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Consolidated Statements of Income and Comprehensive Income - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Interest and fees on loans:        
Taxable $ 20,940 $ 18,798 $ 61,684 $ 54,546
Tax-exempt 1,066 919 3,274 2,660
Interest and dividends on investment securities:        
Taxable 1,092 998 3,127 2,790
Tax-exempt 411 639 1,493 2,001
Dividends 19 16 60 51
Interest on interest-bearing deposits in other banks 27 49 50 131
Interest on federal funds sold 77   77  
Total interest income 23,632 21,419 69,765 62,179
Interest expense:        
Interest on deposits 3,966 2,342 11,090 6,135
Interest on short-term borrowings 83 809 1,491 2,317
Interest on long-term debt 347 315 923 936
Total interest expense 4,396 3,466 13,504 9,388
Net interest income 19,236 17,953 56,261 52,791
Provision for loan losses 700 1,050 2,100 3,150
Net interest income after provision for loan losses 18,536 16,903 54,161 49,641
Noninterest income:        
Mortgage banking income 172 163 457 472
Life insurance investment income 189 190 567 568
Net losses (gains) on equity investment securities 14 14 6 14
Net gains on sale of investment securities available-for-sale     23  
Net gain on sale of credit card loans       291
Total noninterest income 3,682 3,253 11,250 10,488
Noninterest expense:        
Salaries and employee benefits expense 8,056 6,946 23,688 21,291
Net occupancy and equipment expense 2,997 2,681 8,807 8,215
Amortization of intangible assets 183 220 557 670
Professional fees and outside services 487 431 1,343 1,500
FDIC insurance and assessments 68 247 615 830
Donations 386 355 1,077 1,011
Other expenses 1,902 1,657 5,911 5,597
Total noninterest expense 14,079 12,537 41,998 39,114
Income before income taxes 8,139 7,619 23,413 21,015
Income tax expense 991 902 2,709 2,487
Net income 7,148 6,717 20,704 18,528
Other comprehensive income (loss):        
Unrealized gain (loss) on investment securities available-for-sale 161 (1,179) 5,211 (4,394)
Reclassification adjustment for net gain on sales included in net income     (23)  
Change in derivative fair value 153   659  
Other comprehensive gain (loss) 314 (1,179) 5,847 (4,394)
Income tax expense (benefit) 66 (248) 1,228 (925)
Other comprehensive income (loss), net of income taxes 248 (931) 4,619 (3,469)
Comprehensive income $ 7,396 $ 5,786 $ 25,323 $ 15,059
Net income:        
Basic $ 0.97 $ 0.91 $ 2.80 $ 2.50
Diluted $ 0.97 $ 0.91 $ 2.80 $ 2.50
Average common shares outstanding:        
Basic 7,394,992 7,399,054 7,397,768 7,397,373
Diluted 7,394,992 7,399,054 7,397,768 7,397,373
Dividends declared $ 0.34 $ 0.33 $ 1.02 $ 0.98
Service charges, fees and commissions        
Noninterest income:        
Revenue from contracts with customers $ 2,161 $ 1,883 $ 6,650 $ 5,856
Merchant services income        
Noninterest income:        
Revenue from contracts with customers 182 128 837 687
Commission and fees on fiduciary activities        
Noninterest income:        
Revenue from contracts with customers 569 570 1,568 1,552
Wealth management income        
Noninterest income:        
Revenue from contracts with customers $ 395 $ 305 $ 1,142 $ 1,048