XML 54 R4.htm IDEA: XBRL DOCUMENT v3.19.3
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
shares in Thousands, $ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2019
USD ($)
$ / shares
shares
Sep. 30, 2018
USD ($)
$ / shares
shares
Sep. 30, 2019
USD ($)
$ / shares
shares
Sep. 30, 2018
USD ($)
$ / shares
shares
Interest income        
Interest and fees on loans $ 21,525 $ 20,284 $ 63,208 $ 58,795
Interest on investment securities 3,382 3,524 11,242 10,180
Interest on federal funds sold and due from banks 425 400 754 1,088
Total interest income 25,332 24,208 75,204 70,063
Interest expense        
Interest on interest-bearing transaction accounts 101 58 269 158
Interest on savings accounts 17 18 52 54
Interest on money market accounts 855 337 2,406 789
Interest on time accounts 147 130 441 426
Interest on borrowings and other obligations 4 1 75 2
Interest on subordinated debentures 57 125 175 362
Total interest expense 1,181 669 3,418 1,791
Net interest income 24,151 23,539 71,786 68,272
Provision for loan losses 400 0 400 0
Net interest income after provision for loan losses 23,751 23,539 71,386 68,272
Non-interest income        
Earnings on bank-owned life insurance, net 795 227 970 685
Dividends on FHLB stock 202 194 591 582
(Losses) gains on investment securities, net 0 (90) 55 (79)
Other income 305 439 888 1,173
Total non-interest income 2,721 2,236 6,766 6,716
Non-interest expense        
Salaries and related benefits 8,412 8,069 26,426 25,402
Occupancy and equipment 1,507 1,444 4,616 4,462
Depreciation and amortization 573 532 1,701 1,625
Federal Deposit Insurance Corporation insurance 1 186 354 568
Data processing 923 950 2,942 3,354
Professional services 580 727 1,701 2,836
Directors' expense 189 173 555 530
Information technology 279 262 822 795
Amortization of core deposit intangible 222 230 665 691
Provision for losses on off-balance sheet commitments 0 0 129 0
Other expense 1,514 1,398 4,733 4,298
Total non-interest expense 14,200 13,971 44,644 44,561
Income before provision for income taxes 12,272 11,804 33,508 30,427
Provision for income taxes 2,824 3,124 8,346 7,467
Net income $ 9,448 $ 8,680 $ 25,162 $ 22,960
Net income per common share:        
Basic (in usd per share) | $ / shares [1] $ 0.70 $ 0.63 $ 1.84 $ 1.66
Diluted (in usd per share) | $ / shares [1] $ 0.69 $ 0.62 $ 1.82 $ 1.64
Weighted average shares:        
Basic (in shares) | shares [1] 13,571 13,900 13,654 13,872
Diluted (in shares) | shares [1] 13,735 14,110 13,825 14,062
Comprehensive income:        
Net income $ 9,448 $ 8,680 $ 25,162 $ 22,960
Other comprehensive income (loss)        
Change in net unrealized gains or losses on available-for-sale securities 936 (2,120) 13,857 (9,421)
Reclassification adjustment for losses (gains) on available-for-sale securities in net income 0 90 (55) 79
Net unrealized losses on securities transferred from available-for-sale to held-to-maturity 0 0 0 (278)
Amortization of net unrealized losses on securities transferred from available-for-sale to held-to-maturity 123 128 328 396
Subtotal 1,059 (1,902) 14,130 (9,224)
Deferred tax expense (benefit) 313 (562) 4,182 (2,730)
Other comprehensive income (loss), net of tax 746 (1,340) 9,948 (6,494)
Comprehensive income 10,194 7,340 35,110 16,466
Deposit Account        
Non-interest income        
Service charges on deposit accounts, wealth management and trust services, debit card interchange fees net, and merchant interchange fees net 439 475 1,403 1,407
Fiduciary and Trust        
Non-interest income        
Service charges on deposit accounts, wealth management and trust services, debit card interchange fees net, and merchant interchange fees net 495 490 1,406 1,493
Debit Card        
Non-interest income        
Service charges on deposit accounts, wealth management and trust services, debit card interchange fees net, and merchant interchange fees net 406 402 1,200 1,158
Merchant Interchange Fees, Net        
Non-interest income        
Service charges on deposit accounts, wealth management and trust services, debit card interchange fees net, and merchant interchange fees net $ 79 $ 99 $ 253 $ 297
[1] Share and per share data have been adjusted to reflect the two-for-one stock split effective November 27, 2018.