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Consolidated Statements of Income and Comprehensive Income (Loss) (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Interest income        
Interest and fees on loans (includes YTD tax-exempt income of $879,000 for September 30, 2022 and $832,000 for September 30, 2021) $ 19,564 $ 15,905 $ 53,463 $ 45,864
Interest on deposits with other banks 92 21 163 45
Interest and dividends on investments (includes YTD tax-exempt income of $5,588,000 for September 30, 2022 and $5,798,000 for September 30, 2021) 4,335 3,662 12,329 11,173
     Total interest income 23,991 19,588 65,955 57,082
Interest expense        
Interest on deposits 4,164 1,650 8,190 5,796
Interest on borrowed funds 463 927 1,083 2,679
     Total interest expense 4,627 2,577 9,273 8,475
Net interest income 19,364 17,011 56,682 48,607
Provision for loan losses 400 525 1,300 1,575
Net interest income after provision for loan losses 18,964 16,486 55,382 47,032
Non-interest income        
Net securities gains (losses) 6 (142) 7 22
Other operating income 684 607 2,031 1,852
     Total non-interest income 4,715 4,375 13,027 14,584
Non-interest expense        
Salaries and employee benefits 5,757 5,424 17,092 15,600
Occupancy expense 720 735 2,298 2,148
Furniture and equipment expense 1,266 1,135 3,740 3,535
FDIC insurance premiums 298 209 738 600
Amortization of identified intangibles 17 17 52 52
Other operating expense 3,313 2,412 8,273 7,367
     Total non-interest expense 11,371 9,932 32,193 29,302
Income before income taxes 12,308 10,929 36,216 32,314
Income tax expense 2,217 1,915 6,423 5,591
NET INCOME $ 10,091 $ 9,014 $ 29,793 $ 26,723
Basic earnings per common share (usd per share) $ 0.92 $ 0.83 $ 2.73 $ 2.45
Diluted earnings per common share (usd per share) $ 0.91 $ 0.82 $ 2.70 $ 2.43
Other comprehensive income (loss) net of tax        
Net unrealized loss on securities available for sale, net of taxes $ (14,866) $ (1,817) $ (45,943) $ (5,636)
Net unrealized gain on transferred securities, net of taxes 6 14 20 34
Net unrealized gain on cash flow hedging derivative instruments 354 546 500 3,395
Other comprehensive loss (14,506) (1,257) (45,423) (2,207)
Comprehensive income (loss) (4,415) 7,757 (15,630) 24,516
Investment management and fiduciary income        
Non-interest income        
Non-interest income 1,087 1,135 3,513 3,352
Service charges on deposit accounts        
Non-interest income        
Non-interest income 454 413 1,358 1,132
Mortgage origination and servicing income, net of amortization        
Non-interest income        
Non-interest income 356 1,030 1,234 4,351
Debit card income        
Non-interest income        
Non-interest income $ 2,128 $ 1,332 $ 4,884 $ 3,875