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Consolidated Statements of Income and Comprehensive Income - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Interest and dividend income:      
Loans including fees $ 152,687 $ 139,867 $ 118,193
Securities and cash and cash equivalents:      
Taxable 12,362 12,472 9,921
Tax-exempt 1,441 2,372 2,739
Dividends 677 1,017 1,017
Total interest and dividend income 167,167 155,728 131,870
Interest Expense:      
Deposits 24,142 30,202 17,228
Borrowed funds 4,534 5,349 5,856
Subordinated debentures (includes $224, $63, and $164 accumulated other comprehensive income reclassification for change in fair value of interest rate swap agreements in 2020, 2019, and 2018, respectively) 3,780 3,979 3,866
Total interest expense 32,456 39,530 26,950
Net Interest Income 134,711 116,198 104,920
Provision for credit loss expense 15,354 6,024 6,072
Net interest income after provision for credit loss expense 119,357 110,174 98,848
Non-interest income:      
Service charges on deposit accounts 5,095 6,402 5,759
Other service charges and fees 2,548 2,930 2,833
Wealth and asset management fees 5,497 4,627 4,172
Net realized gains on available-for-sale securities (includes $2,190, $148, and $0 accumulated other comprehensive income reclassifications for net realized gains on available-for-sale securities in 2020, 2019, and 2018, respectively) 2,190 148 0
Net realized gains on trading securities 75 16 151
Net unrealized gains (losses) on trading securities 253 1,872 (602)
Realized gains on Visa Class B shares 0 463 0
Mortgage banking 3,354 1,412 1,019
Bank owned life insurance 1,747 1,317 1,408
Card processing and interchange income 5,727 4,641 4,261
Other 1,573 2,147 1,722
Total non-interest income 28,059 25,975 20,723
Non-Interest Expenses:      
Salaries 36,519 35,212 31,323
Employee benefits (includes $0, $23, and $84 accumulated other comprehensive income reclassifications for net amortization of actuarial losses in 2020, 2019, and 2018, respectively) 12,204 11,193 10,533
Net occupancy expense 12,333 11,221 10,281
Amortization of core deposit intangible 206 567 898
Data processing 5,759 4,994 4,586
State and local taxes 3,340 3,140 3,441
Legal, professional and examination fees 2,990 2,514 1,851
Advertising 1,993 2,113 2,345
FDIC insurance 2,414 1,252 1,396
Directors fees and benefits 538 1,352 885
Merger costs, prepayment penalties and branch closure costs 12,642 170 0
Dues and subscriptions 2,777 1,876 1,319
Card processing and interchange expenses 3,135 2,891 2,834
Other 10,476 9,013 7,650
Total non-interest expenses 107,326 87,508 79,342
Income before income taxes 40,090 48,641 40,229
Income tax expense (includes $413, $13, and $(52) income tax expense reclassification items in 2020, 2019, and 2018, respectively) 7,347 8,560 6,510
Net Income 32,743 40,081 33,719
Preferred stock dividends 1,147 0 0
Net income available to common stockholders $ 31,596 $ 40,081 $ 33,719
Earnings Per Share:      
Basic (in dollars per share) $ 1.97 $ 2.63 $ 2.21
Diluted (in dollars per share) $ 1.97 $ 2.63 $ 2.21
Other comprehensive income (loss):      
Net change in unrealized gains (losses) on available-for-sale securities, net of reclassification and tax $ 8,140 $ 10,732 $ (4,007)
Change in actuarial gain (loss), for post-employment health care plan, net of amortization and tax 219 428 386
Change in fair value of interest rate swap agreements designated as a cash flow hedge, net of interest and tax (224) (225) (32)
Total other comprehensive income (loss) 8,135 10,935 (3,653)
Comprehensive Income $ 40,878 $ 51,016 $ 30,066