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CONSOLIDATED STATEMENTS OF INCOME - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Jun. 30, 2019
Jun. 30, 2018
Interest and dividend income:        
Loans, including fees $ 14,570 $ 14,300 $ 29,059 $ 28,350
Taxable securities 1,281 1,264 2,476 2,553
Tax exempt securities 306 295 579 603
Interest-earning deposits 525 10 1,233 32
Total interest and dividend income 16,682 15,869 33,347 31,538
Interest expense:        
Deposits 1,544 608 3,005 1,109
Securities sold under agreements to repurchase 0 44 0 137
Borrowed funds 37 200 74 375
Total interest expense 1,581 852 3,079 1,621
Net interest income 15,101 15,017 30,268 29,917
Provision for loan losses 150 2,362 1,243 3,071
Net interest income after provision for loan losses 14,951 12,655 29,025 26,846
Non-interest income:        
Net gains on security transactions 19 0 19 0
Changes in fair value of equity investments 27 26 116 24
Net gains on sales of loans held for sale 29 59 77 105
Net losses on sales of other real estate owned (3) (48) (86) (4)
Income from bank-owned life insurance 16 17 31 33
Other 365 758 810 1,614
Total non-interest income 5,086 5,325 10,011 10,800
Non-interest expenses:        
Salaries and wages 5,780 5,564 11,501 11,278
Pension and other employee benefits 1,473 1,518 3,018 3,176
Other components of net periodic pension and postretirement benefits (141) (408) (282) (816)
Net occupancy 1,478 1,643 3,045 3,251
Furniture and equipment 595 702 1,123 1,360
Data processing 1,873 1,764 3,600 3,506
Professional services 418 508 823 1,048
Legal accruals and settlements 0 989 0 989
Amortization of intangible assets 151 182 314 376
Marketing and advertising 145 255 413 604
Other real estate owned 40 100 71 238
FDIC insurance 221 301 486 618
Loan expense 190 184 386 353
Other 1,600 1,665 2,822 3,152
Total non-interest expenses 13,823 14,967 27,320 29,133
Income before income tax expense 6,214 3,013 11,716 8,513
Income tax expense 1,233 486 2,267 1,547
Net income $ 4,981 $ 2,527 $ 9,449 $ 6,966
Weighted average shares outstanding (in shares) 4,866 4,828 4,863 4,825
Basic and diluted earnings per share (in dollars per share) $ 1.02 $ 0.52 $ 1.94 $ 1.44
WMG fee income        
Non-interest income:        
Revenue from contract with customer, excluding assessed tax $ 2,524 $ 2,373 $ 4,800 $ 4,689
Service charges on deposit accounts        
Non-interest income:        
Revenue from contract with customer, excluding assessed tax 1,085 1,144 2,189 2,308
Interchange revenue from debit card transactions        
Non-interest income:        
Revenue from contract with customer, excluding assessed tax $ 1,024 $ 996 $ 2,055 $ 2,031