Quarterly Information

12 Months Ended

Dec. 31, 2019

Quarterly Financial Information Disclosure [Abstract]

Quarterly Information

Quarterly Information

The following tables provide unaudited financial information by quarter for each of the past two years:

Dollars in thousands except per share data	2018Q1			2018Q2			2018Q3			2018Q4			2019Q1			2019Q2			2019Q3			2019Q4
Balance Sheets
Cash and cash equivalents	$	16,559		$	21,056		$	21,649		$	19,134		$	15,270		$	16,918		$	21,418		$	14,433
Interest-bearing deposits in other banks	280			1,616			51,045			12,079			231			917			16,714			11,310
Investments	562,459			565,125			562,839			573,079			606,495			625,097			625,584			642,126
Restricted equity securities	11,947			12,363			11,586			11,586			8,982			8,982			8,982			8,982
Net loans and loans held for sale	1,177,329			1,213,449			1,233,010			1,227,051			1,253,585			1,237,661			1,252,546			1,285,590
Other assets	103,241			100,352			101,725			101,641			106,782			109,124			107,983			106,355
Total assets	$	1,871,815		$	1,913,961		$	1,981,854		$	1,944,570		$	1,991,345		$	1,998,699		$	2,033,227		$	2,068,796
Deposits	$	1,428,192		$	1,416,646		$	1,514,911		$	1,527,085		$	1,606,875		$	1,592,956		$	1,623,290		$	1,650,466
Borrowed funds	244,229			297,455			265,274			210,317			170,419			181,858			181,417			184,955
Other liabilities	18,022			16,556			17,008			15,626			16,264			19,292			20,031			20,867
Shareholders' equity	181,372			183,304			184,661			191,542			197,787			204,593			208,489			212,508
Total liabilities    & equity	$	1,871,815		$	1,913,961		$	1,981,854		$	1,944,570		$	1,991,345		$	1,998,699		$	2,033,227		$	2,068,796
Income and Comprehensive Income Statements
Interest income	$	16,451		$	17,205		$	18,086		$	18,801		$	19,268		$	19,822		$	19,904		$	19,657
Interest expense	4,042			4,936			5,550			5,806			6,369			6,872			6,678			6,239
Net interest income	12,409			12,269			12,536			12,995			12,899			12,950			13,226			13,418
Provision for    loan losses	500			500			333			167			375			250			250			375
Net interest income after provision for loan losses	11,909			11,769			12,203			12,828			12,524			12,700			12,976			13,043
Non-interest income	3,132			3,181			3,034			3,253			3,144			3,605			3,532			3,908
Non-interest expense	8,579			8,176			8,216			8,496			8,398			8,730			9,040			9,004
Income before taxes	6,462			6,774			7,021			7,585			7,270			7,575			7,468			7,947
Income taxes	956			1,040			1,088			1,222			1,114			1,180			1,180			1,261
Net income	$	5,506		$	5,734		$	5,933		$	6,363		$	6,156		$	6,395		$	6,288		$	6,686
Basic earnings per share	$	0.51		$	0.53		$	0.55		$	0.59		$	0.57		$	0.59		$	0.58		$	0.62
Diluted earnings per share	$	0.51		$	0.53		$	0.55		$	0.58		$	0.57		$	0.59		$	0.58		$	0.60
Other comprehensive income (loss), net of tax
Net unrealized gain (loss) on securities available for sale	$	(3,309	)	$	(1,035	)	$	(1,888	)	$	4,082		$	3,512		$	4,289		$	936		$	(29	)
Net unrealized gain (loss) on securities transfered from available for sale to held to maturity	(8		)	(7		)	(5		)	(3		)	3			4			1			7
Net unrealized gain (loss) on cash flow hedging derivative instruments	384			138			216			(844		)	(465		)	(898		)	(340		)	362
Unrecognized gain (loss) on postretirement benefit costs	—			—			—			184			—			—			—			(13		)
Other comprehensive income (loss)	$	(2,933	)	$	(904	)	$	(1,677	)	$	3,419		$	3,050		$	3,395		$	597		$	327
Comprehensive income	$	2,573		$	4,830		$	4,256		$	9,782		$	9,206		$	9,790		$	6,885		$	7,013