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Consolidated Statements of Income - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
INTEREST INCOME        
Interest and fees on loans $ 16,976 $ 19,238 $ 56,064 $ 55,469
Interest on deposits with other banks 106 132 297 379
Interest on investment securities - taxable 411 689 1,554 2,336
Interest on tax exempt loans and securities 1,134 979 3,185 2,947
Total interest income 18,627 21,038 61,100 61,131
INTEREST EXPENSE        
Interest on deposits 1,894 4,453 8,840 13,124
Interest on repurchase agreements 4 12 19 37
Interest on FHLB and other borrowings 699 1,383 1,524 3,707
Interest on subordinated debt 20 156 78 728
Total interest expense 2,617 6,004 10,461 17,596
NET INTEREST INCOME 16,010 15,034 50,639 43,535
Provision for loan losses 8,631 657 16,365 1,557
Net interest income after provision for loan losses 7,379 14,377 34,274 41,978
NONINTEREST INCOME        
Noninterest income 1,792 620 5,204 1,861
Income on bank owned life insurance 219 224 663 973
Mortgage fee income 7,264 11,496 33,427 28,030
Gain on sale of portfolio loans 172 50 302 228
Insurance and investment services income 224 179 620 502
Gain (loss) on sale of available-for-sale securities, net 35 (11) 865 (179)
Gain (loss) on sale of equity securities, net 18 0 48 (7)
Gain (loss) on derivatives, net (7,508) 1,108 2,365 2,689
Commercial swap fee income 12 628 352 1,146
Holding gain on equity securities 94 0 111 13,767
Compliance consulting income 1,085 25 3,035 25
Bargain purchase gain 0 0 4,671 0
Gain on sale of banking centers 0 0 9,631 0
Equity method investment income 13,620 0 13,620 0
Gain on mortgage combination transaction 3,338 0 3,338 0
Other operating income 187 510 997 1,217
Total noninterest income 19,398 14,696 75,761 49,848
NONINTEREST EXPENSES        
Salaries and employee benefits 10,519 15,438 49,360 40,452
Occupancy expense 1,101 1,103 3,508 3,454
Equipment depreciation and maintenance 845 931 2,636 2,689
Data processing and communications 1,372 1,068 4,268 3,025
Mortgage processing 3 728 1,744 2,253
Marketing, contributions, and sponsorships 227 437 891 945
Professional fees 1,606 1,316 5,931 3,025
Printing, postage, and supplies 215 174 595 481
Insurance, tax, and assessment expense 577 418 1,607 1,410
Travel, entertainment, dues, and subscriptions 624 1,125 2,683 2,719
Other operating expenses 1,176 642 3,031 1,765
Total noninterest expenses 18,265 23,380 76,254 62,218
Income from continuing operations, before income taxes 8,512 5,693 33,781 29,608
Income tax expense - continuing operations 2,021 1,347 8,208 7,139
Net income from continuing operations 6,491 4,346 25,573 22,469
Income (loss) from discontinued operations, before income taxes 0 (25) 0 575
Income tax expense (benefit) - discontinued operations 0 (6) 0 148
Net income (loss) from discontinued operations 0 (19) 0 427
Net income 6,491 4,327 25,573 22,896
Preferred dividends 116 121 345 364
Net income available to common shareholders - basic $ 6,375 $ 4,206 $ 25,228 $ 22,532
Earnings per share from continuing operations - basic (in dollars per share) $ 0.53 $ 0.36 $ 2.11 $ 1.89
Earnings per share from discontinued operations - basic (in dollars per share) 0 0 0 0.04
Earnings per share - basic (in dollars per share) 0.53 0.36 2.11 1.93
Earnings per share from continuing operations - diluted (in dollars per share) 0.53 0.35 2.07 1.84
Earnings per share from discontinued operations - diluted (in dollars per share) 0 0 0 0.04
Earnings per share - diluted (in dollars per share) $ 0.53 $ 0.35 $ 2.07 $ 1.88
Weighted average shares outstanding - basic (in shares) 11,948,989 11,731,774 11,948,857 11,661,581
Weighted average shares outstanding - diluted (in shares) 12,116,418 12,098,335 12,185,137 11,957,385
Service charges on deposit accounts        
NONINTEREST INCOME        
Noninterest income $ 470 $ 337 $ 1,206 $ 985
Interchange and debit card transaction fees        
NONINTEREST INCOME        
Noninterest income $ 168 $ 150 $ 510 $ 472