XML 21 R4.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
CONSOLIDATED STATEMENTS OF INCOME - USD ($)
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Interest income:      
Interest and fees on loans $ 51,464,000 $ 49,936,000 $ 43,534,000
Interest on deposits in other banks 375,000 459,000 424,000
Interest and dividends on investment securities:      
Taxable 13,197,000 10,254,000 6,526,000
Exempt from Federal income taxes 1,295,000 3,538,000 6,892,000
Total interest income 66,331,000 64,187,000 57,376,000
Interest expense:      
Interest on deposits 1,928,000 1,153,000 969,000
Interest on junior subordinated deferrable interest debentures 210,000 199,000 147,000
Other 421,000 132,000 21,000
Total interest expense 2,559,000 1,484,000 1,137,000
Net interest income before provision for credit losses 63,772,000 62,703,000 56,239,000
Provision for (reversal of) credit losses 1,025,000 50,000 (1,150,000)
Net interest income after provision for credit losses 62,747,000 62,653,000 57,389,000
Non-interest income:      
Service charges 2,756,000 2,986,000 3,053,000
Appreciation in cash surrender value of bank owned life insurance 728,000 695,000 621,000
Interchange fees 1,446,000 1,462,000 1,458,000
Loan placement fees 978,000 708,000 706,000
Net realized gain on sale of credit card portfolio 0 462,000 0
Net realized gains on sales and calls of investment securities 5,199,000 1,314,000 2,802,000
Other-than-temporary impairment loss on investment securities 0    
Federal Home Loan Bank dividends 455,000 590,000 443,000
Other income 1,743,000 2,107,000 1,753,000
Total non-interest income 13,305,000 10,324,000 10,836,000
Non-interest expenses:      
Salaries and employee benefits 26,654,000 26,221,000 24,738,000
Occupancy and equipment 5,439,000 5,972,000 5,186,000
Regulatory assessments 251,000 619,000 652,000
Data processing expense 1,557,000 1,666,000 1,740,000
Professional services 1,305,000 1,475,000 1,509,000
ATM/Debit card expenses 920,000 739,000 750,000
Information technology 2,611,000 1,113,000 818,000
Directors’ expenses 710,000 465,000 597,000
Advertising 756,000 758,000 638,000
Internet banking expenses 816,000 732,000 705,000
Acquisition and integration expenses 0 217,000 1,828,000
Amortization of core deposit intangibles 695,000 455,000 234,000
Other expense 4,386,000 4,636,000 5,011,000
Total non-interest expenses 46,100,000 45,068,000 44,406,000
Income before provision for income taxes 29,952,000 27,909,000 23,819,000
Provision for income taxes 8,509,000 6,620,000 9,793,000
Net income 21,443,000 21,289,000 14,026,000
Net income $ 21,443,000 $ 21,289,000 $ 14,026,000
Net income per common share:      
Basic earnings per common share (in dollars per share) $ 1.60 $ 1.55 $ 1.12
Diluted earnings per common share (in dollars per share) 1.59 1.54 1.10
Cash dividends per common share (in dollars per share) $ 0.43 $ 0.31 $ 0.24