XML 19 R5.htm IDEA: XBRL DOCUMENT v3.25.0.1
Consolidated Statements of Income and Comprehensive Income (Loss) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Interest and dividend income      
Interest and fees on loans (includes tax-exempt income of $2,518,000 in 2024, $1,913,000 in 2023, and $1,181,000 in 2022) $ 129,440 $ 108,274 $ 75,805
Interest on deposits with other banks 550 517 315
Interest and dividends on investments (includes tax-exempt income of $7,940,000 in 2024, $8,032,000 in 2023, and $7,571,000 in 2022) 18,842 19,383 16,915
Total interest and dividend income 148,832 128,174 93,035
Interest expense      
Interest on deposits 79,411 61,004 15,359
Interest on borrowed funds 5,511 1,963 1,510
Total interest expense 84,922 62,967 16,869
Net interest income 63,910 65,207 76,166
Credit loss expense - loans 1,304 1,330 1,750
Credit loss reduction - debt securities HTM (238) (4) 0
Credit loss reduction - off-balance sheet credit exposures (541) (142) 0
Total credit loss expense 525 1,184 1,750
Net interest income after provision for credit losses 63,385 64,023 74,416
Non-interest income      
Net securities gains 0 0 7
Other operating income 3,094 2,699 2,670
Non-interest income 16,355 15,437 16,874
Non-interest expense      
Salaries and employee benefits 24,230 21,942 23,316
Occupancy expense 3,373 3,319 3,052
Furniture and equipment expense 5,622 5,391 5,058
FDIC insurance premiums 2,391 1,962 1,068
Amortization of identified intangibles 26 26 69
Other operating expense 11,514 11,118 11,341
Total non-interest expense 47,156 43,758 43,904
Income before income taxes 32,584 35,702 47,386
Applicable tax expense 5,539 6,184 8,396
Net income $ 27,045 $ 29,518 $ 38,990
Basic earnings per common share (in usd per share) $ 2.45 $ 2.68 $ 3.56
Diluted earnings per common share (in usd per share) $ 2.43 $ 2.66 $ 3.53
Other comprehensive income (loss), net of tax      
Net unrealized (loss) gain on securities available for sale $ (3,096) $ 5,143 $ (43,000)
Net unrealized gain on securities transferred from available for sale to held to maturity, net of amortization 9 8 23
Net (loss) gain on cash flow hedging derivative instruments (143) (244) 544
Net unrecognized (loss) gain on postretirement benefits (16) 30 168
Other comprehensive income (loss) (3,246) 4,937 (42,265)
Comprehensive income (loss) 23,799 34,455 (3,275)
Fiduciary and investment management income      
Non-interest income      
Non-interest income 4,963 4,654 4,600
Service charges on deposit accounts      
Non-interest income      
Non-interest income 2,048 1,887 1,825
Mortgage origination and servicing income      
Non-interest income      
Non-interest income 794 813 1,424
Debit card income      
Non-interest income      
Non-interest income $ 5,456 $ 5,384 $ 6,348