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Consolidated Statements of Income (unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
INTEREST AND DIVIDEND INCOME:    
Loans including fees $ 41,139 $ 35,510
Securities:    
Taxable 2,661 3,880
Tax-exempt 351 481
Dividends 144 219
Total interest and dividend income 44,295 40,090
INTEREST EXPENSE:    
Deposits 4,280 7,905
Borrowed funds and finance lease liabilities 6 1,227
Subordinated debentures (includes $69 and $21 accumulated other comprehensive income reclassification for change in fair value of interest rate swap agreements, respectively) 888 964
Total interest expense 5,174 10,096
NET INTEREST INCOME 39,121 29,994
PROVISION FOR CREDIT LOSS EXPENSE 2,122 3,079
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSS EXPENSE 36,999 26,915
NON-INTEREST INCOME:    
Service charges on deposit accounts 1,348 1,527
Other service charges and fees 490 590
Wealth and asset management fees 1,522 1,293
Net realized and unrealized gains (losses) on trading securities 120 (588)
Mortgage banking 1,235 337
Bank owned life insurance 940 479
Card processing and interchange income 1,834 1,128
Other 750 598
Total non-interest income 8,239 5,364
NON-INTEREST EXPENSES:    
Salaries and benefits 14,573 11,397
Net occupancy expense 3,269 3,024
Amortization of core deposit intangible 28 83
Technology expense 2,670 1,336
State and local taxes 1,017 581
Legal, professional, and examination fees 1,153 645
Advertising 281 399
FDIC insurance premiums 616 619
Card processing and interchange expenses 680 796
Merger costs 0 72
Other 3,517 2,790
Total non-interest expenses 27,804 21,742
INCOME BEFORE INCOME TAXES 17,434 10,537
INCOME TAX EXPENSE (includes $(14) and $(4) income tax expense from reclassification items, respectively) 3,253 1,724
NET INCOME 14,181 8,813
PREFERRED STOCK DIVIDENDS 1,075 0
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS $ 13,106 $ 8,813
EARNINGS PER COMMON SHARE:    
Basic (in dollars per share) $ 0.78 $ 0.57
Diluted (in dollars per share) 0.78 0.57
DIVIDENDS PER COMMON SHARE:    
Cash dividends per share (in dollars per share) $ 0.17 $ 0.17