XML 14 R4.htm IDEA: XBRL DOCUMENT v3.20.2
Condensed Consolidated Statements of Income - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Interest Income        
Loans receivable $ 43,918 $ 47,784 $ 88,876 $ 87,407
Investment securities - taxable 2,321 3,273 5,219 6,395
Investment securities - tax exempt 4,105 2,793 7,903 5,421
Total interest income 50,344 53,850 101,998 99,223
Interest Expense        
Deposits 4,506 8,938 12,222 15,814
Borrowed funds 2,074 2,495 4,312 6,116
Subordinated debentures 58 0 58 0
Junior subordinated debentures issued to capital trusts 710 888 1,485 1,484
Total interest expense 7,348 12,321 18,077 23,414
Net Interest Income 42,996 41,529 83,921 75,809
Credit loss expense 7,057 896 15,657 1,260
Net Interest Income after Credit Loss Expense 35,939 40,633 68,264 74,549
Non-interest Income        
Service charges on deposit accounts 1,888 2,480 4,334 4,357
Wire transfer fees 230 167 401 285
Interchange fees 2,327 2,160 4,223 3,521
Fiduciary activities 1,765 2,063 4,293 4,152
Debt and Equity Securities, Gain (Loss) 248 (100) 587 (85)
Gain on sale of mortgage loans 6,620 2,078 10,093 3,387
Mortgage servicing income net of impairment (2,760) 570 (2,735) 1,176
Increase in cash value of bank owned life insurance 557 555 1,111 1,068
Death benefit on bank owned life insurance 0 367 233 367
Other income 250 558 648 1,382
Total non-interest income 11,125 10,898 23,188 19,610
Non-interest Expense        
Salaries and employee benefits 15,629 16,951 32,220 31,417
Net occupancy expenses 3,190 3,148 6,442 5,920
Data processing 2,432 2,139 4,837 4,105
Professional fees 518 598 1,054 1,091
Outside services and consultants 1,759 1,655 3,674 5,185
Loan expense 2,692 2,048 4,791 3,997
FDIC insurance expense 235 365 385 525
Other losses 193 169 313 273
Other expense 3,784 4,511 7,865 8,809
Total non-interest expense 30,432 31,584 61,581 61,322
Income Before Income Taxes 16,632 19,947 29,871 32,837
Income Tax Expense (Benefit) 1,993 3,305 3,577 5,379
Net Income $ 14,639 $ 16,642 $ 26,294 $ 27,458
Basic Earnings Per Share (in USD per share) $ 0.33 $ 0.37 $ 0.59 $ 0.65
Diluted Earnings Per Share (in USD per share) $ 0.33 $ 0.37 $ 0.59 $ 0.65
Income tax expense (benefit) from reclassification $ 52 $ (21) $ 123 $ (18)