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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 income:        
Loans, including fees $ 28,663 $ 25,278 $ 55,097 $ 50,253
Securities available-for-sale:        
Taxable 589 871 1,268 1,842
Tax-exempt 416 411 699 836
Federal funds sold and other earning assets 277 743 879 1,315
Total interest income 29,945 27,303 57,943 54,246
Interest expense:        
Deposits 3,366 5,788 8,120 11,039
Borrowings 249 123 339 235
Subordinated debt 584 590 1,167 1,173
Total interest expense 4,199 6,501 9,626 12,447
Net interest income 25,746 20,802 48,317 41,799
Provision for loan losses 2,850 393 6,049 1,190
Net interest income after provision for loan losses 22,896 20,409 42,268 40,609
Noninterest income:        
Service charges on deposit accounts 709 707 1,479 1,361
Gain on sale of securities 16 33 16 33
Mortgage banking 931 392 1,515 674
Investment services 363 255 801 424
Insurance commissions 473 0 742 0
Interchange and debit card transaction fees 508 143 784 318
Merger termination fee 0 6,400 0 6,400
Other 511 486 993 904
Total noninterest income 3,511 8,416 6,330 10,114
Noninterest expense:        
Salaries and employee benefits 10,357 8,984 20,363 17,382
Occupancy and equipment 1,996 1,658 3,906 3,298
FDIC insurance 180 180 360 359
Other real estate and loan related expense 346 242 892 732
Advertising and marketing 202 259 400 554
Data processing 594 577 1,132 1,192
Professional services 868 489 1,578 1,151
Amortization of intangibles 405 342 767 686
Software as service contracts 561 568 1,031 1,136
Merger related and restructuring expenses 1,477 1,796 3,573 2,719
Other 1,820 1,714 3,598 3,179
Total noninterest expense 18,806 16,809 37,600 32,388
Income before income tax expense 7,601 12,016 10,998 18,335
Income tax expense 1,427 2,895 2,091 4,483
Net income $ 6,174 $ 9,121 $ 8,907 $ 13,852
Earnings per common share:        
Basic (in dollars per share) $ 0.41 $ 0.65 $ 0.60 $ 0.99
Diluted (in dollars per share) $ 0.41 $ 0.65 $ 0.60 $ 0.99
Weighted average common shares outstanding:        
Basic (in shares) 15,152,768 13,951,643 14,773,935 13,946,856
Diluted (in shares) 15,202,335 14,046,500 14,842,486 14,036,790