Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED STATEMENTS OF INCOME (unaudited)

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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 fees $ 14,488 $ 16,125 $ 29,339 $ 32,576
Securities        
Taxable 954 988 2,015 1,984
Tax-exempt 864 865 1,746 1,704
FHLB Stock 115 157 239 317
Federal funds sold and other short-term investments 86 1,104 662 1,848
Total interest income 16,507 19,239 34,001 38,429
Interest expense        
Deposits 895 2,365 2,497 4,622
Other borrowings 356 345 705 672
Long-term debt 209 574 449 1,159
Total interest expense 1,460 3,284 3,651 6,453
Net interest income 15,047 15,955 30,350 31,976
Provision for loan losses 1,000 (200) 1,700 (450)
Net interest income after provision for loan losses 14,047 16,155 28,650 32,426
Noninterest income        
Service charges and fees 860 1,078 1,970 2,128
Net gains on mortgage loans 1,849 614 2,499 825
Trust fees 945 1,003 1,880 1,893
ATM and debit card fees 1,321 1,481 2,658 2,808
Gain on sales of securities 0 0 0 0
Bank owned life insurance ("BOLI") income 231 249 472 485
Other 648 673 1,334 1,287
Total noninterest income 5,854 5,098 10,813 9,426
Noninterest expense        
Salaries and benefits 5,766 6,379 12,457 12,623
Occupancy of premises 949 996 1,958 2,089
Furniture and equipment 882 866 1,737 1,710
Legal and professional 247 211 538 441
Marketing and promotion 239 233 477 461
Data processing 787 761 1,547 1,491
FDIC assessment 76 119 76 239
Interchange and other card expense 327 365 674 711
Bond and D&O Insurance 104 103 209 206
Net (gains) losses on repossessed and foreclosed properties 2 (34) 32 (69)
Administration and disposition of problem assets 15 49 46 137
Other 1,110 1,286 2,475 2,534
Total noninterest expenses 10,504 11,334 22,226 22,573
Income before income tax 9,397 9,919 17,237 19,279
Income tax expense 1,759 1,916 3,188 3,630
Net income $ 7,638 $ 8,003 $ 14,049 $ 15,649
Basic earnings per common share (in dollars per share) $ 0.22 $ 0.24 $ 0.41 $ 0.46
Diluted earnings per common share (in dollars per share) 0.22 0.24 0.41 0.46
Cash dividends per common share (in dollars per share) $ 0.08 $ 0.07 $ 0.16 $ 0.14