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Consolidated Statements of Income and Comprehensive Income - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Interest and fees on loans:        
Taxable $ 20,901 $ 20,940 $ 62,978 $ 61,684
Tax-exempt 876 1,066 2,848 3,274
Interest and dividends on investment securities:        
Taxable 1,250 1,092 4,223 3,127
Tax-exempt 280 411 874 1,493
Dividends 23 19 71 60
Interest on interest-bearing deposits in other banks 4 27 27 50
Interest on federal funds sold 12 77 19 77
Total interest income 23,346 23,632 71,040 69,765
Interest expense:        
Interest on deposits 2,758 3,966 9,125 11,090
Interest on short-term borrowings 82 83 757 1,491
Interest on long-term debt 139 347 575 923
Interest on subordinated debt 443   591  
Total interest expense 3,422 4,396 11,048 13,504
Net interest income 19,924 19,236 59,992 56,261
Provision for loan losses 1,050 700 6,350 2,100
Net interest income after provision for loan losses 18,874 18,536 53,642 54,161
Noninterest income:        
Mortgage banking income 488 172 937 457
Bank owned life insurance income 192 189 572 567
Interest rate swap revenue 1,228 355 1,947 1,145
Net gains (losses) on equity investment securities 2 14 (82) 6
Net gains on sale of investment securities available-for-sale 457   724 23
Total noninterest income 4,935 3,682 11,907 11,250
Noninterest expense:        
Salaries and employee benefits expense 7,831 8,056 22,735 23,688
Net occupancy and equipment expense 3,131 2,997 9,252 8,807
Amortization of intangible assets 154 183 462 557
Professional fees and outside services 617 487 1,593 1,343
FDIC insurance and assessments 241 68 651 615
Donations 340 386 1,019 1,077
Other expenses 1,660 1,902 5,155 5,911
Total noninterest expense 13,974 14,079 40,867 41,998
Income before income taxes 9,835 8,139 24,682 23,413
Income tax expense 1,523 991 3,513 2,709
Net income 8,312 7,148 21,169 20,704
Other comprehensive income:        
Unrealized gain (loss) on investment securities available-for-sale (639) 161 9,084 5,211
Reclassification adjustment for net gain on sales included in net income (457)   (724) (23)
Change in derivative fair value (137) 153 356 659
Other comprehensive income (1,233) 314 8,716 5,847
Income tax expense (259) 66 1,831 1,228
Other comprehensive income, net of income taxes (974) 248 6,885 4,619
Comprehensive income $ 7,338 $ 7,396 $ 28,054 $ 25,323
Net income:        
Basic $ 1.14 $ 0.97 $ 2.89 $ 2.80
Diluted $ 1.14 $ 0.96 $ 2.87 $ 2.79
Average common shares outstanding:        
Basic 7,277,189 7,394,992 7,332,539 7,397,768
Diluted 7,312,253 7,417,403 7,364,693 7,412,865
Dividends declared $ 0.36 $ 0.34 $ 1.08 $ 1.02
Service charges, fees and commissions        
Noninterest income:        
Revenue from contracts with customers $ 1,584 $ 1,806 $ 4,622 $ 5,505
Merchant services income        
Noninterest income:        
Revenue from contracts with customers 137 182 723 837
Commission and fees on fiduciary activities        
Noninterest income:        
Revenue from contracts with customers 575 569 1,574 1,568
Wealth management income        
Noninterest income:        
Revenue from contracts with customers $ 272 $ 395 $ 890 $ 1,142