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CONSOLIDATED STATEMENTS OF INCOME - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
INTEREST INCOME        
Interest and Fees on Loans $ 52,202 $ 39,987 $ 101,263 $ 78,922
Interest on Federal Funds Sold and Other Short-term Investments 660 1,232 1,005 1,512
Interest and Dividends on Securities:        
Taxable 5,223 5,113 10,619 9,633
Non-taxable 5,429 5,934 11,116 11,474
TOTAL INTEREST INCOME 63,514 52,266 124,003 101,541
INTEREST EXPENSE        
Interest on Deposits 13,357 1,549 22,328 2,878
Interest on FHLB Advances and Other Borrowings 1,899 1,120 4,408 2,158
TOTAL INTEREST EXPENSE 15,256 2,669 26,736 5,036
NET INTEREST INCOME 48,258 49,597 97,267 96,505
Provision for Credit Losses 550 300 1,650 5,500
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES 47,708 49,297 95,617 91,005
NON-INTEREST INCOME        
Company Owned Life Insurance 429 894 830 1,352
Other Operating Income 1,462 1,225 2,673 2,493
Net Gains on Sales of Loans 630 1,049 1,217 2,470
Net Gains on Securities 38 78 40 450
TOTAL NON-INTEREST INCOME 14,896 15,180 29,863 31,368
NON-INTEREST EXPENSE        
Salaries and Employee Benefits 20,103 20,384 41,949 43,472
Occupancy Expense 2,547 2,803 5,457 5,682
Furniture and Equipment Expense 896 969 1,806 1,899
FDIC Premiums 687 465 1,428 941
Data Processing Fees 2,803 2,460 5,558 10,184
Professional Fees 1,614 1,573 3,176 3,936
Advertising and Promotion 1,261 1,027 2,428 2,165
Intangible Amortization 734 957 1,519 1,974
Other Operating Expenses 5,081 5,063 10,021 13,608
TOTAL NON-INTEREST EXPENSE 35,726 35,701 73,342 83,861
Income before Income Taxes 26,878 28,776 52,138 38,512
Income Tax Expense 4,755 5,029 9,208 5,698
NET INCOME $ 22,123 $ 23,747 $ 42,930 $ 32,814
Basic Earnings Per Share (in dollars per share) $ 0.75 $ 0.81 $ 1.45 $ 1.11
Diluted Earnings Per Share (in dollars per share) $ 0.75 $ 0.81 $ 1.45 $ 1.11
Wealth Management Fees        
NON-INTEREST INCOME        
Non-interest income $ 2,912 $ 2,642 $ 5,556 $ 5,280
Service Charges on Deposit Accounts        
NON-INTEREST INCOME        
Non-interest income 2,883 2,871 5,671 5,554
Insurance Revenues        
NON-INTEREST INCOME        
Non-interest income 2,130 2,254 5,265 5,975
Interchange Fee Income        
NON-INTEREST INCOME        
Non-interest income $ 4,412 $ 4,167 $ 8,611 $ 7,794