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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 income        
Interest and fees on loans (includes YTD tax-exempt income of $1,362,000 for September 30, 2023 and $879,000 for September 30, 2022) $ 28,329 $ 19,564 $ 78,860 $ 53,463
Interest on deposits with other banks 211 92 300 163
Interest and dividends on investments (includes YTD tax-exempt income of $6,030,000 for September 30, 2023 and $5,588,000 for September 30, 2022) 4,714 4,335 14,192 12,329
     Total interest income 33,254 23,991 93,352 65,955
Interest expense        
Interest on deposits 16,992 4,164 42,384 8,190
Interest on borrowed funds 308 463 1,614 1,083
     Total interest expense 17,300 4,627 43,998 9,273
Net interest income 15,954 19,364 49,354 56,682
Provision (reduction) for credit losses - loans (161) 400 419 1,300
Provision (reduction) for credit losses - debt securities HTM 3 0 (7) 0
Provision (reduction) for credit losses - off-balance sheet credit exposures (42) 0 89 0
Total provision for credit losses (200) 400 501 1,300
Net interest income after provision for credit losses 16,154 18,964 48,853 55,382
Non-interest income        
Net securities gains 0 6 0 7
Other operating income 675 684 1,962 2,031
     Total non-interest income 3,891 4,715 11,330 13,027
Non-interest expense        
Salaries and employee benefits 5,523 5,757 16,420 17,092
Occupancy expense 784 720 2,494 2,298
Furniture and equipment expense 1,403 1,266 4,009 3,740
FDIC insurance premiums 551 298 1,429 738
Amortization of identified intangibles 7 17 20 52
Other operating expense 2,738 3,313 8,199 8,273
     Total non-interest expense 11,006 11,371 32,571 32,193
Income before income taxes 9,039 12,308 27,612 36,216
Income tax expense 1,565 2,217 4,773 6,423
NET INCOME $ 7,474 $ 10,091 $ 22,839 $ 29,793
Basic earnings per common share (usd per share) $ 0.68 $ 0.92 $ 2.08 $ 2.73
Diluted earnings per common share (usd per share) $ 0.67 $ 0.91 $ 2.06 $ 2.70
Other comprehensive income (loss) net of tax        
Net unrealized loss on securities available for sale, net of taxes $ (10,071) $ (14,866) $ (9,134) $ (45,943)
Net unrealized gain on transferred securities, net of taxes 1 6 6 20
Net unrealized gain on hedging derivative instruments 730 354 866 500
Other comprehensive loss (9,340) (14,506) (8,262) (45,423)
Comprehensive income (loss) (1,866) (4,415) 14,577 (15,630)
Investment management and fiduciary income        
Non-interest income        
Non-interest income 1,160 1,087 3,515 3,513
Service charges on deposit accounts        
Non-interest income        
Non-interest income 465 454 1,399 1,358
Mortgage origination and servicing income, net of amortization        
Non-interest income        
Non-interest income 224 356 611 1,234
Debit card income        
Non-interest income        
Non-interest income $ 1,367 $ 2,128 $ 3,843 $ 4,884