XML 15 R4.htm IDEA: XBRL DOCUMENT v3.23.3
Consolidated Statements Of Income (Unaudited) - USD ($)
shares 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 $ 55,582,000 $ 38,493,000 $ 154,939,000 $ 103,575,000
Interest and dividends on investment securities:        
Taxable 12,432,000 9,556,000 35,999,000 23,327,000
Tax-exempt 910,000 1,228,000 3,022,000 3,650,000
Interest on deposits in depository institutions 1,265,000 1,530,000 5,440,000 2,549,000
Total Interest Income 70,189,000 50,807,000 199,400,000 133,101,000
Interest Expense        
Interest on deposits 10,551,000 1,585,000 24,808,000 4,433,000
Interest on customer repurchase agreements 2,990,000 440,000 8,334,000 677,000
Interest on FHLB long-term advances 1,034,000 0 1,683,000 0
Total Interest Expense 14,575,000 2,025,000 34,825,000 5,110,000
Net Interest Income 55,614,000 48,782,000 164,575,000 127,991,000
Provision for (recovery of) credit losses 200,000 730,000 3,543,000 (26,000)
Net Interest Income After Provision for (Recovery of) Credit Losses 55,414,000 48,052,000 161,032,000 128,017,000
Non-Interest Income        
(Losses) gains on sale of investment securities, net (730,000) 0 43,000 0
Unrealized gains (losses) recognized on equity securities still held, net 0 1,000 67,000 (1,322,000)
Bank owned  life insurance 807,000 754,000 4,819,000 3,746,000
Other income 742,000 792,000 3,020,000 2,825,000
Total Non-Interest Income 17,410,000 18,244,000 56,393,000 53,543,000
Non-Interest Expense        
Salaries and employee benefits 18,289,000 17,398,000 54,391,000 49,386,000
Occupancy related expense 2,950,000 2,664,000 8,401,000 7,993,000
Equipment and software related expense 2,830,000 2,949,000 8,805,000 8,452,000
FDIC insurance expense 919,000 416,000 2,054,000 1,259,000
Advertising 790,000 854,000 2,524,000 2,603,000
Bankcard expenses 2,188,000 1,405,000 5,433,000 4,676,000
Postage, delivery, and statement mailings 668,000 578,000 1,911,000 1,765,000
Office supplies 457,000 466,000 1,468,000 1,303,000
Legal and professional fees 529,000 532,000 1,557,000 1,584,000
Telecommunications 568,000 651,000 1,797,000 1,988,000
Repossessed asset losses (gains), net of expenses 40,000 (3,000) 78,000 4,000
Merger related expenses 2,000 0 5,647,000 0
Other expenses 4,798,000 3,591,000 14,346,000 10,701,000
Total Non-Interest Expense 35,028,000 31,501,000 108,412,000 91,714,000
Income Before Income Taxes 37,796,000 34,795,000 109,013,000 89,846,000
Income tax expense 7,957,000 7,421,000 22,100,000 18,438,000
Net Income Available to Common Shareholders $ 29,839,000 $ 27,374,000 $ 86,913,000 $ 71,408,000
Weighted Average Number of Shares Outstanding Reconciliation [Abstract]        
Average shares outstanding, basic (in shares) 14,922 14,776 14,906 14,878
Effect of dilutive securities (in shares) 23 24 22 23
Average shares outstanding, diluted (in shares) 14,945 14,800 14,928 14,901
Earnings Per Share [Abstract]        
Basic earnings per common share (in dollars per share) $ 1.98 $ 1.84 $ 5.78 $ 4.75
Diluted earnings per common share (in dollars per share) $ 1.98 $ 1.83 $ 5.77 $ 4.75
Service charges        
Non-Interest Income        
Revenue from contract with customer $ 7,124,000 $ 7,487,000 $ 20,593,000 $ 21,281,000
Bankcard revenue        
Non-Interest Income        
Revenue from contract with customer 7,058,000 7,052,000 20,851,000 20,558,000
Trust and investment management fee income        
Non-Interest Income        
Revenue from contract with customer $ 2,409,000 $ 2,158,000 $ 7,000,000 $ 6,455,000