XML 15 R4.htm IDEA: XBRL DOCUMENT v3.21.2
Consolidated Statements of Income (unaudited) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
INTEREST AND DIVIDEND INCOME:        
Loans including fees $ 42,020 $ 39,034 $ 123,693 $ 109,106
Securities:        
Taxable 3,125 2,857 8,465 9,727
Tax-exempt 268 303 889 1,143
Dividends 35 162 224 543
Total interest and dividend income 45,448 42,356 133,271 120,519
INTEREST EXPENSE:        
Deposits 3,433 5,578 11,785 19,418
Borrowed funds and finance lease liabilities 6 1,172 18 3,666
Subordinated notes and debentures (includes $73, $68, $204 and $154 accumulated other comprehensive income reclassification for change in fair value of interest rate swap agreements, respectively) 1,714 942 3,747 2,839
Total interest expense 5,153 7,692 15,550 25,923
NET INTEREST INCOME 40,295 34,664 117,721 94,596
PROVISION FOR CREDIT LOSS EXPENSE 1,100 3,306 5,189 12,065
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSS EXPENSE 39,195 31,358 112,532 82,531
NON-INTEREST INCOME:        
Service charges on deposit accounts 1,595 1,201 4,389 3,652
Other service charges and fees 614 652 1,705 1,848
Wealth and asset management fees 1,734 1,414 5,021 4,081
Net realized gains on available-for-sale securities (includes $0, $0, $0 and $2,190 accumulated other comprehensive income reclassifications for net realized gains on available-for-sale securities, respectively) 0 0 0 2,190
Net realized and unrealized gains (losses) on trading securities 7 202 477 (80)
Mortgage banking 844 1,089 2,615 2,090
Bank owned life insurance 558 425 2,002 1,290
Card processing and interchange income 1,958 1,606 5,871 4,059
Other 1,104 189 2,430 961
Total non-interest income 8,414 6,778 24,510 20,091
NON-INTEREST EXPENSES:        
Salaries and benefits 15,351 12,508 43,442 34,578
Net occupancy expense 2,950 2,870 9,154 8,942
Amortization of core deposit intangible 26 26 82 178
Technology expense 2,894 1,475 8,452 4,024
State and local taxes 1,050 925 3,096 2,409
Legal, professional, and examination fees 735 602 2,785 1,927
Advertising 488 600 1,318 1,410
FDIC insurance premiums 647 726 1,820 1,966
Card processing and interchange expenses 728 804 2,816 2,192
Merger costs, prepayment penalties and branch closure costs 0 4,673 0 5,207
Other 4,330 3,159 11,003 9,476
Total non-interest expenses 29,199 28,368 83,968 72,309
INCOME BEFORE INCOME TAXES 18,410 9,768 53,074 30,313
INCOME TAX EXPENSE (includes $(15), $(14), $(43) and $428 income tax expense from reclassification items, respectively) 3,503 1,983 9,996 5,469
NET INCOME 14,907 7,785 43,078 24,844
PREFERRED STOCK DIVIDENDS 1,076 0 3,226 0
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS $ 13,831 $ 7,785 $ 39,852 $ 24,844
EARNINGS PER COMMON SHARE:        
Basic (in dollars per share) $ 0.82 $ 0.47 $ 2.36 $ 1.57
Diluted (in dollars per share) 0.82 0.47 2.36 1.57
DIVIDENDS PER COMMON SHARE:        
Cash dividends per share (in dollars per share) $ 0.17 $ 0.17 $ 0.51 $ 0.51