XML 15 R4.htm IDEA: XBRL DOCUMENT v3.19.2
Consolidated Statements of Income and Comprehensive Income (Unaudited) - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Jun. 30, 2019
Jun. 30, 2018
Interest income        
Interest and fees on loans (includes tax-exempt income of $705,000 as of June 30, 2019 and $473,000 as of June 30, 2018) $ 14,900,000 $ 13,038,000 $ 29,457,000 $ 25,429,000
Interest on deposits with other banks 29,000 6,000 97,000 17,000
Interest and dividends on investments (includes tax-exempt income of $3,625,000 as of June 30, 2019 and $3,462,000 as of June 30, 2018) 4,893,000 4,161,000 9,536,000 8,210,000
Total interest income 19,822,000 17,205,000 39,090,000 33,656,000
Interest expense        
Interest on deposits 6,179,000 3,758,000 11,756,000 6,857,000
Interest on borrowed funds 693,000 1,178,000 1,485,000 2,121,000
Total interest expense 6,872,000 4,936,000 13,241,000 8,978,000
Net interest income 12,950,000 12,269,000 25,849,000 24,678,000
Provision for loan losses 250,000 500,000 625,000 1,000,000
Net interest income after provision for loan losses 12,700,000 11,769,000 25,224,000 23,678,000
Non-interest income        
Net securities gains 0 0 0 136,000
Other operating income 1,777,000 1,448,000 3,291,000 2,846,000
Total non-interest income 3,605,000 3,181,000 6,749,000 6,313,000
Non-interest expense        
Salaries and employee benefits 4,423,000 4,280,000 8,833,000 8,770,000
Occupancy expense 635,000 598,000 1,287,000 1,297,000
Furniture and equipment expense 1,025,000 915,000 2,000,000 1,844,000
FDIC insurance premiums 231,000 334,000 439,000 613,000
Amortization of identified intangibles 11,000 11,000 22,000 22,000
Other operating expense 2,405,000 2,038,000 4,547,000 4,209,000
Total non-interest expense 8,730,000 8,176,000 17,128,000 16,755,000
Income before income taxes 7,575,000 6,774,000 14,845,000 13,236,000
Income tax expense 1,180,000 1,040,000 2,294,000 1,996,000
NET INCOME $ 6,395,000 $ 5,734,000 $ 12,551,000 $ 11,240,000
Basic earnings per common share (usd per share) $ 0.59 $ 0.53 $ 1.16 $ 1.04
Diluted earnings per common share (usd per share) $ 0.59 $ 0.53 $ 1.15 $ 1.04
Other comprehensive income (loss) net of tax        
Net unrealized gain (loss) on securities available for sale $ 4,289,000 $ (1,035,000) $ 7,801,000 $ (4,344,000)
Net unrealized gain (loss) on securities transferred from available for sale to held to maturity, net of amortization 4,000 (7,000) 7,000 (15,000)
Net unrealized gain (loss) on cash flow hedging derivative instruments (898,000)   (1,363,000)  
Net unrealized gain (loss) on cash flow hedging derivative instruments   138,000   522,000
Other comprehensive income (loss) 3,395,000 (904,000) 6,445,000 (3,837,000)
Comprehensive income 9,790,000 4,830,000 18,996,000 7,403,000
Investment management and fiduciary income        
Non-interest income        
Non-interest income 864,000 802,000 1,637,000 1,542,000
Service charges on deposit accounts        
Non-interest income        
Non-interest income 609,000 570,000 1,170,000 1,097,000
Mortgage origination and servicing income, net of amortization        
Non-interest income        
Non-interest income $ 355,000 $ 361,000 $ 651,000 $ 692,000