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Consolidated Statements of Income and Comprehensive Income - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Interest and fees on loans:        
Taxable $ 21,276 $ 20,901 $ 62,205 $ 62,978
Tax-exempt 1,024 876 2,859 2,848
Interest and dividends on investment securities:        
Taxable 1,285 1,250 3,804 4,223
Tax-exempt 432 280 1,233 874
Dividends 24 23 72 71
Interest on interest-bearing deposits in other banks 2 4 6 27
Interest on federal funds sold 124 12 228 19
Total interest income 24,167 23,346 70,407 71,040
Interest expense:        
Interest on deposits 1,698 2,758 5,731 9,125
Interest on short-term borrowings 1 82 78 757
Interest on long-term debt 40 139 225 575
Interest on subordinated debt 443 443 1,330 591
Total interest expense 2,182 3,422 7,364 11,048
Net interest income 21,985 19,924 63,043 59,992
Provision for loan losses 400 1,050   6,350
Net interest income after provision for loan losses 21,585 18,874 63,043 53,642
Noninterest income:        
Mortgage banking income 244 488 764 937
Increase in cash surrender value of life insurance 225 192 669 572
Interest rate swap revenue 79 1,228 744 1,947
Net gain (loss) on equity investment securities 5 2 9 (82)
Net gain on sale of investment securities available-for-sale   457   724
Total noninterest income 3,449 4,935 10,353 11,907
Noninterest expense:        
Salaries and employee benefits expense 7,829 7,831 21,649 22,735
Net occupancy and equipment expense 3,150 3,131 9,464 9,252
Amortization of intangible assets 125 154 375 462
Professional fees and outside services 629 617 1,645 1,593
FDIC insurance and assessments 305 241 836 651
Donations 366 340 1,084 1,019
Other expenses 1,887 1,660 5,395 5,155
Total noninterest expense 14,291 13,974 40,448 40,867
Income before income taxes 10,743 9,835 32,948 24,682
Income tax expense 1,647 1,523 5,843 3,513
Net income 9,096 8,312 27,105 21,169
Other comprehensive income (loss):        
Unrealized gain (loss) on investment securities available-for-sale (3,130) (639) (8,409) 9,084
Reclassification adjustment for net gain on sales included in net income   (457)   (724)
Change in derivative fair value (128) (137) (22) 356
Other comprehensive income (loss) (3,258) (1,233) (8,431) 8,716
Income tax expense (benefit) (684) (259) (1,771) 1,831
Other comprehensive income (loss), net of income taxes (2,574) (974) (6,660) 6,885
Comprehensive income $ 6,522 $ 7,338 $ 20,445 $ 28,054
Net income:        
Basic $ 1.26 $ 1.14 $ 3.76 $ 2.89
Diluted $ 1.26 $ 1.14 $ 3.74 $ 2.87
Average common shares outstanding:        
Basic 7,198,125 7,277,189 7,204,399 7,332,539
Diluted 7,233,189 7,312,253 7,239,463 7,364,693
Dividends declared $ 0.38 $ 0.36 $ 1.12 $ 1.08
Service charges, fees and commissions        
Noninterest income:        
Revenue from contracts with customers $ 1,667 $ 1,584 $ 4,476 $ 4,622
Merchant services income        
Noninterest income:        
Revenue from contracts with customers 158 137 759 723
Commission and fees on fiduciary activities        
Noninterest income:        
Revenue from contracts with customers 639 575 1,725 1,574
Wealth management income        
Noninterest income:        
Revenue from contracts with customers $ 432 $ 272 $ 1,207 $ 890