XML 15 R4.htm IDEA: XBRL DOCUMENT v3.23.3
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 and dividend income        
Loans $ 38,412 $ 27,940 $ 109,889 $ 75,192
Securities and other 6,723 5,145 18,478 13,178
Total interest and dividend income 45,135 33,085 128,367 88,370
Interest expense        
Deposits 11,415 1,801 25,270 4,185
Borrowings 4,534 1,374 14,215 3,458
Total interest expense 15,949 3,175 39,485 7,643
Net interest income 29,186 29,910 88,882 80,727
Provision for credit losses 673 1,306 2,221 2,217
Net interest income after provision for credit losses 28,513 28,604 86,661 78,510
Non-interest income        
Trust and investment management fee income 3,522 3,548 10,882 11,131
Customer service fees 3,926 3,836 11,377 11,108
Gain on sales of securities, net   44 34 53
Mortgage banking income 415 315 1,072 1,427
Bank-owned life insurance income 515 496 2,166 1,501
Customer derivative income 43 58 258 213
Other income 394 526 1,190 1,660
Total non-interest income 8,815 8,823 26,979 27,093
Non-interest expense        
Salaries and employee benefits 13,011 12,242 39,005 35,757
Occupancy and equipment 4,469 4,458 13,275 13,254
(Gain) loss on sales of premises and equipment, net     (99) (65)
Outside services 376 393 1,156 1,143
Professional services 436 421 1,217 1,122
Communication 170 204 507 617
Marketing 326 518 1,211 1,150
Amortization of intangible assets 233 233 699 699
Acquisition, conversion and other expenses   31 20 356
Provision for unfunded commitments 45 (26) (85) 345
Other expenses 3,950 4,558 12,206 12,240
Total non-interest expense 23,016 23,032 69,112 66,618
Income before income taxes 14,312 14,395 44,528 38,985
Income tax expense 3,208 2,965 9,621 7,940
Net income $ 11,104 $ 11,430 $ 34,907 $ 31,045
Earnings per share:        
Basic (in dollars per share) $ 0.73 $ 0.76 $ 2.31 $ 2.07
Diluted (in dollars per share) $ 0.73 $ 0.76 $ 2.30 $ 2.06
Weighted average common shares outstanding:        
Basic (in shares) 15,155,457 15,057,598 15,134,954 15,028,963
Diluted (in shares) 15,195,524 15,113,355 15,188,719 15,100,280