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Consolidated Statements of Income (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Interest income        
Loans and leases $ 21,105 $ 23,922 $ 64,502 $ 72,033
Securities 1,004 1,194 3,262 3,464
Short-term investments 167 322 644 930
Total interest income 22,276 25,438 68,408 76,427
Interest expense        
Deposits 1,623 6,006 7,663 18,060
Federal Home Loan Bank advances and other borrowings 1,752 2,376 5,352 6,153
Junior subordinated notes 280 280 835 832
Total interest expense 3,655 8,662 13,850 25,045
Net interest income 18,621 16,776 54,558 51,382
Provision for loan and lease losses 3,835 1,349 12,487 613
Net interest income after provision for loan and lease losses 14,786 15,427 42,071 50,769
Non-interest income        
Private wealth management service fees 2,167 2,060 6,402 6,125
Gain on sale of Small Business Administration loans 760 454 1,598 993
Service charges on deposits 881 795 2,527 2,314
Loan fees 478 439 1,414 1,316
Increase in cash surrender value of bank-owned life insurance 365 305 1,037 894
Net loss on sale of securities 0 (4) (4) (5)
Commercial loan swap fees 2,446 374 5,782 1,898
Other non-interest income 311 1,369 1,385 2,699
Total non-interest income 7,408 5,792 20,141 16,234
Non-interest expense        
Compensation 11,857 10,324 33,705 30,991
Occupancy 570 580 1,696 1,730
Professional fees 943 751 2,621 2,745
Data processing 679 654 2,066 1,923
Marketing 356 548 1,169 1,611
Equipment 310 277 905 938
Computer software 1,017 859 2,873 2,485
FDIC insurance 312 1 760 595
Collateral liquidation costs 45 110 281 108
Net (gain) loss on foreclosed properties 121 (262) (329) (241)
Tax credit investment impairment (recovery) 113 (120) 2,066 3,982
SBA Recourse Provision (Benefit) 57 (427) 53 167
Loss on early extinguishment of debt 0 0 744 0
Other non-interest expense 620 897 1,977 2,406
Total non-interest expense 16,758 14,716 51,245 49,922
Income before income tax benefit 5,436 6,503 10,967 17,081
Income tax expense (benefit) 1,143 1,418 73 (475)
Net income $ 4,293 $ 5,085 $ 10,894 $ 17,556
Earnings per common share        
Basic $ 0.50 $ 0.59 $ 1.27 $ 2.01
Diluted 0.50 0.59 1.27 2.01
Dividends declared per share $ 0.165 $ 0.15 $ 0.495 $ 0.45