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Consolidated Statements of Income - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Jun. 30, 2019
Jun. 30, 2018
INTEREST INCOME        
Interest and fees on loans $ 18,569 $ 15,122 $ 36,231 $ 28,413
Interest on deposits with other banks 125 91 247 181
Interest on investment securities - taxable 768 891 1,647 1,786
Interest on tax exempt loans and securities 1,008 840 1,968 1,618
Total interest income 20,470 16,944 40,093 31,998
INTEREST EXPENSE        
Interest on deposits 4,548 2,530 8,671 4,828
Interest on repurchase agreements 11 20 25 39
Interest on FHLB and other borrowings 1,095 1,197 2,324 1,911
Interest on subordinated debt 287 542 572 1,100
Total interest expense 5,941 4,289 11,592 7,878
NET INTEREST INCOME 14,529 12,655 28,501 24,120
Provision for loan losses 600 605 900 1,079
Net interest income after provision for loan losses 13,929 12,050 27,601 23,041
NONINTEREST INCOME        
Service charges on deposit accounts 333 281 648 466
Income on bank owned life insurance 224 220 749 438
Interchange and debit card transaction fees 181 142 322 292
Mortgage fee income 9,864 9,063 16,534 15,626
Gain on sale of portfolio loans 123 0 178 212
Insurance and investment services income 167 177 323 341
(Loss) gain on sale of available-for-sale securities, net (50) 0 (168) 325
(Loss) gain on sale of equity securities, net (7) 0 (7) 1
Gain on derivatives, net 1,131 653 1,581 1,237
Commercial swap fee income 438 0 518 413
Holding gain (loss) on equity securities 13,587 (11) 13,767 (40)
Other operating income 396 270 707 523
Total noninterest income 26,387 10,795 35,152 19,834
NONINTEREST EXPENSES        
Salaries and employee benefits 13,280 12,494 25,014 22,967
Occupancy expense 1,166 1,080 2,351 2,129
Equipment depreciation and maintenance 904 821 1,758 1,605
Data processing and communications 969 962 1,957 1,797
Mortgage processing 716 992 1,525 1,884
Marketing, contributions, and sponsorships 294 348 508 695
Professional fees 881 788 1,709 1,533
Printing, postage, and supplies 172 234 307 399
Insurance, tax, and assessment expense 487 456 992 846
Travel, entertainment, dues, and subscriptions 904 631 1,594 1,279
Other operating expenses 617 443 1,123 854
Total noninterest expenses 20,390 19,249 38,838 35,988
Income from continuing operations, before income taxes 19,926 3,596 23,915 6,887
Income tax expense - continuing operations 4,995 765 5,792 1,462
Net income from continuing operations 14,931 2,831 18,123 5,425
Income from discontinued operations, before income taxes 600 0 600 0
Income tax expense - discontinued operations 154 0 154 0
Net income from discontinued operations 446 0 446 0
Net income 15,377 2,831 18,569 5,425
Preferred dividends 122 122 243 243
Net income available to common shareholders $ 15,255 $ 2,709 $ 18,326 $ 5,182
Earnings per share from continuing operations - basic (in dollars per share) $ 1.27 $ 0.25 $ 1.54 $ 0.49
Earnings per share from discontinued operations - basic (in dollars per share) 0.04 0 0.04 0
Earnings per share - basic (in dollars per share) 1.31 0.25 1.58 0.49
Earnings per share from continuing operations - diluted (in dollars per share) 1.15 0.25 1.41 0.47
Earnings per share from discontinued operations - diluted (in dollars per share) 0.03 0 0.03 0
Earnings per share - diluted (in dollars per share) 1.18 0.25 1.44 0.47
Cash dividends declared - common shares (in dollars per share) $ 0.040 $ 0.025 $ 0.075 $ 0.050
Weighted average shares outstanding - basic (in shares) 11,644,061 10,634,805 11,625,903 10,554,916
Weighted average shares outstanding - diluted (in shares) 13,155,302 11,502,148 13,139,612 10,941,671