XML 13 R4.htm IDEA: XBRL DOCUMENT v3.23.3
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:        
Loans, including related fees $ 49,146 $ 38,021 $ 140,220 $ 104,683
Securities:        
Taxable 6,164 5,498 18,631 14,839
Tax-exempt 2,661 2,562 7,937 7,402
Other 752 2,165 2,864 4,178
TOTAL INTEREST INCOME 58,723 48,246 169,652 131,102
INTEREST EXPENSE:        
Deposits 13,627 4,644 35,111 8,793
Short-term borrowings 1,923 418 4,025 676
Other borrowings 2,023 80 2,844 249
TOTAL INTEREST EXPENSE 17,573 5,142 41,980 9,718
NET INTEREST INCOME 41,150 43,104 127,672 121,384
Provision for credit losses 1,200 1,050 4,800 (4,750)
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES 39,950 42,054 122,872 126,134
NON-INTEREST INCOME:        
Trust and financial services 1,140 1,015 3,642 3,687
Service charges and fees on deposit accounts 7,099 6,965 20,971 20,698
Other service charges and fees 213 160 613 488
Securities gains, net       5
Interchange income   149 47 418
Loan servicing fees 447 457 997 1,184
Gain on sales of mortgage loans 321 440 811 1,705
Other 2,407 2,954 4,374 7,963
TOTAL NON-INTEREST INCOME 11,627 12,140 31,455 36,148
NON-INTEREST EXPENSE:        
Salaries and employee benefits 17,159 15,943 51,263 48,953
Occupancy expense 2,389 2,525 7,120 7,419
Equipment expense 3,580 3,311 10,404 9,177
FDIC Expense 613 556 1,977 1,526
Other 8,524 9,169 25,168 26,447
TOTAL NON-INTEREST EXPENSE 32,265 31,504 95,932 93,522
INCOME BEFORE INCOME TAXES 19,312 22,690 58,395 68,760
Provision for income taxes 3,027 4,639 10,143 14,172
NET INCOME 16,285 18,051 48,252 54,588
OTHER COMPREHENSIVE INCOME (LOSS)        
Change in unrealized gains/(losses) on securities, net of reclassifications and taxes (34,934) (41,060) (36,504) (165,893)
Change in funded status of post retirement benefits, net of taxes 146 315 440 944
COMPREHENSIVE INCOME (LOSS) $ (18,503) $ (22,694) $ 12,188 $ (110,361)
PER SHARE DATA        
Basic Earnings per Share (in dollars per share) $ 1.37 $ 1.50 $ 4.02 $ 4.45
Diluted Earnings per Share (in dollars per share) $ 1.37 $ 1.50 $ 4.02 $ 4.45
Weighted average number of shares outstanding, basic (in shares) 11,901 12,029 11,993 12,270
Weighted average number of shares outstanding, diluted (in shares) 11,901 12,029 11,993 12,270