XML 21 R4.htm IDEA: XBRL DOCUMENT v3.24.0.1
Consolidated Statements of Income - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
INTEREST AND DIVIDEND INCOME      
Loans, including fees $ 171,808 $ 107,790 $ 94,820
Taxable securities 26,231 20,843 11,399
Tax exempt securities 10,834 11,898 9,542
Dividends 1,986 871 498
Federal funds sold and other interest income 2,476 684 200
TOTAL INTEREST AND DIVIDEND INCOME 213,335 142,086 116,459
INTEREST EXPENSE      
Deposits 63,106 13,085 6,775
Short-term borrowings 8,357 1,408 7
Long-term borrowings 4,086 3,427 1,687
TOTAL INTEREST EXPENSE 75,549 17,920 8,469
NET INTEREST INCOME 137,786 124,166 107,990
Provision for credit losses 8,718 250 4,649
Provision for unfunded commitments 435 872 244
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES AND UNFUNDED COMMITMENTS 128,633 123,044 103,097
NONINTEREST INCOME      
Bank owned life insurance income, including death benefits 2,442 1,810 1,338
Security gains (losses), including fair value changes for equity securities (471) (454) 1,004
Net gains on sale of loans 2,391 2,062 8,285
Other mortgage banking income (loss), net 711 291 (136)
Legal settlement 0 8,375 0
Other operating income 4,471 3,976 2,307
TOTAL NONINTEREST INCOME 41,861 44,202 38,193
NONINTEREST EXPENSE      
Salaries and employee benefits 57,374 45,013 39,393
Occupancy and equipment 15,434 11,379 8,486
FDIC insurance and state and local taxes 5,848 3,951 2,859
Professional fees 4,351 6,114 4,191
Merger related costs 5,475 4,070 7,109
Advertising 1,793 1,947 1,859
Intangible amortization 3,434 1,973 1,362
Core processing charges 4,639 3,348 3,198
Charitable donation 0 6,000 0
Other operating expenses 13,448 10,616 10,719
TOTAL NONINTEREST EXPENSE 111,796 94,411 79,176
Income before taxes 58,698 72,835 62,114
INCOME TAXES 8,766 12,238 10,270
Net Income $ 49,932 $ 60,597 $ 51,844
EARNINGS PER SHARE:      
Basic $ 1.34 $ 1.79 $ 1.78
Diluted $ 1.33 $ 1.79 $ 1.77
Service Charges on Deposit Accounts      
NONINTEREST INCOME      
Noninterest income $ 6,322 $ 4,716 $ 3,660
Trust Fees      
NONINTEREST INCOME      
Noninterest income 10,108 9,638 9,438
Insurance Agency Commissions      
NONINTEREST INCOME      
Noninterest income 5,444 4,402 3,456
Retirement Plan Consulting Fees      
NONINTEREST INCOME      
Noninterest income 1,406 1,389 1,421
Investment Commissions      
NONINTEREST INCOME      
Noninterest income 1,978 2,183 2,276
Debit Card and EFT Fees      
NONINTEREST INCOME      
Noninterest income $ 7,059 $ 5,814 $ 5,144