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Consolidated Statements of Income (unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Interest income:        
Loans (including fee income) $ 41,991 $ 39,878 $ 81,754 $ 77,490
Mortgage-backed securities, CMOs and other asset-backed securities 2,570 4,443 5,610 9,232
U.S. GSE securities 27 166 364 358
State and municipal obligations 477 577 990 1,204
Corporate bonds 310 319 610 655
Deposits with banks 112 599 379 1,143
Other interest and dividend income 363 370 745 785
Total interest income 45,850 46,352 90,452 90,867
Interest expense:        
Savings, NOW and money market deposits 2,285 6,997 6,540 13,366
Certificates of deposit of $100,000 or more 913 1,079 1,949 2,062
Other time deposits 361 288 776 850
Federal funds purchased and repurchase agreements 1 158 79 203
FHLB advances 723 1,178 1,756 2,276
Subordinated debentures 1,135 1,135 2,270 2,270
Total interest expense 5,418 10,835 13,370 21,027
Net interest income 40,432 35,517 77,082 69,840
Provision for credit losses 4,500 3,500 9,500 4,100
Net interest income after provision for credit losses 35,932 32,017 67,582 65,740
Non-interest income:        
Service charges and other fees 1,889 2,556 4,389 4,984
Net securities gains (losses)   201 (15) 201
Change in fair value of loans held for sale (2,643)   (2,643)  
Title fees 385 335 714 641
Gain on sale of Small Business Administration ("SBA") loans 469 844 840 1,061
Bank owned life insurance 547 556 1,095 1,109
Loan swap fees 1,320 528 2,551 1,643
Other 285 479 538 1,078
Total non-interest income 2,252 5,499 7,469 10,717
Non-interest expense:        
Salaries and employee benefits 13,919 13,659 29,468 26,939
Occupancy and equipment 3,520 3,560 7,019 7,091
Technology and communications 2,370 1,869 4,587 3,658
Marketing and advertising 968 1,424 1,791 2,447
Professional services 1,039 803 1,995 1,560
FDIC assessments 480 396 481 634
Amortization of other intangible assets 177 210 358 423
Other 1,926 2,083 3,543 3,851
Total non-interest expense 24,399 24,004 49,242 46,603
Income before income taxes 13,785 13,512 25,809 29,854
Income tax expense 3,129 2,859 5,805 6,274
Net income $ 10,656 $ 10,653 $ 20,004 $ 23,580
Basic earnings per share (in dollars per share) $ 0.54 $ 0.53 $ 1.01 $ 1.18
Diluted earnings per share (in dollars per share) $ 0.54 $ 0.53 $ 1.00 $ 1.18