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Consolidated Statements of Income and Comprehensive Income - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
Interest and fees on loans:        
Taxable $ 18,798 $ 16,535 $ 54,546 $ 48,021
Tax-exempt 919 813 2,660 2,334
Interest and dividends on investment securities:        
Taxable 998 714 2,790 2,130
Tax-exempt 639 716 2,001 2,262
Dividends 16 13 51 37
Interest on interest-bearing deposits in other banks 49 40 131 107
Total interest income 21,419 18,831 62,179 54,891
Interest expense:        
Interest on deposits 2,342 1,654 6,135 4,617
Interest on short-term borrowings 809 177 2,317 599
Interest on long-term debt 315 344 936 1,041
Total interest expense 3,466 2,175 9,388 6,257
Net interest income 17,953 16,656 52,791 48,634
Provision for loan losses 1,050 1,200 3,150 3,600
Net interest income after provision for loan losses 16,903 15,456 49,641 45,034
Noninterest income:        
Mortgage banking income 163 193 472 576
Life insurance investment income 190 193 568 577
Net unrealized gain on equity investment securities 14   14  
Net gain on sale of credit card loans     291  
Net gain on sale of merchant services business       2,278
Total noninterest income 3,253 3,661 10,488 13,822
Noninterest expense:        
Salaries and employee benefits expense 6,946 6,550 21,291 19,851
Net occupancy and equipment expense 2,681 2,483 8,215 7,327
Merchant services expense 3 33 6 1,796
Amortization of intangible assets 220 259 670 785
Professional fees and outside services 431 472 1,500 1,757
FDIC insurance and assessments 247 241 830 607
Donations 355 323 1,011 878
Other expenses 1,654 2,119 5,591 5,837
Total noninterest expense 12,537 12,480 39,114 38,838
Income before income taxes 7,619 6,637 21,015 20,018
Income tax expense 902 1,287 2,487 4,209
Net income 6,717 5,350 18,528 15,809
Other comprehensive (loss) income:        
Unrealized (loss) gain on investment securities available-for-sale (1,179) (381) (4,394) 1,076
Other comprehensive loss (1,179) (381) (4,394) 1,076
Income tax (benefit) expense (248) (133) (925) 377
Other comprehensive (loss) income, net of income taxes (931) (248) (3,469) 699
Comprehensive income $ 5,786 $ 5,102 $ 15,059 $ 16,508
Net income:        
Basic $ 0.91 $ 0.72 $ 2.50 $ 2.14
Diluted $ 0.91 $ 0.72 $ 2.50 $ 2.14
Average common shares outstanding:        
Basic 7,399,054 7,396,505 7,397,373 7,395,612
Diluted 7,399,054 7,396,505 7,397,373 7,395,612
Dividends declared $ 0.33 $ 0.32 $ 0.98 $ 0.94
Service charges, fees and commissions        
Noninterest income:        
Revenue from contracts with customers $ 1,883 $ 2,156 $ 5,856 $ 5,410
Merchant services income        
Noninterest income:        
Revenue from contracts with customers 128 165 687 2,358
Commission and fees on fiduciary activities        
Noninterest income:        
Revenue from contracts with customers 570 540 1,552 1,542
Wealth management income        
Noninterest income:        
Revenue from contracts with customers $ 305 $ 414 $ 1,048 $ 1,081