XML 14 R4.htm IDEA: XBRL DOCUMENT v3.23.2
Condensed Consolidated Statements of Income (unaudited) - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Interest income:        
Interest and fees on loans $ 58,368,000 $ 43,555,000 $ 114,604,000 $ 83,463,000
Interest on investment securities 7,193,000 7,623,000 14,320,000 14,793,000
Interest on certificates of deposit investments 15,000 9,000 29,000 21,000
Interest on federal funds sold 98,000 7,000 183,000 7,000
Interest on deposits with other financial institutions 456,000 89,000 665,000 144,000
Total interest income 66,130,000 51,283,000 129,801,000 98,428,000
Interest expense:        
Interest on deposits 16,580,000 2,523,000 29,347,000 4,671,000
Interest on securities sold under agreements to repurchase 1,723,000 137,000 3,186,000 204,000
Interest on FHLB borrowings 4,084,000 640,000 8,958,000 916,000
Interest on other borrowings 0 5,000 9,000 5,000
Interest on junior subordinated debentures 390,000 166,000 769,000 312,000
Interest on subordinated debentures 986,000 986,000 1,974,000 1,972,000
Total interest expense 23,763,000 4,457,000 44,243,000 8,080,000
Net interest income 42,367,000 46,826,000 85,558,000 90,348,000
Provision for credit losses 458,000 907,000 (359,000) 3,859,000
Net interest income after provision for credit losses 41,909,000 45,919,000 85,917,000 86,489,000
Other income:        
Wealth management revenues 5,341,000 5,473,000 10,855,000 11,448,000
Insurance commissions 5,737,000 5,641,000 14,217,000 12,745,000
Service charges 2,386,000 2,236,000 4,589,000 4,292,000
Securities gains (losses), net (6,000) 2,000 (52,000) 2,000
Mortgage banking revenue, net 332,000 289,000 482,000 770,000
ATM / debit card revenue 3,265,000 3,214,000 6,348,000 6,112,000
Bank owned life insurance 1,189,000 877,000 2,830,000 1,721,000
Other 1,242,000 827,000 2,696,000 2,594,000
Total other income 19,486,000 18,559,000 41,965,000 39,684,000
Other expense:        
Salaries and employee benefits 23,544,000 25,768,000 49,615,000 50,107,000
Net occupancy and equipment expense 6,035,000 6,073,000 12,040,000 12,228,000
Net other real estate owned expense 27,000 218,000 160,000 185,000
FDIC insurance 1,076,000 436,000 1,539,000 862,000
Amortization of intangible assets 1,477,000 1,633,000 2,999,000 3,155,000
Stationery and supplies 315,000 325,000 607,000 636,000
Legal and professional 1,780,000 1,885,000 3,470,000 3,619,000
ATM / debit card 1,016,000 670,000 2,239,000 1,748,000
Marketing and donations 908,000 706,000 1,562,000 1,579,000
Other 3,864,000 3,801,000 7,388,000 7,821,000
Total other expense 40,042,000 41,515,000 81,619,000 81,940,000
Income before income taxes 21,353,000 22,963,000 46,263,000 44,233,000
Income taxes 4,786,000 5,205,000 10,516,000 9,859,000
Net income $ 16,567,000 $ 17,758,000 $ 35,747,000 $ 34,374,000
Per share data:        
Basic net income per common share $ 0.81 $ 0.87 $ 1.74 $ 1.73
Diluted net income per common share 0.80 0.86 1.74 1.72
Cash dividends declared per common share $ 0.23 $ 0.22 $ 0.46 $ 0.44