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Consolidated Statements of Income (Unaudited) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Interest income        
Loans, including fees $ 43,807,000 $ 33,656,000 $ 113,061,000 $ 100,430,000
Securities, taxable 2,005,000 1,341,000 5,568,000 3,580,000
Securities, tax-exempt 697,000 600,000 1,928,000 1,795,000
Other interest-earning assets 1,620,000 291,000 3,004,000 642,000
Total interest income 48,129,000 35,888,000 123,561,000 106,447,000
Interest expense        
Deposits 2,299,000 2,184,000 5,997,000 7,247,000
Short-term borrowings 53,000 46,000 153,000 122,000
Federal Home Loan Bank advances 1,755,000 2,072,000 5,530,000 6,149,000
Subordinated debt and other borrowings 1,646,000 462,000 4,294,000 1,401,000
Total interest expense 5,753,000 4,764,000 15,974,000 14,919,000
Net interest income 42,376,000 31,124,000 107,587,000 91,528,000
Provision for credit losses 2,900,000 1,900,000 3,500,000 (900,000)
Net interest income after provision for credit losses 39,476,000 29,224,000 104,087,000 92,428,000
Noninterest income:        
Mortgage banking income 1,764,000 6,554,000 6,991,000 23,049,000
Interest rate swap fees 566,000 3,938,000 2,347,000 6,086,000
Payroll services income 533,000 412,000 1,635,000 1,374,000
Earnings on bank owned life insurance 238,000 298,000 1,310,000 872,000
Gain on sale of branch 0 0 0 1,058,000
Other income 487,000 1,095,000 1,399,000 1,916,000
Total noninterest income 7,253,000 15,568,000 24,272,000 43,587,000
Noninterest expense        
Salaries and benefits 16,656,000 15,975,000 47,842,000 47,255,000
Occupancy 2,001,000 2,030,000 6,168,000 6,021,000
Furniture and equipment depreciation, rent and maintenance 953,000 929,000 2,822,000 2,719,000
Data processing costs 3,139,000 2,746,000 9,203,000 8,138,000
Charitable foundation contribution 4,000 0 509,000 0
Other expense 4,003,000 4,530,000 12,896,000 13,386,000
Total noninterest expenses 26,756,000 26,210,000 79,440,000 77,519,000
Income before federal income tax expense 19,973,000 18,582,000 48,919,000 58,496,000
Federal income tax expense 3,943,000 3,531,000 9,659,000 11,114,000
Net income $ 16,030,000 $ 15,051,000 $ 39,260,000 $ 47,382,000
Basic earnings per share (in dollars per share) $ 1.01 $ 0.95 $ 2.48 $ 2.95
Diluted earnings per share (in dollars per share) 1.01 0.95 2.48 2.95
Cash dividends per share (in dollars per share) $ 0.32 $ 0.30 $ 0.94 $ 0.88
Average basic shares outstanding (in shares) 15,861,551 15,859,955 15,850,422 16,084,806
Average diluted shares outstanding (in shares) 15,861,551 15,860,314 15,850,439 16,085,274
Service Charges on Deposit and Sweep Accounts [Member]        
Noninterest income:        
Noninterest revenue $ 1,579,000 $ 1,324,000 $ 4,489,000 $ 3,687,000
Credit and Debit Card [Member]        
Noninterest income:        
Noninterest revenue $ 2,086,000 $ 1,947,000 $ 6,101,000 $ 5,545,000