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CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (LOSS) - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Interest and fees on loans:      
Taxable $ 129,013 $ 95,505 $ 82,493
Tax-exempt 5,628 5,084 3,957
Interest and dividends on investment securities:      
Taxable 7,912 8,234 5,464
Tax-exempt 1,582 2,066 1,731
Dividends 4 2 74
Interest on interest-bearing deposits in other banks 335 101 8
Interest on federal funds sold 5,377 342 330
Total interest income 149,851 111,334 94,057
Interest expense:      
Interest on deposits 58,561 12,632 7,310
Interest on short-term borrowings 1,920 1,103 78
Interest on long-term debt 842 76 260
Interest on subordinated debt 1,774 1,774 1,774
Total interest expense 63,097 15,585 9,422
Net interest income 86,754 95,749 84,635
Provision for (credit to) credit losses 566 (449) 1,750
Net interest income after provision for (credit to) credit losses 86,188 96,198 82,885
Noninterest income:      
Mortgage banking income 390 511 975
Increase in cash surrender value of life insurance 1,067 1,020 889
Interest rate swap revenue 390 622 759
Net (losses) gains on equity investment securities (11) (31) 2
Net gains (losses) on sale of investment securities available for sale 81 (1,976)  
Gain on sale of Visa Class B shares     12,153
Total noninterest income 14,133 11,845 25,636
Noninterest expense:      
Salaries and employee benefits expense 35,285 33,553 29,736
Net occupancy and equipment expense 17,146 16,578 12,848
Acquisition related expenses 1,816    
Amortization of intangible assets 105 363 491
Net gains on sale of other real estate owned (18) (478) (210)
Professional fees and outside services 2,810 2,715 2,137
FDIC insurance and assessments 2,131 1,300 1,117
Donations 1,619 1,381 1,435
Other expenses 6,926 7,265 7,450
Total noninterest expense 67,820 62,677 55,004
Income before income taxes 32,501 45,366 53,517
Provision for income tax expense 5,121 7,276 9,998
Net income 27,380 38,090 43,519
Other comprehensive income (loss):      
Unrealized gain (loss) on investment securities available for sale 14,804 (66,435) (11,487)
Reclassification adjustment for net (gain) loss on sales included in net income (81) 1,976  
Change in benefit plan liabilities 1,129 370 2,109
Change in derivative fair value (824) (728) (322)
Other comprehensive income (loss) 15,028 (64,817) (9,700)
Income tax expense (benefit) related to other comprehensive income (loss) 3,043 (13,995) (2,037)
Other comprehensive income (loss), net of income tax expense (benefit) 11,985 (50,822) (7,663)
Comprehensive income (loss) $ 39,365 $ (12,732) $ 35,856
Per share data:      
Basic $ 3.85 $ 5.31 $ 6.05
Diluted $ 3.83 $ 5.28 $ 6.02
Weighted average common shares outstanding:      
Basic 7,107,908 7,168,092 7,196,160
Diluted 7,151,471 7,211,643 7,235,303
Dividends declared $ 1.64 $ 1.58 $ 1.50
Service charges, fees, commissions and other      
Noninterest income:      
Revenue from contracts with customers $ 7,728 $ 7,076 $ 6,169
Merchant services income      
Noninterest income:      
Revenue from contracts with customers 693 964 879
Commission and fees on fiduciary activities      
Noninterest income:      
Revenue from contracts with customers 2,219 2,229 2,273
Wealth management income      
Noninterest income:      
Revenue from contracts with customers $ 1,576 $ 1,430 $ 1,537