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CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Interest Income        
Interest and fees on loans $ 50,115 $ 37,568 $ 144,092 $ 102,724
Taxable interest on investments 5,814 5,756 17,629 17,395
Nontaxable interest on investments 748 790 2,273 2,324
Dividend income 302 137 788 349
Other interest income 690 330 1,667 677
Total interest income 57,669 44,581 166,449 123,469
Interest Expense        
Interest on deposits 20,969 5,442 56,046 9,785
Interest on borrowings 3,577 787 9,249 1,372
Interest on junior subordinated debentures 539 539 1,600 1,600
Total interest expense 25,085 6,768 66,895 12,757
Net interest income 32,584 37,813 99,554 110,712
(Credit) provision for credit losses (574) 2,764 1,531 4,034
Net interest income after provision for credit losses 33,158 35,049 98,023 106,678
Non-Interest Income        
Brokerage and insurance commissions 1,217 1,003 3,462 3,269
Mortgage banking income, net 583 635 1,889 3,186
Bank-owned life insurance 644 374 1,849 1,519
Net loss on sale of securities (5,335) 0 (5,335) (9)
Other income 1,152 1,232 3,283 3,032
Total non-interest income 5,072 9,954 25,048 30,920
Non-Interest Expense        
Salaries and employee benefits 14,744 15,849 44,605 46,757
Furniture, equipment and data processing 3,382 3,305 9,772 9,639
Net occupancy costs 1,804 1,765 5,735 5,715
Debit card expense 1,318 1,210 3,781 3,410
Consulting and professional fees 897 814 3,327 3,114
Regulatory assessments 861 575 2,574 1,745
Amortization of core deposit intangible assets 148 156 444 469
Other real estate owned and collection (recoveries) costs, net (34) 56 (25) 9
Other expenses 3,087 3,361 9,302 8,998
Total non-interest expense 26,207 27,091 79,515 79,856
Income before income tax expense 12,023 17,912 43,556 57,742
Income Tax Expense 2,236 3,645 8,653 11,654
Net Income $ 9,787 $ 14,267 $ 34,903 $ 46,088
Per Share Data        
Basic earnings per share $ 0.67 $ 0.97 $ 2.39 $ 3.13
Diluted earnings per share 0.67 0.97 2.39 3.12
Cash dividends declared per share $ 0.42 $ 0.40 $ 1.26 $ 1.20
Weighted average number of common shares outstanding 14,556,057 14,619,460 14,564,431 14,670,450
Diluted weighted average number of common shares outstanding 14,597,649 14,675,332 14,607,031 14,728,349
Debit card income        
Non-Interest Income        
Revenue $ 3,130 $ 3,234 $ 9,147 $ 9,371
Service charges on deposit accounts        
Non-Interest Income        
Revenue 2,040 1,941 5,737 5,705
Income from fiduciary services        
Non-Interest Income        
Revenue $ 1,641 $ 1,535 $ 5,016 $ 4,847