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CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
INTEREST AND DIVIDEND INCOME:      
Interest and fees on loans $ 194,149 $ 157,799 $ 147,547
Processing fees on PPP loans 1,889 8,737 5,140
Securities and cash and cash equivalents:      
Taxable 16,672 11,680 12,362
Tax-exempt 871 1,125 1,441
Dividends 157 259 677
Total interest and dividend income 213,738 179,600 167,167
INTEREST EXPENSE:      
Deposits 19,833 15,062 24,142
Borrowed funds and finance lease liabilities 389 23 4,534
Subordinated debentures (includes $127, $276, and $224 accumulated other comprehensive income reclassification for change in fair value of interest rate swap agreements, respectively) 3,857 4,735 3,780
Total interest expense 24,079 19,820 32,456
NET INTEREST INCOME 189,659 159,780 134,711
PROVISION FOR CREDIT LOSS EXPENSE 8,589 6,003 15,354
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSS EXPENSE 181,070 153,777 119,357
NON-INTEREST INCOME:      
Service charges on deposit accounts 7,206 6,195 5,095
Other service charges and fees 3,196 2,436 2,548
Wealth and asset management fees 7,172 6,740 5,497
Net realized gains on available-for-sale securities (includes $651, $783, and $2,190 accumulated other comprehensive income reclassifications for net realized gains on available-for-sale securities, respectively) 651 783 2,190
Net realized gains on equity securities 0 0 75
Net unrealized gains on equity securities (1,149) 790 253
Mortgage banking 1,237 3,147 3,354
Bank owned life insurance 3,433 2,638 1,747
Card processing and interchange income 7,797 7,796 5,727
Other non-interest income 5,223 2,909 1,573
Total non-interest income 34,766 33,434 28,059
NON-INTEREST EXPENSES:      
Compensation and benefits (includes $(113), $(43), and $— accumulated other comprehensive income reclassifications for net amortization of actuarial (gains) losses, respectively) 71,460 61,175 48,723
Net occupancy expense 13,298 12,381 12,333
Technology expense 17,041 11,723 7,153
State and local taxes 4,078 4,057 3,340
Legal, professional and examination fees 4,173 3,517 2,990
Advertising 2,887 2,081 1,993
FDIC insurance 2,796 2,509 2,414
Card processing and interchange expenses 4,801 3,836 3,135
Other non-interest expenses 17,088 15,154 12,603
Merger costs, prepayment penalties and branch closure costs 0 0 12,642
Total non-interest expenses 137,622 116,433 107,326
INCOME BEFORE INCOME TAXES 78,214 70,778 40,090
INCOME TAX EXPENSE (includes $134, $116, and $413 income tax expense reclassification items, respectively) 15,026 13,071 7,347
NET INCOME 63,188 57,707 32,743
PREFERRED STOCK DIVIDENDS 4,302 4,302 1,147
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS $ 58,886 $ 53,405 $ 31,596
PER COMMON SHARE DATA:      
Basic Earnings Per Common Share (in dollars per share) $ 3.26 $ 3.16 $ 1.97
Diluted Earnings Per Common Share (in dollars per share) 3.26 3.16 1.97
Cash Dividends Declared (in dollars per share) $ 0.700 $ 0.685 $ 0.680
OTHER COMPREHENSIVE INCOME (LOSS):      
Net change in unrealized gains (losses) on available-for-sale securities, net of reclassification and tax $ (53,576) $ (16,044) $ 8,140
Amortization of unrealized gains from held-to-maturity securities, net of tax 875 0 0
Change in actuarial gain, for post-employment health care plan, net of amortization and tax 150 275 219
Change in fair value of interest rate swap agreements designated as a cash flow hedge, net of interest and tax 425 301 (224)
Total other comprehensive income (loss) (52,126) (15,468) 8,135
COMPREHENSIVE INCOME $ 11,062 $ 42,239 $ 40,878