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Condensed Consolidated Statements of Income (Unaudited) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Interest Income        
Loans $ 30,126,000 $ 29,560,000 $ 91,846,000 $ 89,698,000
Securities – taxable 2,297,000 2,240,000 5,997,000 9,135,000
Securities – non-taxable 241,000 381,000 781,000 1,410,000
Other earning assets 370,000 569,000 1,067,000 2,973,000
Total interest income 33,034,000 32,750,000 99,691,000 103,216,000
Interest Expense        
Deposits 7,090,000 12,428,000 23,423,000 45,399,000
Other borrowed funds 5,025,000 4,090,000 13,217,000 12,141,000
Total interest expense 12,115,000 16,518,000 36,640,000 57,540,000
Net Interest Income 20,919,000 16,232,000 63,051,000 45,676,000
(Benefit) Provision for Loan Losses (29,000) 2,509,000 1,268,000 6,461,000
Net Interest Income After Provision for Loan Losses 20,948,000 13,723,000 61,783,000 39,215,000
Noninterest Income        
Gain on sale of loans 2,719,000 2,033,000 7,461,000 4,596,000
Gain on sale of securities 0 98,000 0 139,000
Gain on sale of premises and equipment 0 0 2,523,000 0
Other 731,000 339,000 1,349,000 1,212,000
Total noninterest income 7,813,000 12,495,000 25,150,000 23,679,000
Noninterest Expense        
Salaries and employee benefits 9,316,000 9,533,000 28,040,000 25,096,000
Marketing, advertising and promotion 813,000 426,000 2,365,000 1,212,000
Consulting and professional services 728,000 614,000 2,792,000 2,723,000
Data processing 380,000 388,000 1,224,000 1,102,000
Loan expenses 383,000 408,000 1,458,000 1,406,000
Premises and equipment 1,687,000 1,568,000 4,875,000 4,795,000
Deposit insurance premium 230,000 440,000 930,000 1,360,000
Write-down of other real estate owned 0 2,065,000 0 2,065,000
Other 914,000 970,000 3,159,000 3,383,000
Total noninterest expense 14,451,000 16,412,000 44,843,000 43,142,000
Income Before Income Taxes 14,310,000 9,806,000 42,090,000 19,752,000
Income Tax Provision 2,220,000 1,395,000 6,454,000 1,390,000
Net Income $ 12,090,000 $ 8,411,000 $ 35,636,000 $ 18,362,000
Income Per Share of Common Stock        
Basic (in dollars per share) $ 1.22 $ 0.86 $ 3.59 $ 1.87
Diluted (in dollars per share) $ 1.21 $ 0.86 $ 3.57 $ 1.87
Weighted-Average Number of Common Shares Outstanding        
Basic (in shares) 9,936,237,000 9,773,175 9,922,877,000 9,825,683
Diluted (in shares) 9,988,102,000 9,773,224 9,974,071,000 9,827,182
Dividends Declared Per Share (in dollars per share) $ 0.06 $ 0.06 $ 0.18 $ 0.18
Service charges and fees        
Noninterest Income        
Noninterest income $ 276,000 $ 224,000 $ 822,000 $ 618,000
Loan servicing revenue        
Noninterest Income        
Noninterest income 511,000 274,000 1,390,000 780,000
Loan servicing asset revaluation        
Noninterest Income        
Noninterest income (274,000) (103,000) (669,000) (372,000)
Mortgage banking activities        
Noninterest Income        
Noninterest income $ 3,850,000 $ 9,630,000 $ 12,274,000 $ 16,706,000