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Consolidated Statements of Income and Comprehensive Income - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
INTEREST AND DIVIDEND INCOME:      
Interest and fees on loans $ 157,799 $ 147,547 $ 139,867
Processing fees on PPP loans 8,737 5,140 0
Securities and cash and cash equivalents:      
Taxable 11,680 12,362 12,472
Tax-exempt 1,125 1,441 2,372
Dividends 259 677 1,017
Total interest and dividend income 179,600 167,167 155,728
INTEREST EXPENSE:      
Deposits 15,062 24,142 30,202
Borrowed funds and finance lease liabilities 23 4,534 5,349
Subordinated debentures (includes $276, $224, and $63 accumulated other comprehensive income reclassification for change in fair value of interest rate swap agreements, respectively) 4,735 3,780 3,979
Total interest expense 19,820 32,456 39,530
NET INTEREST INCOME 159,780 134,711 116,198
PROVISION FOR CREDIT LOSS EXPENSE 6,003 15,354 6,024
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSS EXPENSE 153,777 119,357 110,174
NON-INTEREST INCOME:      
Service charges on deposit accounts 6,195 5,095 6,402
Other service charges and fees 2,436 2,548 2,930
Wealth and asset management fees 6,740 5,497 4,627
Net realized gains on available-for-sale securities (includes $783, $2,190, and $148 accumulated other comprehensive income reclassifications for net realized gains on available-for-sale securities, respectively) 783 2,190 148
Net realized gains on equity securities 0 75 16
Net unrealized gains on equity securities 790 253 1,872
Realized gains on Visa Class B shares 0 0 463
Mortgage banking 3,147 3,354 1,412
Bank owned life insurance 2,638 1,747 1,317
Card processing and interchange income 7,796 5,727 4,641
Other 2,909 1,573 2,147
Total non-interest income 33,434 28,059 25,975
NON-INTEREST EXPENSES:      
Compensation and benefits (includes $(44), $0, and $23 accumulated other comprehensive income reclassifications for net amortization of actuarial (gains) losses, respectively) 61,175 48,723 46,405
Net occupancy expense 12,381 12,333 11,221
Amortization of core deposit intangible 107 206 567
Technology expense 11,723 7,153 4,994
State and local taxes 4,057 3,340 3,140
Legal, professional and examination fees 3,517 2,990 2,514
Advertising 2,081 1,993 2,113
FDIC insurance 2,509 2,414 1,252
Merger costs, prepayment penalties and branch closure costs 0 12,642 170
Dues and subscriptions 2,089 1,843 1,876
Card processing and interchange expenses 3,836 3,135 2,891
Other 12,958 10,554 10,365
Total non-interest expenses 116,433 107,326 87,508
INCOME BEFORE INCOME TAXES 70,778 40,090 48,641
INCOME TAX EXPENSE (includes $116, $413, and $13 income tax expense reclassification items, respectively) 13,071 7,347 8,560
NET INCOME 57,707 32,743 40,081
PREFERRED STOCK DIVIDENDS 4,302 1,147 0
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS $ 53,405 $ 31,596 $ 40,081
EARNINGS PER COMMON SHARE:      
Basic (in dollars per share) $ 3.16 $ 1.97 $ 2.63
Diluted (in dollars per share) $ 3.16 $ 1.97 $ 2.63
OTHER COMPREHENSIVE INCOME (LOSS):      
Net change in unrealized gains (losses) on available-for-sale securities, net of reclassification and tax $ (16,044) $ 8,140 $ 10,732
Change in actuarial gain, for post-employment health care plan, net of amortization and tax 275 219 428
Change in fair value of interest rate swap agreements designated as a cash flow hedge, net of interest and tax 301 (224) (225)
Total other comprehensive income (loss) (15,468) 8,135 10,935
COMPREHENSIVE INCOME $ 42,239 $ 40,878 $ 51,016