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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
Interest income        
Interest and fees on loans $ 20,284 $ 16,738 $ 58,795 $ 49,010
Interest on investment securities        
Securities of U.S. government agencies 2,953 1,525 8,288 4,577
Obligations of state and political subdivisions 546 511 1,788 1,632
Corporate debt securities and other 25 31 104 104
Interest on Federal funds sold and due from banks 400 406 1,088 623
Total interest income 24,208 19,211 70,063 55,946
Interest expense        
Interest on interest-bearing transaction accounts 58 24 158 74
Interest on savings accounts 18 17 54 48
Interest on money market accounts 337 133 789 360
Interest on time accounts 130 138 426 423
Interest on Federal Home Loan Bank (FHLB) and other borrowings 1 0 2 0
Interest on subordinated debentures 125 111 362 328
Total interest expense 669 423 1,791 1,233
Net interest income 23,539 18,788 68,272 54,713
Provision for loan losses 0 0 0 0
Net interest income after provision for loan losses 23,539 18,788 68,272 54,713
Non-interest income        
Merchant interchange fees, net 99 88 297 296
Earnings on bank-owned life insurance 227 209 685 628
Dividends on FHLB stock 194 177 582 585
(Losses) gains on investment securities, net (90) 0 (79) 10
Other income 439 225 1,173 729
Total non-interest income 2,236 2,066 6,716 6,277
Non-interest expense        
Salaries and related benefits 8,069 7,344 25,402 22,106
Occupancy and equipment 1,444 1,364 4,462 4,063
Depreciation and amortization 532 489 1,625 1,433
Federal Deposit Insurance Corporation insurance 186 167 568 490
Data processing 950 946 3,354 2,848
Professional services 727 801 2,836 1,845
Directors' expense 173 175 530 557
Information technology 262 179 795 563
Provision for losses on off-balance sheet commitments 0 100 0 57
Other expense 1,628 1,471 4,989 4,716
Total non-interest expense 13,971 13,036 44,561 38,678
Income before provision for income taxes 11,804 7,818 30,427 22,312
Provision for income taxes 3,124 2,686 7,467 7,446
Net income $ 8,680 $ 5,132 $ 22,960 $ 14,866
Net income per common share:        
Basic (usd per share) $ 1.25 $ 0.84 $ 3.31 $ 2.43
Diluted (usd per share) $ 1.23 $ 0.83 $ 3.27 $ 2.41
Weighted average shares:        
Basic (shares) 6,950 6,123 6,936 6,109
Diluted (shares) 7,055 6,191 7,031 6,179
Comprehensive income:        
Net income $ 8,680 $ 5,132 $ 22,960 $ 14,866
Other comprehensive (loss) income        
Change in net unrealized gain or loss on available-for-sale securities (2,120) (362) (9,421) 6,309
Reclassification adjustment for losses (gains) on available-for-sale securities in net income 90 0 79 (10)
Net unrealized loss on securities transferred from available-for-sale to held-to-maturity 0 0 (278) (3,036)
Amortization of net unrealized losses on securities transferred from available-for-sale to held-to-maturity 128 135 396 299
Subtotal (1,902) (227) (9,224) 3,562
Deferred tax (benefit) expense (562) (96) (2,730) 1,499
Other comprehensive (loss) income, net of tax (1,340) (131) (6,494) 2,063
Comprehensive income 7,340 5,001 16,466 16,929
Deposit Account        
Non-interest income        
Charges and Fees 475 438 1,407 1,337
Fiduciary and Trust        
Non-interest income        
Charges and Fees 490 539 1,493 1,546
Debit Card        
Non-interest income        
Charges and Fees $ 402 $ 390 $ 1,158 $ 1,146