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Consolidated Statements of Income - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
INTEREST INCOME        
Interest and fees on loans $ 18,530 $ 16,976 $ 54,175 $ 56,064
Interest on deposits with banks 112 106 332 297
Interest on investment securities 575 411 1,831 1,554
Interest on tax-exempt loans and securities 1,267 1,134 4,042 3,185
Total interest income 20,484 18,627 60,380 61,100
INTEREST EXPENSE        
Interest on deposits 898 1,894 3,182 8,840
Interest on short-term borrowings 9 703 105 1,543
Interest on subordinated debt 481 20 1,437 78
Total interest expense 1,388 2,617 4,724 10,461
NET INTEREST INCOME 19,096 16,010 55,656 50,639
Provision for loan losses 380 8,631 (542) 16,365
Net interest income (loss) after provision for loan losses 18,716 7,379 56,198 34,274
NONINTEREST INCOME        
Payment card and service charge income 1,685 638 5,104 1,716
Mortgage fee income 0 7,264 0 33,427
Insurance and investment services income 236 224 707 620
Gain on sale of available-for-sale securities, net 529 35 3,380 865
Gain on sale of equity securities, net 0 18 5 48
Gain on sale of loans, net 908 172 3,125 302
Gain (loss) on derivatives, net 0 (7,508) 0 2,365
Holding gain on equity securities, net 536 94 1,750 111
Compliance and consulting income 3,013 1,085 6,162 3,035
Equity method investment income 3,573 13,620 14,570 13,620
Gains on acquisition and divestiture activity 10,783 0 10,783 14,302
Other operating income 688 3,756 2,467 5,350
Total noninterest income 21,951 19,398 48,053 75,761
NONINTEREST EXPENSES        
Salaries and employee benefits 16,528 10,519 42,100 49,360
Occupancy expense 1,024 1,101 3,297 3,508
Equipment depreciation and maintenance 1,250 845 3,497 2,636
Data processing and communications 1,080 1,372 3,409 4,268
Mortgage processing 0 3 0 1,744
Marketing, contributions and sponsorships 207 227 418 891
Professional fees 2,665 1,606 6,857 5,931
Insurance, tax and assessment expense 532 577 1,570 1,607
Travel, entertainment, dues and subscriptions 1,437 624 3,525 2,683
Other operating expenses 1,106 1,391 3,677 3,626
Total noninterest expense 25,829 18,265 68,350 76,254
Income before income taxes 14,838 8,512 35,901 33,781
Income tax expense 3,164 2,021 7,006 8,208
Net income before noncontrolling interest 11,674 6,491 28,895 25,573
Net loss attributable to noncontrolling interest 154 0 265 0
Net income attributable to parent 11,828 6,491 29,160 25,573
Preferred dividends 0 116 35 345
Net income available to common shareholders $ 11,828 $ 6,375 $ 29,125 $ 25,228
Earnings per common shareholder - basic (in dollars per share) $ 1.00 $ 0.53 $ 2.49 $ 2.11
Earnings per common shareholder - diluted (in dollars per share) $ 0.92 $ 0.53 $ 2.32 $ 2.07
Weighted average shares outstanding - basic (in shares) 11,880,348 11,948,989 11,684,570 11,948,857
Weighted average shares outstanding - diluted (in shares) 12,824,309 12,116,418 12,565,809 12,185,137