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Consolidated Statements of Income - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Interest and dividend income:        
Loans and loans held for sale $ 32,693 $ 30,419 $ 63,991 $ 60,035
Investment securities 3,384 3,285 6,868 6,507
Other interest-earning assets 79 597 244 1,056
Total interest and dividend income 36,156 34,301 71,103 67,598
Interest expense:        
Deposits 3,220 5,292 7,625 9,998
Borrowed funds 180 0 595 279
Subordinated debt 230 231 461 459
Total interest expense 3,630 5,523 8,681 10,736
Net interest income 32,526 28,778 62,422 56,862
Provision for loan losses 2,675 955 8,822 555
Net interest income after provision for loan losses 29,851 27,823 53,600 56,307
Non-interest income:        
Wealth management fees 1,346 1,371 2,786 2,670
Deposit and interchange fees 1,506 1,687 3,197 3,251
Income on bank-owned life insurance, net 150 162 303 324
Net gains on sales of debt securities 0 147 100 146
Net gains on sales of loans 338 69 485 105
Other income 670 604 1,337 1,380
Total non-interest income 4,010 4,040 8,208 7,876
Non-interest expense:        
Salaries and employee benefits 16,417 14,119 31,236 27,600
Occupancy and equipment expenses 2,082 2,096 4,258 4,308
Technology and telecommunications expenses 2,311 1,701 4,499 3,427
Advertising and public relations expenses 489 792 1,134 1,497
Audit, legal and other professional fees 612 438 1,217 861
Deposit insurance premiums 537 366 941 717
Supplies and postage expenses 226 262 473 486
Other operating expenses 1,655 1,979 3,250 3,707
Total non-interest expense 24,329 21,753 47,008 42,603
Income before income taxes 9,532 10,110 14,800 21,580
Provision for income taxes 2,276 2,347 3,527 5,121
Net income $ 7,256 $ 7,763 $ 11,273 $ 16,459
Basic earnings per share $ 0.61 $ 0.66 $ 0.95 $ 1.40
Diluted earnings per share $ 0.61 $ 0.66 $ 0.95 $ 1.39
Basic weighted average common shares outstanding 11,902,230 11,798,942 11,871,811 11,764,901
Diluted weighted average common shares outstanding 11,918,620 11,834,507 11,898,727 11,808,833