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CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (LOSS) (UNAUDITED) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Interest and fees on loans:        
Taxable $ 33,095 $ 25,128 $ 95,283 $ 67,990
Tax-exempt 1,411 1,338 4,205 3,717
Interest and dividends on investment securities:        
Taxable 1,920 2,096 5,973 6,176
Tax-exempt 375 521 1,210 1,546
Dividends     4 2
Interest on interest-bearing deposits in other banks 91 41 190 61
Interest on federal funds sold 1,873 106 2,914 201
Total interest income 38,765 29,230 109,779 79,693
Interest expense:        
Interest on deposits 16,481 3,316 39,805 6,381
Interest on short-term borrowings 291 457 1,590 579
Interest on long-term debt 273 16 569 67
Interest on subordinated debt 443 443 1,330 1,330
Total interest expense 17,488 4,232 43,294 8,357
Net interest income 21,277 24,998 66,485 71,336
(Credit to) provision for credit losses (166) 450 (1,103) 1,700
Net interest income after (credit to) provision for credit losses 21,443 24,548 67,588 69,636
Noninterest income:        
Mortgage banking income 87 135 295 407
Increase in cash surrender value of life insurance 270 269 790 731
Interest rate swap revenue 266 130 512 757
Net losses on equity investment securities   (18) (17) (37)
Net gains on sale of investment securities available for sale     81  
Total noninterest income 3,692 3,317 10,918 10,619
Noninterest expense:        
Salaries and employee benefits expense 8,784 8,474 26,346 24,365
Net occupancy and equipment expense 4,298 4,025 12,678 12,061
Acquisition related expense 869   990  
Amortization of intangible assets 29 96 86 289
Net gains on sale of other real estate owned (18)   (18) (478)
Professional fees and outside services 687 733 1,960 1,969
FDIC insurance and assessments 508 324 1,565 969
Donations 389 373 1,254 1,038
Other expenses 1,508 1,910 5,361 5,504
Total noninterest expense 17,054 15,935 50,222 45,717
Income before income taxes 8,081 11,930 28,284 34,538
Provision for income tax expense 1,335 1,962 4,534 5,587
Net income 6,746 9,968 23,750 28,951
Other comprehensive (loss) income:        
Unrealized loss on investment securities available for sale (10,378) (21,510) (4,690) (72,791)
Reclassification adjustment for net gain on sales included in net income     (81)  
Change in derivative fair value 747 (46) 826 (740)
Other comprehensive loss (9,631) (21,556) (3,945) (73,531)
Income tax benefit related to other comprehensive loss (2,074) (4,527) (851) (15,442)
Other comprehensive loss, net of income tax benefit (7,557) (17,029) (3,094) (58,089)
Comprehensive (loss) income $ (811) $ (7,061) $ 20,656 $ (29,138)
Per share data:        
Basic $ 0.95 $ 1.39 $ 3.33 $ 4.04
Diluted $ 0.95 $ 1.38 $ 3.31 $ 4.01
Average common shares outstanding:        
Basic 7,088,745 7,169,809 7,130,506 7,171,382
Diluted 7,120,685 7,213,147 7,165,570 7,214,966
Dividends declared $ 0.41 $ 0.40 $ 1.23 $ 1.18
Service charges, fees, commissions and other        
Noninterest income:        
Revenue from contracts with customers $ 1,900 $ 1,714 $ 5,847 $ 5,167
Merchant services income        
Noninterest income:        
Revenue from contracts with customers 170 157 542 833
Commission and fees on fiduciary activities        
Noninterest income:        
Revenue from contracts with customers 606 591 1,691 1,697
Wealth management income        
Noninterest income:        
Revenue from contracts with customers $ 393 $ 339 $ 1,177 $ 1,064