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Condensed Consolidated Statements of Income - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Interest Income        
Loans receivable $ 44,051 $ 49,455 $ 132,927 $ 136,862
Investment securities – taxable 1,704 3,157 6,923 9,552
Investment securities – tax exempt 4,391 3,099 12,294 8,520
Total interest income 50,146 55,711 152,144 154,934
Interest Expense        
Deposits 3,616 9,109 15,838 24,923
Borrowed funds 1,662 2,275 5,974 8,391
Subordinated notes 895 0 953 0
Junior subordinated debentures issued to capital trusts 576 864 2,061 2,348
Total interest expense 6,749 12,248 24,826 35,662
Net Interest Income 43,397 43,463 127,318 119,272
Credit loss expense 2,052 376 17,709 1,636
Net Interest Income after Credit Loss Expense 41,345 43,087 109,609 117,636
Non–interest Income        
Service charges on deposit accounts 2,154 2,836 6,488 7,193
Wire transfer fees 298 189 699 474
Interchange fees 2,438 2,138 6,661 5,659
Fiduciary activities 2,105 1,834 6,398 5,986
Debt and Equity Securities, Gain (Loss) 1,088 0 1,675 (85)
Gain on sale of mortgage loans 8,813 2,702 18,906 6,089
Mortgage servicing income net of impairment (1,308) 444 (4,043) 1,620
Increase in cash value of bank owned life insurance 566 556 1,677 1,624
Death benefit on bank owned life insurance 31 213 264 580
Other income 515 602 1,163 1,984
Total non–interest income 16,700 11,514 39,888 31,124
Non–interest Expense        
Salaries and employee benefits 18,832 16,948 51,052 48,365
Net occupancy expenses 3,107 3,131 9,549 9,051
Data processing 2,237 2,140 7,074 6,245
Professional fees 688 335 1,742 1,426
Outside services and consultants 1,561 1,552 5,235 6,737
Loan expense 2,876 2,198 7,667 6,195
FDIC insurance expense 570 (273) 955 252
Other losses 114 90 427 363
Other expense 3,422 3,939 11,287 12,748
Total non–interest expense 33,407 30,060 94,988 91,382
Income Before Income Taxes 24,638 24,541 54,509 57,378
Income Tax Expense (Benefit) 4,326 4,004 7,903 9,383
Net Income $ 20,312 $ 20,537 $ 46,606 $ 47,995
Basic Earnings Per Share (in USD per share) $ 0.46 $ 0.46 $ 1.06 $ 1.12
Diluted Earnings Per Share (in USD per share) $ 0.46 $ 0.46 $ 1.06 $ 1.11
Income tax expense (benefit) from reclassification $ 228 $ 0 $ 352 $ (18)