XML 14 R4.htm IDEA: XBRL DOCUMENT v3.23.3
Consolidated Statements of Income - 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 $ 25,529 $ 20,085 $ 72,322 $ 56,561
Tax-exempt 552 505 1,687 1,426
Income from available-for-sale debt securities:        
Taxable 2,077 2,138 6,440 6,143
Tax-exempt 597 768 1,847 2,258
Other interest and dividend income 363 214 972 404
Total interest and dividend income 29,118 23,710 83,268 66,792
INTEREST EXPENSE        
Interest on deposits 7,264 1,972 15,593 4,012
Interest on short-term borrowings 677 179 2,918 302
Interest on long-term borrowings - FHLB advances 1,164 332 2,901 436
Interest on senior notes, net 120 119 359 357
Interest on subordinated debt, net 230 229 691 849
Total interest expense 9,455 2,831 22,462 5,956
Net interest income 19,663 20,879 60,806 60,836
(Credit) provision for credit losses (1,225) 3,794 (765) 4,993
Net interest income after (credit) provision for credit losses 20,888 17,085 61,571 55,843
NONINTEREST INCOME        
Brokerage and insurance revenue 394 696 1,189 1,784
Net gains from sale of loans 237 131 450 733
Increase in cash surrender value of life insurance 160 133 450 405
Other noninterest income 1,084 622 3,442 2,666
Realized gains on available-for-sale debt securities, net 0 20 6 21
Total noninterest income 6,489 5,671 18,739 18,323
NONINTEREST EXPENSE        
Salaries and employee benefits 10,878 10,826 33,082 31,698
Net occupancy and equipment expense 1,268 1,498 3,993 4,217
Data processing and telecommunications expense 1,823 1,719 5,659 5,062
Automated teller machine and interchange expense 504 397 1,374 1,128
Pennsylvania shares tax 403 487 1,210 1,463
Professional fees 487 521 1,988 1,490
Other noninterest expense 2,577 1,995 8,443 6,310
Total noninterest expense 17,940 17,443 55,749 51,368
Income before income tax provision 9,437 5,313 24,561 22,798
Income tax provision 1,846 858 4,674 3,959
NET INCOME $ 7,591 $ 4,455 $ 19,887 $ 18,839
EARNINGS PER COMMON SHARE - BASIC (in dollars per share) $ 0.50 $ 0.29 $ 1.29 $ 1.21
EARNINGS PER COMMON SHARE - DILUTED (in dollars per share) $ 0.50 $ 0.29 $ 1.29 $ 1.21
Trust revenue        
NONINTEREST INCOME        
Revenue $ 1,919 $ 1,744 $ 5,500 $ 5,245
Service charges on deposit accounts        
NONINTEREST INCOME        
Revenue 1,443 1,105 4,121 3,662
Interchange revenue from debit card transactions        
NONINTEREST INCOME        
Revenue 1,098 1,031 3,115 3,050
Loan servicing fees, net        
NONINTEREST INCOME        
Revenue $ 154 $ 189 $ 466 $ 757