XML 14 R4.htm IDEA: XBRL DOCUMENT v3.23.3
Condensed Consolidated Statements of Income and Comprehensive Income (Loss) - USD ($)
shares in Thousands, $ 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, including loans held for sale $ 60,156 $ 43,524 $ 167,925 $ 120,925
Interest and dividends on securities        
Taxable 6,831 5,830 20,400 15,158
Tax exempt 665 740 2,016 2,264
Interest and dividends on Federal Reserve Bank and Federal Home Loan Bank stock 168 175 514 423
Interest on Federal Reserve Bank deposits 1,616 1,105 4,255 1,460
Other, including interest on federal funds sold 63 31 211 54
Total interest income 69,499 51,405 195,321 140,284
Interest expense:        
Interest on deposits 21,733 6,648 54,586 13,449
Interest on repurchase agreements and federal funds purchased 2,524 666 6,330 1,256
Interest on advances from Federal Home Loan Bank 954 0 1,004 1
Interest on long-term debt 1,148 555 3,266 1,220
Total interest expense 26,359 7,869 65,186 15,926
Net interest income 43,140 43,536 130,135 124,358
Provision for credit losses 1,871 2,414 4,996 3,366
Net interest income after provision for credit losses 41,269 41,122 125,139 120,992
Noninterest income:        
Deposit related fees 7,823 7,629 22,623 21,638
Gains on sales of loans, net 105 235 341 1,351
Trust and wealth management income 3,277 2,989 9,707 9,435
Loan related fees 1,283 1,589 3,325 5,066
Bank owned life insurance 1,108 743 2,701 2,136
Brokerage revenue 452 453 1,188 1,502
Securities gains (losses) 355 (159) 738 (285)
Other noninterest income 1,093 1,200 3,311 3,302
Total noninterest income 15,496 14,679 43,934 44,145
Noninterest expense:        
Officer salaries and employee benefits 3,725 4,114 11,451 12,235
Other salaries and employee benefits 14,328 14,432 43,815 42,383
Occupancy, net 2,154 2,259 6,637 6,624
Equipment 721 638 2,161 1,883
Data processing 2,410 2,270 7,096 6,566
Bank franchise tax 406 413 1,244 1,244
Legal fees 234 240 883 889
Professional fees 488 512 1,567 1,614
Advertising and marketing 767 768 2,291 2,179
FDIC insurance 612 360 1,828 1,073
Other real estate owned provision and expense 165 42 345 438
Repossession expense 109 104 438 335
Amortization of limited partnership investments 714 687 1,909 2,167
Other noninterest expense 4,014 4,636 12,097 11,182
Total noninterest expense 30,847 31,475 93,762 90,812
Income before income taxes 25,918 24,326 75,311 74,325
Income taxes 5,290 4,954 15,966 14,954
Net income 20,628 19,372 59,345 59,371
Unrealized holding losses on debt securities available-for-sale:        
Unrealized holding losses arising during the period (26,766) (56,091) (13,878) (181,877)
Less: Reclassification adjustments for realized gains (losses) included in net income 0 0 4 (1)
Tax benefit (6,679) (14,584) (1,633) (47,288)
Other comprehensive loss, net of tax (20,087) (41,507) (12,249) (134,588)
Comprehensive income (loss) $ 541 $ (22,135) $ 47,096 $ (75,217)
Basic earnings per share (in dollars per share) $ 1.15 $ 1.09 $ 3.32 $ 3.33
Diluted earnings per share (in dollars per share) $ 1.15 $ 1.08 $ 3.32 $ 3.33
Weighted average shares outstanding-basic (in shares) 17,893 17,841 17,882 17,832
Weighted average shares outstanding-diluted (in shares) 17,904 17,857 17,892 17,844