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Consolidated Statements of Income (Unaudited) - USD ($)
shares in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Interest income:        
Loans, including fees $ 33,844,000 $ 35,058,000 $ 101,692,000 $ 100,075,000
Federal funds sold and interest bearing due from banks 54,000 566,000 673,000 2,129,000
Mortgage loans held for sale 173,000 41,000 359,000 121,000
Securities available for sale:        
Taxable 2,029,000 2,239,000 6,631,000 7,353,000
Tax-exempt 44,000 105,000 177,000 382,000
Total interest income 36,144,000 38,009,000 109,532,000 110,060,000
Interest expense:        
Deposits 2,107,000 5,316,000 8,676,000 16,034,000
Securities sold under agreements to repurchase 7,000 26,000 31,000 79,000
Federal funds purchased and other short-term borrowing 2,000 52,000 33,000 176,000
Federal Home Loan Bank advances 333,000 509,000 1,123,000 1,154,000
Subordinated debentures 0 0 0 26,000
Total interest expense 2,449,000 5,903,000 9,863,000 17,469,000
Net interest income 33,695,000 32,106,000 99,669,000 92,591,000
Provision for credit losses 4,418,000 400,000 15,518,000 1,000,000
Net interest income after provision 29,277,000 31,706,000 84,151,000 91,591,000
Non-interest income:        
Non-interest income 5,657,000 5,738,000 17,601,000 16,839,000
Mortgage banking income [1] 1,979,000 794,000 4,447,000 2,004,000
Bank owned life insurance [1] 172,000 487,000 527,000 849,000
Total non-interest income 13,043,000 13,209,000 38,201,000 36,441,000
Non-interest expenses:        
Compensation 13,300,000 12,330,000 37,296,000 36,846,000
Employee benefits 2,853,000 2,819,000 8,891,000 8,182,000
Net occupancy and equipment 2,235,000 2,189,000 6,205,000 6,005,000
Technology and communication 2,265,000 1,841,000 6,225,000 5,462,000
Debit and credit card processing 649,000 662,000 1,908,000 1,880,000
Marketing and business development 523,000 732,000 1,548,000 2,260,000
Postage, printing and supplies 472,000 402,000 1,355,000 1,218,000
Legal and professional 544,000 524,000 1,795,000 2,581,000
FDIC insurance 435,000 0 894,000 486,000
Amortization of investments in tax credit partnerships 52,000 137,000 141,000 241,000
Capital and deposit based taxes 1,076,000 993,000 3,331,000 2,864,000
Credit loss expense for off-balance sheet exposures 550,000 0 2,400,000 0
Other 1,242,000 1,269,000 3,041,000 3,937,000
Total non-interest expenses 26,196,000 23,898,000 75,030,000 71,962,000
Income before income tax expense 16,124,000 21,017,000 47,322,000 56,070,000
Income tax expense 1,591,000 3,783,000 6,189,000 6,652,000
Net income $ 14,533,000 $ 17,234,000 $ 41,133,000 $ 49,418,000
Net income per share, basic (in dollars per share) $ 0.64 $ 0.76 $ 1.82 $ 2.18
Net income per share, diluted (in dollars per share) $ 0.64 $ 0.76 $ 1.81 $ 2.16
Weighted average outstanding shares:        
Basic (in shares) 22,582 22,550 22,553 22,633
Diluted (in shares) 22,802 22,810 22,759 22,901
Fiduciary and Trust [Member]        
Non-interest income:        
Non-interest income $ 5,657,000 $ 5,738,000 $ 17,601,000 $ 16,839,000
Deposit Account [Member]        
Non-interest income:        
Non-interest income 998,000 1,356,000 3,081,000 3,793,000
Credit and Debit Card [Member]        
Non-interest income:        
Non-interest income 2,218,000 2,102,000 6,261,000 6,014,000
Treasury Management [Member]        
Non-interest income:        
Non-interest income 1,368,000 1,264,000 3,901,000 3,623,000
Investment Advisory, Management and Administrative Service [Member]        
Non-interest income:        
Non-interest income 431,000 400,000 1,288,000 1,120,000
Product and Service, Other [Member]        
Non-interest income:        
Non-interest income $ 220,000 $ 1,068,000 $ 1,095,000 $ 2,199,000
[1] Outside of the scope of ASC 606.