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CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Jun. 30, 2019
Jun. 30, 2018
Interest and dividend income:        
Interest and fees on loans $ 28,378 $ 27,697 $ 56,352 $ 53,602
Interest and dividends on taxable securities 1,475 1,400 2,900 2,882
Interest and dividends on tax exempt securities 152 160 308 319
Interest and dividends on other earning assets 388 412 1,134 879
Interest on federal funds sold   14 2 21
Total interest and dividend income 30,393 29,683 60,696 57,703
Interest expense:        
Interest on deposits 7,654 3,810 15,116 7,080
Interest on repurchase agreements 22 24 45 46
Interest on junior subordinated debt 150 147 300 275
Interest on senior subordinated notes 712 712 1,424 1,423
Interest on other borrowings 891 1,816 1,895 3,205
Total interest expense 9,429 6,509 18,780 12,029
Net interest income 20,964 23,174 41,916 45,674
Provision for loan losses   1,050 200 2,650
Net interest income after provision for loan losses 20,964 22,124 41,716 43,024
Noninterest income:        
Account maintenance and deposit service fees 1,788 1,375 3,475 2,783
Income from bank-owned life insurance 385 563 908 870
Equity gain (loss) from mortgage affiliate 558 191 576 (126)
Recoveries related to acquired charged-off loans and investment securities 324 250 915 1,733
Other 136 174 379 372
Total noninterest income 3,191 2,553 6,253 5,632
Noninterest expenses:        
Salaries and benefits 7,144 7,007 12,956 13,779
Occupancy expenses 1,801 1,656 3,604 3,306
Furniture and equipment expenses 738 712 1,448 1,509
Amortization of core deposit intangible 362 361 725 723
Virginia franchise tax expense 563 492 1,126 856
Data processing expense 571 464 1,083 930
Telephone and communication expense 406 501 781 1,095
Net (gain) loss on other real estate owned (36) (40) (38) 160
Professional fees 1,381 839 2,985 1,788
Other operating expenses 962 1,625 5,512 3,090
Total noninterest expenses 13,892 13,617 30,182 27,236
Income before income taxes 10,263 11,060 17,787 21,420
Income tax expense 944 2,193 2,448 4,294
Net income 9,319 8,867 15,339 17,126
Other comprehensive income (loss):        
Unrealized gain (loss) on available for sale securities 2,844 (837) 3,928 (2,713)
Accretion of amounts previously recorded upon transfer to held to maturity from available for sale 3 2 6 6
Net unrealized gain (loss) 2,847 (835) 3,934 (2,707)
Tax effect 597 (175) 826 (569)
Other comprehensive income (loss) 2,250 (660) 3,108 (2,138)
Comprehensive income $ 11,569 $ 8,207 $ 18,447 $ 14,988
Earnings per share, basic (in dollars per share) $ 0.39 $ 0.37 $ 0.64 $ 0.71
Earnings per share, diluted (in dollars per share) $ 0.38 $ 0.37 $ 0.63 $ 0.71