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CONSOLIDATED STATEMENTS OF INCOME - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Interest income        
Interest and fees on loans and leases $ 56,698 $ 52,153 $ 168,296 $ 149,851
Interest and dividends on investment securities 8,044 5,485 22,171 16,593
Interest on deposits with others 3,893 8,075 14,640 19,918
Total interest income 68,635 65,713 205,107 186,362
Interest expense        
Deposits 16,421 12,051 48,972 24,156
Borrowed funds 0 0 986 0
Subordinated debentures 221 221 662 621
Total interest expense 16,642 12,272 50,620 24,777
Net interest income 51,993 53,441 154,487 161,585
Provision for credit losses 0 3,000 0 7,057
Net interest income after provision for credit losses 51,993 50,441 154,487 154,528
Non-interest income        
Card processing 1,777 1,693 5,170 4,996
Service charges on deposit accounts 794 722 2,291 2,046
Increase in cash surrender value of BOLI 606 512 1,803 1,462
Gain on BOLI death benefit 0 0 0 4,346
Net gain (loss) on sale of securities available-for-sale 743 0 743 (5,686)
Net gain (loss) on deferred compensation benefits 1,277 (304) 2,849 1,894
Other 1,083 983 3,266 3,455
Total non-interest income 6,280 3,606 16,122 12,513
Non-interest expense        
Salaries and employee benefits 19,049 17,172 54,551 54,693
Net gain (loss) on deferred compensation benefits 1,277 (304) 2,849 1,894
Data Processing 1,513 1,254 4,503 3,821
Occupancy 1,318 1,191 3,793 3,599
Deposit insurance 705 687 2,119 2,052
Professional services 968 687 2,130 2,042
Marketing 504 440 1,546 1,335
Other 2,421 3,341 7,207 10,037
Total non-interest expense 27,755 24,468 78,698 79,473
INCOME BEFORE INCOME TAXES 30,518 29,579 91,911 87,568
Income tax expense 8,397 7,545 25,300 20,679
NET INCOME $ 22,121 $ 22,034 $ 66,611 $ 66,889
Earnings per common share:        
Basic (in dollars per share) $ 29.96 $ 29.23 $ 89.91 $ 88.06
Diluted (in dollars per share) $ 29.96 $ 29.23 $ 89.91 $ 88.06
Weighted average number of common shares        
Basic (in shares) 738,421 753,780 740,898 759,600
Diluted (in shares) 738,421 753,780 740,898 759,600