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Consolidated Statements of Income (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Interest income        
Loans and leases $ 21,548 $ 23,904 $ 43,397 $ 48,111
Securities 1,070 1,175 2,258 2,270
Short-term investments 143 230 477 608
Total interest income 22,761 25,309 46,132 50,989
Interest expense        
Deposits 1,924 6,258 6,040 12,054
Federal Home Loan Bank advances and other borrowings 1,672 1,922 3,600 3,777
Junior subordinated notes 277 277 555 552
Total interest expense 3,873 8,457 10,195 16,383
Net interest income 18,888 16,852 35,937 34,606
Provision for loan and lease losses 5,469 (784) 8,651 (736)
Net interest income after provision for loan and lease losses 13,419 17,636 27,286 35,342
Non-interest income        
Private wealth management service fees 2,124 2,138 4,235 4,065
Gain on sale of Small Business Administration loans 574 297 839 539
Service charges on deposits 829 743 1,647 1,520
Loan fees 451 464 936 877
Increase in cash surrender value of bank-owned life insurance 377 297 672 589
Net loss on sale of securities 0 (1) (4) (1)
Commercial loan swap fees 1,655 1,051 3,336 1,523
Other non-interest income 309 816 1,072 1,331
Total non-interest income 6,319 5,805 12,733 10,443
Non-interest expense        
Compensation 10,796 10,503 21,848 20,667
Occupancy 554 559 1,126 1,149
Professional fees 859 784 1,678 1,994
Data processing 710 689 1,386 1,269
Marketing 352 581 813 1,063
Equipment 304 272 595 661
Computer software 966 827 1,856 1,626
FDIC insurance 239 302 448 595
Collateral liquidation costs (recovery) 115 89 236 (1)
Net loss (gain) on foreclosed properties (348) 21 (450) 21
Tax credit investment impairment 1,841 2,088 1,954 4,102
SBA recourse (benefit) provision (30) 113 (5) 594
Loss on early extinguishment of debt 744 0 744 0
Other non-interest expense 545 678 1,359 1,508
Total non-interest expense 18,343 17,464 34,488 35,206
Income before income tax benefit 1,395 5,977 5,531 10,579
Income tax benefit (1,928) (595) (1,070) (1,893)
Net income $ 3,323 $ 6,572 $ 6,601 $ 12,472
Earnings per common share        
Basic $ 0.38 $ 0.75 $ 0.77 $ 1.43
Diluted 0.38 0.75 0.77 1.43
Dividends declared per share $ 0.165 $ 0.15 $ 0.33 $ 0.30