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Consolidated Statements of Income (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Interest income        
Loans and leases $ 22,947 $ 21,105 $ 69,333 $ 64,502
Securities 855 1,004 2,524 3,262
Short-term investments 212 167 563 644
Total interest income 24,014 22,276 72,420 68,408
Interest expense        
Deposits 834 1,623 2,796 7,663
Federal Home Loan Bank advances and other borrowings 1,677 1,752 5,054 5,352
Junior subordinated notes 280 280 832 835
Total interest expense 2,791 3,655 8,682 13,850
Net interest income 21,223 18,621 63,738 54,558
Provision for loan and lease losses (2,269) 3,835 (5,295) 12,487
Net interest income after provision for loan and lease losses 23,492 14,786 69,033 42,071
Non-interest income        
Private wealth management service fees 2,759 2,167 7,910 6,402
Gain on sale of Small Business Administration loans 721 760 3,002 1,598
Service charges on deposits 956 881 2,814 2,527
Loan fees 713 478 1,828 1,414
Increase in cash surrender value of bank-owned life insurance 357 365 1,056 1,037
Net gain (loss) on sale of securities 0 0 29 (4)
Swap fees 0 2,446 684 5,782
Other non-interest income 1,509 311 3,208 1,385
Total non-interest income 7,015 7,408 20,531 20,141
Non-interest expense        
Compensation 13,351 11,857 39,263 33,705
Occupancy 544 570 1,628 1,696
Professional fees 1,024 943 2,803 2,621
Data processing 746 679 2,315 2,066
Marketing 572 356 1,474 1,169
Equipment 260 310 767 905
Computer software 999 1,017 3,244 2,873
FDIC insurance 291 312 933 760
Collateral liquidation costs 47 45 224 281
Net loss (gain) on foreclosed properties 6 (121) 7 329
Impairment of tax credit investments 0 113 0 2,066
SBA Recourse Provision (Benefit) (69) 57 45 53
Loss on early extinguishment of debt 0 0 0 744
Other non-interest expense 719 620 1,300 1,977
Total non-interest expense 18,490 16,758 54,003 51,245
Income before income tax expense 12,017 5,436 35,561 10,967
Income tax expense 2,819 1,143 8,396 73
Net income $ 9,198 $ 4,293 $ 27,165 $ 10,894
Earnings per common share        
Basic $ 1.07 $ 0.50 $ 3.15 $ 1.27
Diluted 1.07 0.50 3.15 1.27
Dividends declared per share $ 0.18 $ 0.165 $ 0.54 $ 0.495