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Consolidated Statements of Income - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
INTEREST INCOME        
Interest and fees on loans $ 19,238 $ 16,364 $ 55,469 $ 44,777
Interest on deposits with other banks 132 103 379 284
Interest on investment securities - taxable 689 869 2,336 2,655
Interest on tax exempt loans and securities 979 840 2,947 2,458
Total interest income 21,038 18,176 61,131 50,174
INTEREST EXPENSE        
Interest on deposits 4,453 3,110 13,124 7,938
Interest on repurchase agreements 12 10 37 49
Interest on FHLB and other borrowings 1,383 1,199 3,707 3,110
Interest on subordinated debt 156 333 728 1,433
Total interest expense 6,004 4,652 17,596 12,530
NET INTEREST INCOME 15,034 13,524 43,535 37,644
Provision for loan losses 657 1,069 1,557 2,148
Net interest income after provision for loan losses 14,377 12,455 41,978 35,496
NONINTEREST INCOME        
Noninterest income 753 617 2,264 1,489
Income on bank owned life insurance 224 520 973 958
Mortgage fee income 11,496 9,008 28,030 24,634
Gain on sale of portfolio loans 50 5 228 217
Insurance and investment services income 179 199 502 540
(Loss) gain on sale of available-for-sale securities, net (11) 1 (179) 327
(Loss) on sale of equity securities, net 0 0 (7) 0
Gain (loss) on derivatives, net 1,108 (728) 2,689 509
Commercial swap fee income 628 6 1,146 419
Holding gain on equity securities 0 623 13,767 583
Other operating income 535 435 1,242 958
Total noninterest income 14,696 10,511 49,848 30,345
NONINTEREST EXPENSES        
Salaries and employee benefits 15,438 11,520 40,452 34,487
Occupancy expense 1,103 1,049 3,454 3,178
Equipment depreciation and maintenance 931 834 2,689 2,439
Data processing and communications 1,068 938 3,025 2,735
Mortgage processing 728 867 2,253 2,751
Marketing, contributions, and sponsorships 437 271 945 966
Professional fees 1,316 1,015 3,025 2,548
Printing, postage, and supplies 174 198 481 597
Insurance, tax, and assessment expense 418 487 1,410 1,333
Travel, entertainment, dues, and subscriptions 1,125 712 2,719 1,991
Other operating expenses 642 526 1,765 1,380
Total noninterest expenses 23,380 18,417 62,218 54,405
Income from continuing operations, before income taxes 5,693 4,549 29,608 11,436
Income tax expense - continuing operations 1,347 970 7,139 2,432
Net income from continuing operations 4,346 3,579 22,469 9,004
Income (loss) from discontinued operations, before income taxes (25) 0 575 0
Income tax expense (benefit) - discontinued operations (6) 0 148 0
Net income (loss) from discontinued operations (19) 0 427 0
Net income 4,327 3,579 22,896 9,004
Preferred dividends 121 123 364 366
Net income available to common shareholders $ 4,206 $ 3,456 $ 22,532 $ 8,638
Earnings per share from continuing operations - basic (in dollars per share) $ 0.36 $ 0.30 $ 1.89 $ 0.80
Earnings per share from discontinued operations - basic (in dollars per share) 0 0 0.04 0
Earnings per share - basic (in dollars per share) 0.36 0.30 1.93 0.80
Earnings per share from continuing operations - diluted (in dollars per share) 0.35 0.29 1.84 0.77
Earnings per share from discontinued operations - diluted (in dollars per share) 0 0 0.04 0
Earnings per share - diluted (in dollars per share) 0.35 0.29 1.88 0.77
Cash dividends declared - common shares (in dollars per share) $ 0.050 $ 0.030 $ 0.125 $ 0.080
Weighted average shares outstanding - basic (in shares) 11,731,774 11,416,202 11,661,581 10,845,166
Weighted average shares outstanding - diluted (in shares) 12,098,335 13,113,259 11,957,385 11,690,314
Service charges on deposit accounts        
NONINTEREST INCOME        
Noninterest income $ 337 $ 275 $ 985 $ 741
Debit card and interchange income        
NONINTEREST INCOME        
Noninterest income $ 150 $ 167 $ 472 $ 459