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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 AND DIVIDEND INCOME        
Loans, including fees $ 24,228 $ 22,684 $ 73,071 $ 66,477
Taxable securities 1,263 1,196 4,088 3,678
Tax exempt securities 1,954 1,695 5,689 4,928
Dividends 138 151 415 497
Federal funds sold and other interest income 52 205 231 559
TOTAL INTEREST AND DIVIDEND INCOME 27,635 25,931 83,494 76,139
INTEREST EXPENSE        
Deposits 3,153 4,705 11,652 12,499
Short-term borrowings 14 289 352 2,151
Long-term borrowings 303 180 1,102 276
TOTAL INTEREST EXPENSE 3,470 5,174 13,106 14,926
NET INTEREST INCOME 24,165 20,757 70,388 61,213
Provision for loan losses 2,600 550 6,100 1,850
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES 21,565 20,207 64,288 59,363
NONINTEREST INCOME        
Bank owned life insurance income 196 204 608 626
Security gains, including fair value changes for equity securities 70 22 201 14
Net gains on sale of loans 3,348 1,143 8,372 2,869
Other operating income 450 756 1,435 1,940
TOTAL NONINTEREST INCOME 9,467 7,576 26,473 21,348
NONINTEREST EXPENSES        
Salaries and employee benefits 10,244 9,422 30,188 28,044
Occupancy and equipment 1,719 1,615 5,194 4,982
State and local taxes 576 468 1,623 1,410
Professional fees 753 654 2,392 2,335
Merger related costs 58 112 1,425 93
Advertising 460 437 1,053 1,129
FDIC insurance 200 80 650 252
Intangible amortization 332 326 995 980
Core processing charges 925 900 2,720 2,494
Telephone and data 182 236 733 713
Other operating expenses 2,271 2,308 7,224 7,065
TOTAL NONINTEREST EXPENSES 17,720 16,558 54,197 49,497
INCOME BEFORE INCOME TAXES 13,312 11,225 36,564 31,214
INCOME TAXES 2,443 2,071 6,045 5,129
NET INCOME $ 10,869 $ 9,154 $ 30,519 $ 26,085
EARNINGS PER SHARE - basic $ 0.39 $ 0.33 $ 1.08 $ 0.94
EARNINGS PER SHARE - fully diluted $ 0.38 $ 0.33 $ 1.07 $ 0.94
Service Charges on Deposit Accounts        
NONINTEREST INCOME        
Noninterest income $ 904 $ 1,208 $ 2,752 $ 3,375
Trust Fees        
NONINTEREST INCOME        
Noninterest income 1,973 1,905 5,682 5,584
Insurance Agency Commissions        
NONINTEREST INCOME        
Noninterest income 784 681 2,348 2,223
Retirement Plan Consulting Fees        
NONINTEREST INCOME        
Noninterest income 341 338 1,129 1,146
Investment Commissions        
NONINTEREST INCOME        
Noninterest income 353 384 1,080 971
Debit Card and EFT Fees        
NONINTEREST INCOME        
Noninterest income $ 1,048 $ 935 $ 2,866 $ 2,600