Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF INCOME

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CONSOLIDATED STATEMENTS OF INCOME - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Interest income    
Loans, including fees $ 63,609 $ 58,852
Securities    
Taxable 3,864 3,716
Tax-exempt 3,518 3,464
FHLB Stock 614 578
Federal funds sold and other short-term investments 4,337 2,427
Total interest income 75,942 69,037
Interest expense    
Deposits 8,854 5,881
Other borrowings 1,369 1,403
Long-term debt 2,232 2,127
Total interest expense 12,455 9,411
Net interest income 63,487 59,626
Provision for loan losses (450) 450
Net interest income after provision for loan losses 63,937 59,176
Noninterest income    
Service charges and fees 4,415 4,377
Net gains on mortgage loans 2,347 924
Trust fees 3,812 3,643
ATM and debit card fees 5,753 5,535
BOLI income 972 942
Other 2,429 2,082
Total noninterest income 19,728 17,503
Noninterest expense    
Salaries and benefits 24,679 25,207
Occupancy of premises 3,994 3,931
Furniture and equipment 3,420 3,125
Legal and professional 952 806
Marketing and promotion 919 881
Data processing 2,980 2,986
FDIC assessment 239 518
Interchange and other card expense 1,414 1,409
Bond and D&O Insurance 413 440
Net gains on repossessed and foreclosed properties (24) (207)
Administration and disposition of problem assets 277 276
Other 4,961 4,957
Total noninterest expenses 44,224 44,329
Income before income tax 39,441 32,350
Income tax expense 7,462 5,971
Net income $ 31,979 $ 26,379
Basic earnings per common share (in dollars per share) $ 0.94 $ 0.78
Diluted earnings per common share (in dollars per share) 0.94 0.78
Cash dividends per common share (in dollars per share) $ 0.28 $ 0.25