XML 13 R4.htm IDEA: XBRL DOCUMENT v3.22.2
Consolidated Statements of Income (Unaudited) - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
Interest income        
Loans, including fees $ 36,003,000 $ 33,789,000 $ 69,254,000 $ 66,774,000
Securities, taxable 1,898,000 1,204,000 3,563,000 2,239,000
Securities, tax-exempt 631,000 598,000 1,231,000 1,195,000
Other interest-earning assets 1,018,000 183,000 1,384,000 351,000
Total interest income 39,550,000 35,774,000 75,432,000 70,559,000
Interest expense        
Deposits 1,873,000 2,346,000 3,698,000 5,063,000
Short-term borrowings 49,000 40,000 99,000 76,000
Federal Home Loan Bank advances 1,911,000 2,050,000 3,774,000 4,077,000
Subordinated debt and other borrowings 1,391,000 467,000 2,650,000 939,000
Total interest expense 5,224,000 4,903,000 10,221,000 10,155,000
Net interest income 34,326,000 30,871,000 65,211,000 60,404,000
Provision for credit losses 500,000 (3,100,000) 600,000 (2,800,000)
Net interest income after provision for credit losses 33,826,000 33,971,000 64,611,000 63,204,000
Noninterest income:        
Mortgage banking income 1,947,000 7,695,000 5,228,000 16,495,000
Interest rate swap fees 430,000 1,495,000 1,781,000 2,148,000
Payroll services income 464,000 405,000 1,102,000 962,000
Earnings on bank owned life insurance 785,000 297,000 1,072,000 574,000
Gain on sale of branch 0 1,058,000 0 1,058,000
Other income 486,000 477,000 910,000 821,000
Total noninterest income 7,741,000 14,556,000 17,018,000 28,019,000
Noninterest expense        
Salaries and benefits 15,676,000 16,194,000 31,186,000 31,279,000
Occupancy 2,084,000 1,977,000 4,168,000 3,991,000
Furniture and equipment depreciation, rent and maintenance 935,000 902,000 1,869,000 1,791,000
Data processing costs 3,091,000 2,775,000 6,064,000 5,392,000
Charitable foundation contribution 500,000 0 506,000 0
Other expense 4,656,000 4,344,000 8,891,000 8,856,000
Total noninterest expenses 26,942,000 26,192,000 52,684,000 51,309,000
Income before federal income tax expense 14,625,000 22,335,000 28,945,000 39,914,000
Federal income tax expense 2,888,000 4,244,000 5,716,000 7,583,000
Net income $ 11,737,000 $ 18,091,000 $ 23,229,000 $ 32,331,000
Basic earnings per share (in dollars per share) $ 0.74 $ 1.12 $ 1.47 $ 2.00
Diluted earnings per share (in dollars per share) 0.74 1.12 1.47 2.00
Cash dividends per share (in dollars per share) $ 0.31 $ 0.29 $ 0.62 $ 0.58
Average basic shares outstanding (in shares) 15,848,681 16,116,070 15,844,763 16,199,096
Average diluted shares outstanding (in shares) 15,848,681 16,116,666 15,844,763 16,199,620
Service Charges on Deposit and Sweep Accounts [Member]        
Noninterest income:        
Noninterest revenue $ 1,495,000 $ 1,209,000 $ 2,910,000 $ 2,363,000
Credit and Debit Card [Member]        
Noninterest income:        
Noninterest revenue $ 2,134,000 $ 1,920,000 $ 4,015,000 $ 3,598,000