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Consolidated Statements of Income (Unaudited) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Interest and Dividend Income        
Interest and fees on loans and loans held for sale $ 18,691,000 $ 15,863,000 $ 51,504,000 $ 46,193,000
Interest on investment securities available for sale 940,000 1,528,000 3,951,000 4,850,000
Dividends on marketable equity securities 122,000 114,000 336,000 330,000
Dividends on Federal Home Loan Bank stock 24,000 19,000 62,000 57,000
Interest on deposits in other banks 17,000 313,000 284,000 591,000
Total Interest Income 19,794,000 17,837,000 56,137,000 52,021,000
Interest Expense        
Interest expense on deposits 1,320,000 1,365,000 4,135,000 3,477,000
Interest expense on securities sold under agreements to repurchase 0 1,000 0 41,000
Interest expense on borrowings 84,000 70,000 277,000 189,000
Interest expense on junior subordinated debentures 96,000 95,000 284,000 282,000
Total Interest Expense 1,500,000 1,531,000 4,696,000 3,989,000
Net Interest Income 18,294,000 16,306,000 51,441,000 48,032,000
Provision (benefit) for loan losses 567,000 (2,075,000) 3,031,000 (1,025,000)
Net Interest Income After Provision for Loan Losses 17,727,000 18,381,000 48,410,000 49,057,000
Other Operating Income        
Mortgage banking income 17,932,000 7,565,000 37,824,000 17,813,000
Purchased receivable income 516,000 709,000 2,112,000 2,355,000
Unrealized (loss) gain on marketable equity securities 375,000 130,000 (347,000) 782,000
Interest rate swap income 726,000 0 743,000 734,000
Gain on sale of marketable equity securities, net 0 0 98,000 0
Gain on sale of investment securities available for sale, net 0 0 0 23,000
Other income 1,040,000 887,000 2,270,000 2,466,000
Total Other Operating Income 21,628,000 10,509,000 45,596,000 27,611,000
Other Operating Expense        
Salaries and other personnel expense 16,418,000 13,186,000 44,311,000 37,433,000
Data processing expense 1,851,000 1,849,000 5,653,000 5,324,000
Occupancy expense 1,648,000 1,576,000 4,923,000 4,989,000
Professional and outside services 884,000 610,000 2,206,000 1,850,000
Marketing expense 302,000 357,000 1,581,000 1,609,000
Insurance expense 315,000 102,000 928,000 592,000
Intangible asset amortization expense 12,000 15,000 36,000 45,000
OREO expense (income), net rental income and gains on sale 23,000 (31,000) 8,000 (186,000)
Other operating expense 2,053,000 1,660,000 5,321,000 4,567,000
Total Other Operating Expense 23,506,000 19,324,000 64,967,000 56,223,000
Income Before Provision for Income Taxes 15,849,000 9,566,000 29,039,000 20,445,000
Provision for income taxes 3,994,000 2,028,000 6,251,000 4,334,000
Net Income $ 11,855,000 $ 7,538,000 $ 22,788,000 $ 16,111,000
Earnings Per Share, Basic (in USD per share) $ 1.87 $ 1.13 $ 3.57 $ 2.38
Earnings Per Share, Diluted (in USD per share) $ 1.84 $ 1.11 $ 3.52 $ 2.35
Weighted Average Shares Outstanding, Basic (in shares) 6,338,465 6,604,044 6,391,164 6,760,672
Weighted Average Shares Outstanding, Diluted (in shares) 6,413,221 6,707,523 6,467,991 6,861,973
Bankcard fees        
Other Operating Income        
Bankcard fees and Service charges on deposit accounts $ 770,000 $ 820,000 $ 2,094,000 $ 2,214,000
Service charges on deposit accounts        
Other Operating Income        
Bankcard fees and Service charges on deposit accounts $ 269,000 $ 398,000 $ 802,000 $ 1,224,000