XML 14 R4.htm IDEA: XBRL DOCUMENT v3.22.2
CONSOLIDATED STATEMENTS OF INCOME - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
Loans, including fees:        
Taxable $ 27,843 $ 25,278 $ 54,649 $ 50,412
Federally tax exempt 679 540 1,341 1,150
Securities:        
Taxable 5,663 4,058 10,312 7,691
Federally tax exempt 1,138 1,144 2,178 2,280
Interest-bearing deposits in bank 420 115 579 195
Other interest and dividend income 14 12 33 25
Total interest and dividend income 35,757 31,147 69,092 61,753
INTEREST EXPENSE        
Deposits 506 613 1,075 1,257
Securities sold under agreements to repurchase 8 8 17 15
Borrowings 1   2 1
Subordinated notes 469 469 939 939
Junior subordinated debentures issued to capital trusts 400 357 758 712
Total interest expense 1,384 1,447 2,791 2,924
Net interest income 34,373 29,700 66,301 58,829
PROVISION FOR LOAN LOSSES 145 (2,162) (439) (5,567)
Net interest income after provision for loan losses 34,228 31,862 66,740 64,396
NONINTEREST INCOME        
Mortgage servicing 661 711 1,319 1,396
Mortgage servicing rights fair value adjustment 366 (310) 2,095 1,385
Gains on sale of mortgage loans 326 1,562 913 3,662
Unrealized gains (losses) on equity securities (153) 6 (340) 46
Gains (losses) on foreclosed assets (7) 216 33 140
Gains (losses) on other assets (43) (48) 150 (47)
Income on bank owned life insurance 41   81  
Other noninterest income 532 793 1,170 1,629
Total noninterest income 8,551 8,774 18,594 19,582
NONINTEREST EXPENSE        
Salaries 12,936 12,173 25,737 24,651
Employee benefits 1,984 1,409 4,428 3,094
Occupancy of bank premises 1,741 1,463 3,801 3,401
Furniture and equipment 623 603 1,175 1,226
Data processing 1,990 1,721 3,643 3,409
Marketing and customer relations 1,205 843 2,056 1,408
Amortization of intangible assets 245 258 490 547
FDIC insurance 298 244 586 484
Loan collection and servicing 278 333 435 698
Foreclosed assets 31 319 163 462
Other noninterest expense 2,511 2,788 5,485 5,318
Total noninterest expense 23,842 22,154 47,999 44,698
INCOME BEFORE INCOME TAX EXPENSE 18,937 18,482 37,335 39,280
INCOME TAX EXPENSE 4,852 4,765 9,646 10,318
NET INCOME $ 14,085 $ 13,717 $ 27,689 $ 28,962
EARNINGS PER SHARE - BASIC $ 0.49 $ 0.50 $ 0.96 $ 1.06
EARNINGS PER SHARE - DILUTED $ 0.49 $ 0.50 $ 0.95 $ 1.05
WEIGHTED AVERAGE SHARES OF COMMON STOCK OUTSTANDING 28,891,202 27,362,579 28,938,634 27,396,557
Card income        
NONINTEREST INCOME        
Revenue $ 2,714 $ 2,449 $ 5,118 $ 4,707
Service charges on deposit accounts        
NONINTEREST INCOME        
Revenue 1,792 1,390 3,444 2,687
Wealth management fees        
NONINTEREST INCOME        
Revenue $ 2,322 $ 2,005 $ 4,611 $ 3,977