XML 14 R4.htm IDEA: XBRL DOCUMENT v3.23.2
Consolidated Condensed Statements of Income (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
INTEREST AND DIVIDEND INCOME        
Loans, including fees $ 42,331 $ 25,714 $ 83,187 $ 51,276
Taxable securities 6,654 5,223 13,204 9,810
Tax exempt securities 2,674 3,038 5,515 5,990
Dividends 594 216 970 346
Federal funds sold and other interest income 551 95 1,161 143
TOTAL INTEREST AND DIVIDEND INCOME 52,804 34,286 104,037 67,565
INTEREST EXPENSE        
Deposits 14,491 1,651 27,198 2,895
Short-term borrowings 2,727 97 3,648 98
Long-term borrowings 1,008 827 2,003 1,619
TOTAL INTEREST EXPENSE 18,226 2,575 32,849 4,612
NET INTEREST INCOME 34,578 31,711 71,188 62,953
Provision (credit) for credit losses (255) 482 8,050 (448)
Provision for unfunded loans 280 134 574 706
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES 34,553 31,095 62,564 62,695
NONINTEREST INCOME        
Bank owned life insurance income 584 405 1,131 814
Security gains (losses), including fair value changes for equity securities 13 (60) 134 (71)
Net gains on sale of loans 406 365 716 1,494
Other mortgage banking income, net 234 39 387 99
Legal settlement 0 0 0 8,375
Other operating income 463 1,719 1,793 2,237
TOTAL NONINTEREST INCOME 9,449 9,477 19,874 27,175
NONINTEREST EXPENSES        
Salaries and employee benefits 13,625 11,073 28,270 22,904
Occupancy and equipment 3,859 2,918 7,728 5,598
FDIC insurance and state and local taxes 1,494 979 2,716 1,924
Professional fees 1,190 1,056 2,304 4,191
Merger related costs 442 674 4,755 2,614
Advertising 478 487 887 879
Intangible amortization 1,222 419 2,131 839
Core processing charges 1,144 1,123 2,308 1,868
Charitable donation 0 0 0 6,000
Other operating expenses 2,932 2,732 6,009 5,100
TOTAL NONINTEREST EXPENSES 26,386 21,461 57,108 51,917
INCOME BEFORE INCOME TAXES 17,616 19,111 25,330 37,953
INCOME TAXES 2,650 3,160 3,289 6,158
NET INCOME $ 14,966 $ 15,951 $ 22,041 $ 31,795
EARNINGS PER SHARE - basic $ 0.4 $ 0.47 $ 0.59 $ 0.94
EARNINGS PER SHARE - diluted $ 0.4 $ 0.47 $ 0.59 $ 0.94
Service Charges on Deposit Accounts        
NONINTEREST INCOME        
Noninterest income $ 1,501 $ 1,139 $ 2,933 $ 2,284
Trust Fees        
NONINTEREST INCOME        
Noninterest income 2,248 2,376 4,835 4,895
Insurance Agency Commissions        
NONINTEREST INCOME        
Noninterest income 1,332 1,086 2,788 2,133
Retirement Plan Consulting Fees        
NONINTEREST INCOME        
Noninterest income 382 323 689 720
Investment Commissions        
NONINTEREST INCOME        
Noninterest income 476 557 869 1,251
Debit Card and EFT Fees        
NONINTEREST INCOME        
Noninterest income $ 1,810 $ 1,528 $ 3,599 $ 2,944