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Consolidated Statements of Income (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
INTEREST AND DIVIDEND INCOME        
Loans, including fees $ 25,714 $ 23,577 $ 51,276 $ 47,382
Taxable securities 5,223 2,511 9,810 4,230
Tax exempt securities 3,038 2,342 5,990 4,416
Dividends 216 121 346 242
Federal funds sold and other interest income 95 58 143 129
TOTAL INTEREST AND DIVIDEND INCOME 34,286 28,609 67,565 56,399
INTEREST EXPENSE        
Deposits 1,651 1,829 2,895 4,055
Short-term borrowings 97 3 98 7
Long-term borrowings 827 287 1,619 580
TOTAL INTEREST EXPENSE 2,575 2,119 4,612 4,642
NET INTEREST INCOME 31,711 26,490 62,953 51,757
Provision (credit) for credit losses 482 50 (448) 475
Provision for unfunded loans 134 0 706 0
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES 31,095 26,440 62,695 51,282
NONINTEREST INCOME        
Bank owned life insurance income 405 300 814 584
Security (losses) gains, including fair value changes for equity securities (60) 32 (71) 520
Net gains on sale of loans 365 2,191 1,494 5,091
Other mortgage banking income (loss), net 39 (55) 99 (170)
Legal settlement 0 0 8,375 0
Other operating income 1,719 710 2,237 1,243
TOTAL NONINTEREST INCOME 9,477 9,508 27,175 19,640
NONINTEREST EXPENSES        
Salaries and employee benefits 11,073 9,866 22,904 19,842
Occupancy and equipment 2,918 1,890 5,598 4,165
State and local taxes 697 551 1,375 1,105
Professional fees 1,056 830 4,191 1,886
Merger related costs 674 104 2,614 116
Advertising 487 357 879 617
FDIC insurance 282 120 549 290
Intangible amortization 419 316 839 632
Core processing charges 1,123 831 1,868 1,458
Charitable donation 0 0 6,000 0
Other operating expenses 2,732 2,205 5,100 4,276
TOTAL NONINTEREST EXPENSES 21,461 17,070 51,917 34,387
INCOME BEFORE INCOME TAXES 19,111 18,878 37,953 36,535
INCOME TAXES 3,160 3,303 6,158 6,404
NET INCOME $ 15,951 $ 15,575 $ 31,795 $ 30,131
EARNINGS PER SHARE - basic $ 0.47 $ 0.55 $ 0.94 $ 1.07
EARNINGS PER SHARE - fully diluted $ 0.47 $ 0.55 $ 0.94 $ 1.06
Service Charges on Deposit Accounts        
NONINTEREST INCOME        
Noninterest income $ 1,139 $ 790 $ 2,284 $ 1,598
Trust Fees        
NONINTEREST INCOME        
Noninterest income 2,376 2,358 4,895 4,594
Insurance Agency Commissions        
NONINTEREST INCOME        
Noninterest income 1,086 948 2,133 1,951
Retirement Plan Consulting Fees        
NONINTEREST INCOME        
Noninterest income 323 389 720 709
Investment Commissions        
NONINTEREST INCOME        
Noninterest income 557 523 1,251 1,027
Debit Card and EFT Fees        
NONINTEREST INCOME        
Noninterest income $ 1,528 $ 1,322 $ 2,944 $ 2,493