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Consolidated Statements of Income and Comprehensive Income - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Interest and fees on loans:    
Taxable $ 20,900 $ 20,917
Tax-exempt 870 1,031
Interest and dividends on investment securities:    
Taxable 1,243 1,548
Tax-exempt 390 299
Dividends 23 23
Interest on interest-bearing deposits in other banks 2 24
Interest on federal funds sold 49  
Total interest income 23,477 23,842
Interest expense:    
Interest on deposits 2,092 3,503
Interest on short-term borrowings 71 573
Interest on long-term debt 103 205
Interest on subordinated debt 443  
Total interest expense 2,709 4,281
Net interest income 20,768 19,561
(Credit) provision for loan losses (500) 3,500
Net interest income after (credit) provision for loan losses 21,268 16,061
Noninterest income:    
Mortgage banking income 312 137
Increase in cash surrender value of life insurance 219 187
Interest rate swap revenue 797 470
Net gain (loss) on equity investment securities 21 (123)
Net gain on sale of investment securities available-for-sale   267
Total noninterest income 3,517 3,550
Noninterest expense:    
Salaries and employee benefits expense 6,570 7,856
Net occupancy and equipment expense 3,267 3,079
Amortization of intangible assets 125 154
Professional fees and outside services 439 365
FDIC insurance and assessments 260 74
Donations 339 338
Other expenses 1,629 1,785
Total noninterest expense 12,629 13,651
Income before income taxes 12,156 5,960
Income tax expense 2,678 679
Net income 9,478 5,281
Other comprehensive income (loss):    
Unrealized gain (loss) on investment securities available-for-sale (7,750) 7,629
Reclassification adjustment for net gain on sales included in net income   (267)
Change in derivative fair value 242 1,036
Other comprehensive income (loss) (7,508) 8,398
Income tax expense (benefit) (1,577) 1,765
Other comprehensive income (loss), net of income taxes (5,931) 6,633
Comprehensive income $ 3,547 $ 11,914
Net income:    
Basic $ 1.31 $ 0.72
Diluted $ 1.31 $ 0.71
Average common shares outstanding:    
Basic 7,210,952 7,379,438
Diluted 7,246,016 7,405,703
Dividends declared $ 0.37 $ 0.36
Service charges, fees and commissions    
Noninterest income:    
Revenue from contracts with customers $ 1,184 $ 1,605
Merchant services income    
Noninterest income:    
Revenue from contracts with customers 93 114
Commission and fees on fiduciary activities    
Noninterest income:    
Revenue from contracts with customers 533 506
Wealth management income    
Noninterest income:    
Revenue from contracts with customers $ 358 $ 387