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CONSOLIDATED STATEMENT 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 INCOME:        
Interest and fees on loans $ 16,718 $ 13,915 $ 46,763 $ 41,005
Interest-bearing deposits with banks 106 103 298 311
Investment securities:        
Taxable 979 1,361 3,212 3,597
Nontaxable 485 378 1,337 1,109
Dividends 98 117 275 371
TOTAL INTEREST INCOME 18,386 15,874 51,885 46,393
INTEREST EXPENSE:        
Deposits 1,635 2,315 5,279 7,027
Borrowed funds 281 660 960 2,216
TOTAL INTEREST EXPENSE 1,916 2,975 6,239 9,243
NET INTEREST INCOME 16,470 12,899 45,646 37,150
Provision for loan losses 550 400 1,500 1,150
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES 15,920 12,499 44,146 36,000
NON-INTEREST INCOME:        
Revenue from customers 1,758 1,742 4,851 5,197
Gains on loans sold 855 176 1,282 339
Equity security (losses) gains, net (33) 29 (276) 70
Available for sale security gains, net 185 8 302 8
Earnings on bank owned life insurance 180 158 514 463
Other 688 144 1,046 427
TOTAL NON-INTEREST INCOME 3,538 2,177 7,458 6,237
NON-INTEREST EXPENSES:        
Salaries and employee benefits 6,102 5,096 17,411 15,129
Occupancy 714 530 1,891 1,639
Furniture and equipment 267 165 587 501
Professional fees 417 343 1,180 1,101
FDIC insurance 135 (20) 341 196
Pennsylvania shares tax 275 275 809 825
Amortization of intangibles 57 66 162 198
Merger and acquisition 0 275 2,179 275
Software expenses 324 244 817 699
ORE expenses 30 92 221 308
Other 1,371 1,348 4,428 4,102
TOTAL NON-INTEREST EXPENSES 9,692 8,414 30,026 24,973
Income before provision for income taxes 9,766 6,262 21,578 17,264
Provision for income taxes 1,759 1,066 3,702 2,817
NET INCOME $ 8,007 $ 5,196 $ 17,876 $ 14,447
PER COMMON SHARE DATA:        
Net Income - Basic (in dollars per share) $ 2.04 $ 1.46 $ 4.74 $ 4.06
Net Income - Diluted (in dollars per share) 2.04 1.46 4.74 4.05
Cash Dividends Paid (in dollars per share) $ 0.460 $ 0.445 $ 1.460 $ 1.317
Number of shares used in computation - basic (in shares) 3,918,438 3,553,996 3,769,705 3,560,695
Number of shares used in computation - diluted (in shares) 3,918,438 3,553,996 3,771,730 3,562,975
Service Charges [Member]        
NON-INTEREST INCOME:        
Revenue from customers $ 1,112 $ 1,225 $ 3,107 $ 3,498
Trust [Member]        
NON-INTEREST INCOME:        
Revenue from customers 199 148 542 589
Brokerage and Insurance [Member]        
NON-INTEREST INCOME:        
Revenue from customers $ 352 $ 289 $ 941 $ 843