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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 $ 39,034 $ 36,165 $ 109,106 $ 103,284
Securities:        
Taxable 2,857 3,093 9,727 9,226
Tax-exempt 303 562 1,143 1,843
Dividends 162 265 543 767
Total interest and dividend income 42,356 40,085 120,519 115,120
INTEREST EXPENSE:        
Deposits 5,578 7,798 19,418 21,586
Borrowed funds 1,172 1,399 3,666 4,101
Subordinated debentures (includes $68, $11, $154 and $31 accumulated other comprehensive income reclassification for change in fair value of interest rate swap agreements, respectively) 942 987 2,839 2,980
Total interest expense 7,692 10,184 25,923 28,667
NET INTEREST INCOME 34,664 29,901 94,596 86,453
Provision for loan losses 3,306 2,118 12,065 5,212
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES 31,358 27,783 82,531 81,241
NON-INTEREST INCOME:        
Service charges on deposit accounts 1,201 1,676 3,652 4,726
Other service charges and fees 652 761 1,848 2,155
Wealth and asset management fees 1,414 1,238 4,081 3,482
Net realized gains on available-for-sale securities (includes $0, $0, $2,190 and $148 accumulated other comprehensive income reclassifications for net realized gains on available-for-sale securities, respectively) 0 0 2,190 148
Net realized and unrealized gains (losses) on trading securities 202 197 (80) 1,651
Mortgage banking 1,089 408 2,090 1,017
Bank owned life insurance 425 315 1,290 1,002
Card processing and interchange income 1,606 1,195 4,059 3,445
Other 189 486 961 1,595
Total non-interest income 6,778 6,276 20,091 19,221
NON-INTEREST EXPENSES:        
Salaries and benefits 12,508 11,633 34,578 34,040
Net occupancy expense 2,870 2,683 8,942 8,244
Amortization of core deposit intangible 26 139 178 470
Data processing 1,475 1,329 4,024 3,951
State and local taxes 925 956 2,409 2,678
Legal, professional, and examination fees 602 702 1,927 1,825
Advertising 600 626 1,410 1,510
FDIC insurance premiums 726 107 1,966 902
Card processing and interchange expenses 804 749 2,192 2,180
Merger costs, prepayment penalties and branch closure costs 4,673 0 5,207 0
Other 3,159 2,520 9,476 8,803
Total non-interest expenses 28,368 21,444 72,309 64,603
INCOME BEFORE INCOME TAXES 9,768 12,615 30,313 35,859
INCOME TAX EXPENSE (includes $(14), $(2), $428 and $25 income tax expense from reclassification items, respectively) 1,983 2,258 5,469 6,262
NET INCOME $ 7,785 $ 10,357 $ 24,844 $ 29,597
EARNINGS PER COMMON SHARE:        
Basic (in dollars per share) $ 0.47 $ 0.68 $ 1.57 $ 1.94
Diluted (in dollars per share) 0.47 0.68 1.57 1.94
DIVIDENDS PER COMMON SHARE:        
Cash dividends per share (in dollars per share) $ 0.17 $ 0.17 $ 0.51 $ 0.51