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Condensed Consolidated Statements of Income (Unaudited) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Interest Income        
Loans $ 29,560,000 $ 30,594,000 $ 89,698,000 $ 90,654,000
Securities – taxable 2,240,000 3,468,000 9,135,000 10,332,000
Securities – non-taxable 381,000 639,000 1,410,000 1,991,000
Other earning assets 569,000 2,993,000 2,973,000 6,560,000
Total interest income 32,750,000 37,694,000 103,216,000 109,537,000
Interest Expense        
Deposits 12,428,000 18,363,000 45,399,000 50,896,000
Other borrowed funds 4,090,000 4,087,000 12,141,000 11,048,000
Total interest expense 16,518,000 22,450,000 57,540,000 61,944,000
Net Interest Income 16,232,000 15,244,000 45,676,000 47,593,000
Provision for Loan Losses 2,509,000 2,824,000 6,461,000 5,498,000
Net Interest Income After Provision for Loan Losses 13,723,000 12,420,000 39,215,000 42,095,000
Noninterest Income        
Gain on sale of loans 2,033,000 523,000 4,596,000 353,000
Gain (loss) on sale of securities 98,000 0 139,000 (458,000)
Other 339,000 517,000 1,212,000 2,229,000
Total noninterest income 12,495,000 5,558,000 23,679,000 11,384,000
Noninterest Expense        
Salaries and employee benefits 9,533,000 6,883,000 25,096,000 19,846,000
Marketing, advertising and promotion 426,000 456,000 1,212,000 1,391,000
Consulting and professional services 614,000 778,000 2,723,000 2,427,000
Data processing 388,000 381,000 1,102,000 1,026,000
Loan expenses 408,000 247,000 1,406,000 853,000
Premises and equipment 1,568,000 1,506,000 4,795,000 4,503,000
Deposit insurance premium 440,000 0 1,360,000 1,302,000
Write-down of other real estate owned 2,065,000 0 2,065,000 0
Other 970,000 952,000 3,383,000 2,673,000
Total noninterest expense 16,412,000 11,203,000 43,142,000 34,021,000
Income Before Income Taxes 9,806,000 6,775,000 19,752,000 19,458,000
Income Tax Provision 1,395,000 449,000 1,390,000 1,315,000
Net Income $ 8,411,000 $ 6,326,000 $ 18,362,000 $ 18,143,000
Income Per Share of Common Stock        
Basic (in dollars per share) $ 0.86 $ 0.63 $ 1.87 $ 1.79
Diluted (in dollars per share) $ 0.86 $ 0.63 $ 1.87 $ 1.79
Weighted-Average Number of Common Shares Outstanding        
Basic (in shares) 9,773,175 9,979,603 9,825,683 10,114,303
Diluted (in shares) 9,773,224 9,980,612 9,827,182 10,116,507
Dividends Declared Per Share (in dollars per share) $ 0.06 $ 0.06 $ 0.18 $ 0.18
Service charges and fees        
Noninterest Income        
Noninterest income $ 224,000 $ 211,000 $ 618,000 $ 672,000
Loan servicing revenue        
Noninterest Income        
Noninterest income 274,000 0 780,000 0
Loan servicing asset revaluation        
Noninterest Income        
Noninterest income (103,000) 0 (372,000) 0
Mortgage banking activities        
Noninterest Income        
Noninterest income $ 9,630,000 $ 4,307,000 $ 16,706,000 $ 8,588,000