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Consolidated Statements of Income (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
Interest income        
Loans and leases $ 25,687 $ 23,591 $ 48,759 $ 46,386
Securities 1,064 816 2,039 1,669
Short-term investments 280 192 468 351
Total interest income 27,031 24,599 51,266 48,406
Interest expense        
Deposits 1,058 943 1,824 1,962
Federal Home Loan Bank advances and other borrowings 2,313 1,727 3,851 3,377
Junior subordinated notes 0 277 504 552
Total interest expense 3,371 2,947 6,179 5,891
Net interest income 23,660 21,652 45,087 42,515
Provision for loan and lease losses (3,727) (958) (4,582) (3,026)
Net interest income after provision for loan and lease losses 27,387 22,610 49,669 45,541
Non-interest income        
Private wealth management service fees 2,852 2,744 5,693 5,151
Gain on sale of Small Business Administration loans 951 1,203 1,537 2,281
Service charges on deposits 1,041 941 2,040 1,859
Loan fees 697 569 1,349 1,114
Increase in cash surrender value of bank-owned life insurance 350 350 698 699
Net gain on sale of securities 0 29 0 29
Swap fees 471 0 697 684
Other non-interest income 510 485 2,244 1,699
Total non-interest income 6,872 6,321 14,258 13,516
Non-interest expense        
Compensation 14,020 13,255 27,658 25,912
Occupancy 568 533 1,123 1,085
Professional fees 1,298 913 2,468 1,778
Data processing 892 798 1,673 1,569
Marketing 670 511 1,170 902
Equipment 235 261 479 506
Computer software 1,117 1,129 2,199 2,244
FDIC insurance 296 280 610 642
Other non-interest expense 360 504 900 876
Total non-interest expense 19,456 18,184 38,280 35,514
Income before income tax expense 14,803 10,747 25,647 23,543
Income tax expense 3,599 2,512 5,771 5,577
Net income 11,204 8,235 19,876 17,966
Preferred stock dividend 246 0 246 0
Basic earnings allocated to common shareholders $ 10,958 $ 8,235 $ 19,630 $ 17,966
Earnings per common share        
Basic $ 1.29 $ 0.95 $ 2.31 $ 2.08
Diluted 1.29 0.95 2.31 2.08
Dividends declared per share $ 0.1975 $ 0.18 $ 0.395 $ 0.36