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Consolidated Statements of Income and Comprehensive Income (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Interest income        
Interest and fees on loans (includes tax-exempt income of $899,000 YTD September 30, 2020 and $1,001,000 YTD September 30, 2019) $ 14,109 $ 14,993 $ 44,124 $ 44,450
Interest on deposits with other banks 8 48 87 145
Interest and dividends on investments (includes tax-exempt income of $5,649,000 YTD September 30, 2020 and $5,480,000 YTD September 30, 2019) 4,389 4,863 13,775 14,399
     Total interest income 18,506 19,904 57,986 58,994
Interest expense        
Interest on deposits 2,866 5,983 11,613 17,739
Interest on borrowed funds 895 695 2,219 2,180
     Total interest expense 3,761 6,678 13,832 19,919
Net interest income 14,745 13,226 44,154 39,075
Provision for loan losses 1,800 250 4,550 875
Net interest income after provision for loan losses 12,945 12,976 39,604 38,200
Non-interest income        
Net securities gains 0 15 1,179 15
Other operating income 1,607 1,542 4,677 4,833
     Total non-interest income 4,805 3,532 13,627 10,281
Non-interest expense        
Salaries and employee benefits 5,032 4,865 14,719 13,698
Occupancy expense 709 644 2,117 1,931
Furniture and equipment expense 1,184 969 3,438 2,969
FDIC insurance premiums 189 0 548 439
Amortization of identified intangibles 10 10 32 32
Other operating expense 2,152 2,552 8,382 7,099
     Total non-interest expense 9,276 9,040 29,236 26,168
Income before income taxes 8,474 7,468 23,995 22,313
Income tax expense 1,379 1,180 3,836 3,474
NET INCOME $ 7,095 $ 6,288 $ 20,159 $ 18,839
Basic earnings per common share (usd per share) $ 0.65 $ 0.58 $ 1.86 $ 1.74
Diluted earnings per common share (usd per share) $ 0.65 $ 0.58 $ 1.84 $ 1.73
Other comprehensive income (loss) net of tax        
Net unrealized gain (loss) on securities available for sale $ (1,580) $ 936 $ 1,863 $ 8,737
Net unrealized gain on securities transferred from available for sale to held to maturity, net of amortization 7 1 43 8
Net unrealized gain (loss) on cash flow hedging derivative instruments 387 (340) (5,897) (1,703)
Other comprehensive gain (loss) (1,186) 597 (3,991) 7,042
Comprehensive income 5,909 6,885 16,168 25,881
Investment management and fiduciary income        
Non-interest income        
Non-interest income 909 822 2,712 2,459
Service charges on deposit accounts        
Non-interest income        
Non-interest income 375 577 1,257 1,747
Mortgage origination and servicing income, net of amortization        
Non-interest income        
Non-interest income $ 1,914 $ 576 $ 3,802 $ 1,227