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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 income:        
Interest and fees on loans $ 36,242 $ 35,602 $ 109,694 $ 107,659
Interest and dividends on investment securities 4,918 4,086 13,603 13,206
Other interest income 67 31 155 266
Total interest income 41,227 39,719 123,452 121,131
Interest expense:        
Deposits 1,894 3,370 6,294 15,066
Short-term borrowings 0 232 119 1,408
Long-term borrowings 1,060 618 3,177 1,853
Total interest expense 2,954 4,220 9,590 18,327
Net interest income 38,273 35,499 113,862 102,804
(Benefit) provision for credit losses (541) 4,028 (7,144) 21,689
Net interest income after (benefit) provision for credit losses 38,814 31,471 121,006 81,115
Noninterest income:        
Service charges on deposits 1,502 1,254 4,081 3,321
Insurance income 1,864 1,357 4,407 3,525
Card interchange income 2,118 1,943 6,270 5,321
Investment advisory 2,969 2,443 8,627 6,940
Company owned life insurance 776 470 2,126 1,397
Investments in limited partnerships 694 (105) 1,787 (136)
Loan servicing 105 49 293 106
Income from derivative instruments, net (377) 1,931 1,660 4,617
Net gain on sale of loans held for sale 600 1,397 2,468 2,261
Net gain on investment securities (0) 554 71 1,449
Net (loss) gain on other assets 138 (55) 286 8
Net gain (loss) on tax credit investments 129 (40) 62 (120)
Other 1,069 1,019 3,094 3,151
Total noninterest income 12,083 12,217 35,232 31,840
Noninterest expense:        
Salaries and employee benefits 15,798 15,085 44,782 45,173
Occupancy and equipment 3,834 3,263 10,502 10,407
Professional services 1,600 1,242 5,098 4,974
Computer and data processing 3,579 3,250 10,160 8,622
Supplies and postage 447 463 1,361 1,533
FDIC assessments 697 594 1,942 1,505
Advertising and promotions 474 955 1,234 2,055
Amortization of intangibles 264 280 801 861
Restructuring Charges 0 1,362 0 1,362
Other 2,476 1,981 6,973 6,228
Total noninterest expense 29,169 28,475 82,853 82,720
Income before income taxes 21,728 15,213 73,385 30,235
Income tax expense 4,553 2,940 15,300 5,703
Net income 17,175 12,273 58,085 24,532
Preferred stock dividends 364 365 1,095 1,096
Net income available to common shareholders $ 16,811 $ 11,908 $ 56,990 $ 23,436
Earnings per common share (Note 4):        
Basic $ 1.06 $ 0.74 $ 3.60 $ 1.46
Diluted 1.05 0.74 3.58 1.46
Cash dividends declared per common share $ 0.27 $ 0.26 $ 0.81 $ 0.78