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Consolidated Statements of Income - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Interest and fees on loans:        
Taxable $ 24,362 $ 17,927 $ 46,793 $ 36,476
Tax-exempt 564 467 1,135 921
Income from available-for-sale debt securities:        
Taxable 2,152 2,036 4,363 4,005
Tax-exempt 610 768 1,250 1,490
Other interest and dividend income 323 111 609 190
Total interest and dividend income 28,011 21,309 54,150 43,082
INTEREST EXPENSE        
Interest on deposits 5,099 1,130 8,329 2,040
Interest on short-term borrowings 1,144 122 2,241 123
Interest on long-term borrowings - FHLB advances 1,056 55 1,737 104
Interest on senior notes, net 119 120 239 238
Interest on subordinated debt, net 231 257 461 620
Total interest expense 7,649 1,684 13,007 3,125
Net interest income 20,362 19,625 41,143 39,957
Provision for credit losses 812 308 460 1,199
Net interest income after provision for credit losses 19,550 19,317 40,683 38,758
NONINTEREST INCOME        
Brokerage and insurance revenue 365 566 795 1,088
Net gains from sale of loans 139 220 213 602
Increase in cash surrender value of life insurance 152 137 290 272
Other noninterest income 1,587 1,456 2,358 2,044
Realized (losses) gains on available-for-sale debt securities, net (1) (1) 6 1
Total noninterest income 6,634 6,829 12,250 12,652
NONINTEREST EXPENSE        
Salaries and employee benefits 10,777 10,265 22,204 20,872
Net occupancy and equipment expense 1,323 1,308 2,725 2,719
Data processing and telecommunications expense 1,900 1,720 3,836 3,343
Automated teller machine and interchange expense 395 347 870 731
Pennsylvania shares tax 404 488 807 976
Professional fees 564 480 1,501 969
Other noninterest expense 3,359 2,431 5,866 4,315
Total noninterest expense 18,722 17,039 37,809 33,925
Income before income tax provision 7,462 9,107 15,124 17,485
Income tax provision 1,419 1,618 2,828 3,101
NET INCOME $ 6,043 $ 7,489 $ 12,296 $ 14,384
EARNINGS PER COMMON SHARE - BASIC (in dollars per share) $ 0.39 $ 0.48 $ 0.80 $ 0.92
EARNINGS PER COMMON SHARE - DILUTED (in dollars per share) $ 0.39 $ 0.48 $ 0.80 $ 0.92
Trust revenue        
NONINTEREST INCOME        
Revenue $ 1,804 $ 1,715 $ 3,581 $ 3,501
Service charges on deposit accounts        
NONINTEREST INCOME        
Revenue 1,388 1,322 2,678 2,557
Interchange revenue from debit card transactions        
NONINTEREST INCOME        
Revenue 1,010 1,056 2,017 2,019
Loan servicing fees, net        
NONINTEREST INCOME        
Revenue $ 190 $ 358 $ 312 $ 568