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Consolidated Statements of Income (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Interest income        
Loans and leases $ 23,922 $ 22,266 $ 72,033 $ 63,171
Securities 1,194 1,002 3,464 2,796
Short-term investments 322 295 930 787
Total interest income 25,438 23,563 76,427 66,754
Interest expense        
Deposits 6,006 4,232 18,060 10,271
Federal Home Loan Bank advances and other borrowings 2,376 1,957 6,153 5,424
Junior subordinated notes 280 280 832 832
Total interest expense 8,662 6,469 25,045 16,527
Net interest income 16,776 17,094 51,382 50,227
Provision for loan and lease losses 1,349 (546) 613 4,508
Net interest income after provision for loan and lease losses 15,427 17,640 50,769 45,719
Non-interest income        
Trust and investment service fees 2,060 1,941 6,125 5,826
Gain on sale of Small Business Administration loans 454 641 993 1,184
Service charges on deposits 795 788 2,314 2,292
Loan fees 439 459 1,316 1,375
Increase in cash surrender value of bank-owned life insurance 305 301 894 890
Net loss on sale of securities (4) 0 (5) 0
Commercial loan swap fees 374 306 1,898 1,009
Other non-interest income 1,369 435 2,699 943
Total non-interest income 5,792 4,871 16,234 13,519
Non-interest expense        
Compensation 10,324 9,819 30,991 28,006
Occupancy 580 560 1,730 1,632
Professional fees 751 1,027 2,745 2,990
Data processing 654 512 1,923 1,748
Marketing 548 593 1,611 1,518
Equipment 277 403 938 1,089
Computer software 859 814 2,485 2,235
FDIC insurance 1 457 595 1,125
Collateral liquidation costs 110 230 108 454
Net loss on foreclosed properties (262) (30) (241) (30)
Tax credit investment (recovery) impairment (120) 113 3,982 554
SBA recourse (benefit) provision (427) 314 167 118
Other non-interest expense 897 874 2,406 2,621
Total non-interest expense 14,716 15,746 49,922 44,120
Income before income tax expense (benefit) 6,503 6,765 17,081 15,118
Income tax expense (benefit) 1,418 1,464 (475) 2,879
Net income $ 5,085 $ 5,301 $ 17,556 $ 12,239
Earnings per common share        
Basic $ 0.59 $ 0.60 $ 2.01 $ 1.40
Diluted 0.59 0.60 2.01 1.40
Dividends declared per share $ 0.15 $ 0.14 $ 0.45 $ 0.42