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Consolidated Statements of Income and Comprehensive Income - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Interest and fees on loans:        
Taxable $ 21,160 $ 20,641 $ 42,077 $ 40,744
Tax-exempt 941 1,109 1,972 2,208
Interest and dividends on investment securities:        
Taxable 1,420 1,025 2,968 2,035
Tax-exempt 295 520 594 1,082
Dividends 25 22 48 41
Interest on interest-bearing deposits in other banks 5 15 29 23
Interest on federal funds sold 6   6  
Total interest income 23,852 23,332 47,694 46,133
Interest expense:        
Interest on deposits 2,864 3,713 6,367 7,124
Interest on short-term borrowings 102 595 675 1,408
Interest on long-term debt 231 296 436 576
Interest on subordinated debt 148   148  
Total interest expense 3,345 4,604 7,626 9,108
Net interest income 20,507 18,728 40,068 37,025
Provision for loan losses 1,800 350 5,300 1,400
Net interest income after provision for loan losses 18,707 18,378 34,768 35,625
Noninterest income:        
Mortgage banking income 312 137 449 285
Bank owned life insurance income 193 192 380 378
Interest rate swap revenue 249 509 719 789
Net gains (losses) on equity investment securities 39 (9) (84) (8)
Net gains on sale of investment securities available-for-sale   23 267 23
Total noninterest income 3,422 4,152 6,972 7,568
Noninterest expense:        
Salaries and employee benefits expense 7,048 8,037 14,904 15,632
Net occupancy and equipment expense 3,042 2,849 6,121 5,810
Amortization of intangible assets 154 182 308 374
Professional fees and outside services 611 525 976 856
FDIC insurance and assessments 336 288 410 547
Donations 341 359 679 691
Other expenses 1,710 2,189 3,495 4,009
Total noninterest expense 13,242 14,429 26,893 27,919
Income before income taxes 8,887 8,101 14,847 15,274
Income tax expense 1,311 957 1,990 1,718
Net income 7,576 7,144 12,857 13,556
Other comprehensive income:        
Unrealized gain on investment securities available-for-sale 2,094 2,611 9,723 5,050
Reclassification adjustment for net gain on sales included in net income   (23) (267) (23)
Change in derivative fair value (543) 443 493 506
Other comprehensive income 1,551 3,031 9,949 5,533
Income tax expense 325 636 2,090 1,162
Other comprehensive income, net of income taxes 1,226 2,395 7,859 4,371
Comprehensive income $ 8,802 $ 9,539 $ 20,716 $ 17,927
Net income:        
Basic $ 1.03 $ 0.96 $ 1.75 $ 1.83
Diluted $ 1.03 $ 0.96 $ 1.74 $ 1.83
Average common shares outstanding:        
Basic 7,341,636 7,399,302 7,360,517 7,399,178
Diluted 7,376,700 7,413,114 7,391,202 7,410,558
Dividends declared $ 0.36 $ 0.34 $ 0.72 $ 0.68
Service charges, fees and commissions        
Noninterest income:        
Revenue from contracts with customers $ 1,433 $ 1,981 $ 3,038 $ 3,700
Merchant services income        
Noninterest income:        
Revenue from contracts with customers 472 457 586 655
Commission and fees on fiduciary activities        
Noninterest income:        
Revenue from contracts with customers 493 492 999 999
Wealth management income        
Noninterest income:        
Revenue from contracts with customers $ 231 $ 370 $ 618 $ 747