XML 24 R5.htm IDEA: XBRL DOCUMENT v3.25.1
Consolidated Statements of Income - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Interest income      
Taxable loans, including fees $ 311,303 $ 101,800 $ 73,640
Tax-exempt loans, including fees 118 0 0
Taxable securities 39,817 37,179 29,616
Tax-exempt securities 10,243 5,615 8,940
Other interest income 4,680 2,302 437
Total interest income 366,161 146,896 112,633
Interest expense      
Deposits 118,664 39,195 3,742
Short-term borrowings 14,189 13,856 5,136
Subordinated debt 7,412 0 0
Other interest expense 111 86 63
Total interest expense 140,376 53,137 8,941
Net interest income 225,785 93,759 103,692
Credit loss expense (recapture) - loans and available-for-sale securities 20,475 235 (7,466)
Credit loss expense (recapture) - off-balance sheet credit exposures 3,745 (21) 0
Total provision for (recapture of) credit losses 24,220 214 (7,466)
Net interest income after credit loss expense 201,565 93,545 111,158
Non-interest income      
Net gains (losses) on securities 1,357 (112) (454)
Income from company-owned life insurance 4,686 2,844 2,656
Other non-interest income 6,118 3,196 2,721
Total non-interest income 36,166 17,952 17,087
Non-interest expense      
Salaries and wages 77,089 39,247 39,438
Pensions and other employee benefits 17,186 9,401 7,700
Occupancy 11,577 6,035 5,621
Equipment rentals, depreciation and maintenance 23,174 5,770 5,768
Other operating 68,807 25,983 17,419
Total non-interest expense 197,833 86,436 75,946
Income before income taxes 39,898 25,061 52,299
Income tax expense 4,190 2,369 8,286
Net income 35,708 22,692 44,013
Preferred stock dividends 675 0 0
Net income applicable to common shares $ 35,033 $ 22,692 $ 44,013
Earnings per common share:      
Basic (in dollars per share) $ 2.83 $ 3.05 $ 5.93
Diluted (in dollars per share) $ 2.82 $ 3.02 $ 5.89
Fiduciary and wealth management      
Non-interest income      
Revenue from contract with customer $ 8,411 $ 5,354 $ 5,309
Service charges and fees      
Non-interest income      
Revenue from contract with customer $ 15,594 $ 6,670 $ 6,855