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CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Interest income:        
Loans $ 38,185 $ 43,165 $ 119,195 $ 127,766
Taxable investment securities 1,175 26 2,419 81
Tax-exempt investment securities 9,003 4,167 24,430 11,812
Mortgage-backed securities 7,048 12,569 27,626 38,289
Federal Home Loan Bank stock and equity investments 249 422 1,034 1,217
Other interest earning assets 17 206 220 1,089
Total interest income 55,677 60,555 174,924 180,254
Interest expense:        
Deposits 4,862 11,366 21,010 34,064
Federal Home Loan Bank borrowings 2,369 4,647 9,272 13,003
Subordinated notes 1,427 1,425 4,250 4,235
Trust preferred subordinated debentures 378 685 1,469 2,132
Other borrowings 55 59 365 191
Total interest expense 9,091 18,182 36,366 53,625
Net interest income 46,586 42,373 138,558 126,629
Provision for credit losses (4,746)   25,746  
Provision for credit losses   1,005   2,593
Net interest income after provision for credit losses 51,332 41,368 112,812 124,036
Noninterest income:        
Deposit services 6,129 6,753 17,940 19,391
Net gain on sale of securities available for sale 78 42 8,281 714
Gain on sale of loans 1,071 131 1,924 405
Trust fees 1,253 1,523 3,779 4,584
Bank owned life insurance 680 622 1,899 1,725
Brokerage services 564 555 1,643 1,549
Other 1,366 1,485 3,366 3,535
Total noninterest income 11,141 11,111 38,832 31,903
Noninterest expense:        
Salaries and employee benefits 19,344 18,388 57,616 54,325
Net occupancy 3,595 3,430 10,574 9,894
Advertising, travel & entertainment 519 593 1,643 2,173
ATM expense 271 232 728 658
Professional fees 961 1,192 3,238 3,575
Software and data processing 1,215 1,116 3,737 3,278
Communications 495 480 1,494 1,456
FDIC insurance 469 0 668 859
Amortization of intangibles 881 1,080 2,792 3,388
Other 3,866 2,515 9,502 8,747
Total noninterest expense 31,616 29,026 91,992 88,353
Income before income tax expense 30,857 23,453 59,652 67,586
Income tax expense 3,783 3,661 7,071 10,367
Net income $ 27,074 $ 19,792 $ 52,581 $ 57,219
Earnings per common share - basic (in dollars per share) $ 0.82 $ 0.59 $ 1.58 $ 1.70
Earnings per common share - diluted (in dollars per share) 0.82 0.58 1.58 1.69
Cash dividends paid per common share (in dollars per share) $ 0.31 $ 0.31 $ 0.93 $ 0.92