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Consolidated Statements of Income - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
INTEREST INCOME        
Interest and fees on loans $ 18,753 $ 20,149 $ 35,645 $ 39,088
Interest on deposits with banks 98 80 220 191
Interest on investment securities 625 477 1,256 1,143
Interest on tax-exempt loans and securities 1,357 1,068 2,775 2,051
Total interest income 20,833 21,774 39,896 42,473
INTEREST EXPENSE        
Interest on deposits 1,236 3,036 2,284 6,946
Interest on short-term borrowings 52 257 96 840
Interest on subordinated debt 490 23 956 58
Total interest expense 1,778 3,316 3,336 7,844
NET INTEREST INCOME 19,055 18,458 36,560 34,629
Provision (release of allowance) for loan losses (1,540) 6,596 (922) 7,734
Net interest income after provision (release of allowance) for loan losses 20,595 11,862 37,482 26,895
NONINTEREST INCOME        
Payment card and service charge income 1,926 528 3,419 1,078
Mortgage fee income 0 14,944 0 26,163
Insurance and investment services income 247 189 471 396
Gain on sale of available-for-sale securities, net 1,708 554 2,851 830
Gain on sale of equity securities, net 5 30 5 30
Gain on sale of loans, net 1,447 0 2,217 130
Gain on derivatives, net 0 13,435 0 9,873
Holding gain on equity securities, net 699 3 1,214 17
Compliance consulting income 1,868 941 3,149 1,950
Equity method investment income 4,528 0 10,997 0
Gains on acquisition and divestiture activity 0 14,302 0 14,302
Other operating income 1,216 587 1,779 1,594
Total noninterest income 13,644 45,513 26,102 56,363
NONINTEREST EXPENSES        
Salaries and employee benefits 13,661 22,659 25,572 38,841
Occupancy expense 1,115 1,187 2,273 2,407
Equipment depreciation and maintenance 1,206 914 2,247 1,791
Data processing and communications 1,420 1,733 2,329 2,896
Mortgage processing 0 890 0 1,741
Marketing, contributions and sponsorships 146 328 211 664
Professional fees 2,450 2,994 4,192 4,325
Insurance, tax and assessment expense 500 566 1,038 1,030
Travel, entertainment, dues and subscriptions 1,204 841 2,088 2,059
Other operating expenses 1,701 1,221 2,571 2,235
Total noninterest expenses 23,403 33,333 42,521 57,989
Income before income taxes 10,836 24,042 21,063 25,269
Income tax expense 1,673 6,008 3,842 6,187
Net income before noncontrolling interest 9,163 18,034 17,221 19,082
Net loss attributable to noncontrolling interest 84 0 111 0
Net income attributable to parent 9,247 18,034 17,332 19,082
Preferred dividends 0 115 35 229
Net income available to common shareholders $ 9,247 $ 17,919 $ 17,297 $ 18,853
Earnings per common shareholder - basic (in dollars per share) $ 0.79 $ 1.50 $ 1.49 $ 1.58
Earnings per common shareholder - diluted (in dollars per share) $ 0.73 $ 1.49 $ 1.39 $ 1.55
Weighted average shares outstanding - basic (in shares) 11,639,237 11,954,813 11,585,059 11,948,790
Weighted average shares outstanding - diluted (in shares) 12,612,030 12,011,845 12,449,973 12,156,214