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Consolidated Statements of Income (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
Interest income        
Loans and leases $ 22,266 $ 17,686 $ 63,171 $ 53,492
Securities 1,002 771 2,796 2,326
Short-term investments 295 177 787 488
Total interest income 23,563 18,634 66,754 56,306
Interest expense        
Deposits 4,232 2,708 10,271 8,039
Federal Home Loan Bank advances and other borrowings 1,957 763 5,424 2,185
Junior subordinated notes 280 280 832 832
Total interest expense 6,469 3,751 16,527 11,056
Net interest income 17,094 14,883 50,227 45,250
Provision for loan and lease losses (546) 1,471 4,508 5,699
Net interest income after provision for loan and lease losses 17,640 13,412 45,719 39,551
Non-interest income        
Trust and investment service fees 1,941 1,653 5,826 4,930
Gain on sale of Small Business Administration loans 641 606 1,184 1,501
Service charges on deposits 788 756 2,292 2,287
Loan fees 459 391 1,375 1,525
Increase in cash surrender value of bank-owned life insurance 301 314 890 940
Commercial loan swap fees 306 418 1,009 866
Other non-interest income 435 201 943 1,091
Total non-interest income 4,871 4,339 13,519 13,140
Non-interest expense        
Compensation 9,819 7,645 28,006 24,710
Occupancy 560 527 1,632 1,521
Professional fees 1,027 995 2,990 3,046
Data processing 512 592 1,748 1,810
Marketing 593 594 1,518 1,546
Equipment 403 285 1,089 868
Computer software 814 715 2,235 2,037
FDIC insurance 457 320 1,125 1,081
Collateral liquidation costs 230 371 454 556
Net loss on foreclosed properties 30 0 30 0
Impairment of tax credit investments 113 112 554 338
SBA recourse provision 314 1,315 118 2,095
Other non-interest expense 874 760 2,621 2,404
Total non-interest expense 15,746 14,231 44,120 42,012
Income before income tax expense 6,765 3,520 15,118 10,679
Income tax expense 1,464 936 2,879 2,812
Net income $ 5,301 $ 2,584 $ 12,239 $ 7,867
Earnings per common share        
Basic $ 0.60 $ 0.30 $ 1.40 $ 0.90
Diluted 0.60 0.30 1.40 0.90
Dividends declared per share $ 0.14 $ 0.13 $ 0.42 $ 0.39