,000 $ 1,143,000 $ 2,267,000 $ 2,220,000
Credit and Debit Card [Member]        
Noninterest income:        
Noninterest income $ 1,374,000 $ 1,513,000 $ 2,735,000 $ 2,850,000