XML 63 R4.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
CONSOLIDATED STATEMENTS OF INCOME - USD ($)
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
INTEREST AND DIVIDEND INCOME    
Loans, including fees $ 63,653,000 $ 59,593,000
Securities:    
Taxable 4,183,000 3,735,000
Tax-exempt 140,000 219,000
Dividends 328,000 299,000
Other 1,254,000 648,000
Total Interest Income 69,558,000 64,494,000
INTEREST EXPENSE    
Deposits 8,129,000 5,253,000
Short-term borrowings 94,000 59,000
Long-term borrowings 1,917,000 2,087,000
Total Interest Expense 10,140,000 7,399,000
Net Interest Income 59,418,000 57,095,000
PROVISION FOR LOAN LOSSES 600,000 1,620,000
Net Interest Income after Provision for Loan Losses 58,818,000 55,475,000
OTHER INCOME    
Commissions from insurance sales 6,339,000 5,550,000
Earnings on investment in bank-owned life insurance 1,160,000 1,068,000
Gain on life insurance proceeds 0 52,000
Net gains on sales or calls of securities 0 85,000
Net gains (losses) on equity securities 267,000 (296,000)
Other 1,587,000 1,400,000
Total Other Income 18,169,000 15,948,000
OTHER EXPENSES    
Salaries and employee benefits 28,798,000 26,734,000
Net occupancy 3,094,000 2,971,000
Equipment 4,771,000 4,959,000
Other tax 1,086,000 902,000
Professional services 1,772,000 1,468,000
Supplies and postage 747,000 766,000
Marketing and corporate relations 559,000 565,000
FDIC and regulatory 436,000 688,000
Merger related expenses 769,000 0
Intangible assets amortization 621,000 745,000
Foreclosed real estate expenses 12,000 129,000
Other operating 4,956,000 4,776,000
Total Other Expenses 47,621,000 44,703,000
Income Before Income Taxes 29,366,000 26,720,000
PROVISION FOR INCOME TAXES 5,645,000 4,972,000
Net Income $ 23,721,000 $ 21,748,000
PER SHARE DATA    
Basic earnings $ 3.36 $ 3.09
Cash dividends declared $ 0.98 $ 0.89
Service charges on deposit accounts    
OTHER INCOME    
Revenue from Contract with Customer, Excluding Assessed Tax $ 3,903,000 $ 3,350,000
Income from fiduciary, investment management and brokerage activities    
OTHER INCOME    
Revenue from Contract with Customer, Excluding Assessed Tax 2,469,000 2,364,000
Service charges on ATM and debit card transactions    
OTHER INCOME    
Revenue from Contract with Customer, Excluding Assessed Tax $ 2,444,000 $ 2,375,000