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Consolidated Statements of Income (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Interest income:        
Interest and fees on loans $ 44,408 $ 36,242 $ 119,578 $ 109,694
Interest and dividends on investment securities 6,079 4,918 18,409 13,603
Other interest income 188 67 315 155
Total interest income 50,675 41,227 138,302 123,452
Interest expense:        
Deposits 5,875 1,894 9,946 6,294
Short-term borrowings 672 0 952 119
Long-term borrowings 1,060 1,060 3,181 3,177
Total interest expense 7,607 2,954 14,079 9,590
Net interest income 43,068 38,273 124,223 113,862
Provision (benefit) for credit losses 4,314 (541) 7,196 (7,144)
Net interest income after provision (benefit) for credit losses 38,754 38,814 117,027 121,006
Noninterest income:        
Service charges on deposits 1,597 1,502 4,403 4,081
Insurance income 1,571 1,864 4,902 4,407
Card interchange income 2,076 2,118 6,131 6,270
Investment advisory 2,722 2,969 8,669 8,627
Company owned life insurance 2,965 776 4,667 2,126
Investments in limited partnerships 65 694 1,102 1,787
Loan servicing 139 105 383 293
Income from derivative instruments, net 99 377 1,263 1,660
Net gain on sale of loans held for sale 308 600 1,045 2,468
Net (loss) gain on investment securities 0 0 (15) 71
Net (loss) gain on other assets (22) 138 (15) 286
Net (loss) gain on tax credit investments (385) (129) (704) 62
Other 1,517 1,069 3,503 3,094
Total noninterest income 12,652 12,083 35,334 35,232
Noninterest expense:        
Salaries and employee benefits 17,950 15,798 51,532 44,782
Occupancy and equipment 3,793 3,834 11,564 10,502
Professional services 1,247 1,600 4,172 5,098
Computer and data processing 4,407 3,579 12,959 10,160
Supplies and postage 440 447 1,450 1,361
FDIC assessments 651 697 1,785 1,942
Advertising and promotions 651 474 1,437 1,234
Amortization of intangibles 244 264 747 801
Restructuring Charges 0 0 1,269 0
Other 3,444 2,476 8,934 6,973
Total noninterest expense 32,827 29,169 95,849 82,853
Income before income taxes 18,579 21,728 56,512 73,385
Income tax expense 4,725 4,553 12,027 15,300
Net income 13,854 17,175 44,485 58,085
Preferred stock dividends 365 364 1,095 1,095
Net income available to common shareholders $ 13,489 $ 16,811 $ 43,390 $ 56,990
Earnings per common share (Note 4):        
Basic $ 0.88 $ 1.06 $ 2.82 $ 3.60
Diluted 0.88 1.05 2.80 3.58
Cash dividends declared per common share $ 0.29 $ 0.27 $ 0.87 $ 0.81