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CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
INTEREST AND DIVIDEND INCOME:      
Interest and fees on loans $ 273,220 $ 194,149 $ 157,799
Processing fees on PPP loans 3 1,889 8,737
Securities and cash and cash equivalents:      
Taxable 19,279 16,672 11,680
Tax-exempt 724 871 1,125
Dividends 470 157 259
Total interest and dividend income 293,696 213,738 179,600
INTEREST EXPENSE:      
Deposits 97,770 19,833 15,062
Borrowed funds and finance lease liabilities 1,802 389 23
Subordinated debentures (includes $(151), $127, and $276 accumulated other comprehensive income reclassification for change in fair value of interest rate swap agreements, respectively) 4,295 3,857 4,735
Total interest expense 103,867 24,079 19,820
NET INTEREST INCOME 189,829 189,659 159,780
PROVISION FOR CREDIT LOSS EXPENSE 5,993 8,589 6,003
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSS EXPENSE 183,836 181,070 153,777
NON-INTEREST INCOME:      
Service charges on deposit accounts 7,372 7,206 6,195
Other service charges and fees 3,010 3,196 2,436
Wealth and asset management fees 7,251 7,172 6,740
Net realized gains on available-for-sale securities (includes $52, $651, and $783 accumulated other comprehensive income reclassifications for net realized gains on available-for-sale securities, respectively) 52 651 783
Net realized gains on equity securities 22 0 0
Net unrealized gains (losses) on equity securities (409) (1,149) 790
Mortgage banking 676 1,237 3,147
Bank owned life insurance 2,945 3,433 2,638
Card processing and interchange income 8,301 7,797 7,796
Other non-interest income 4,115 5,223 2,909
Total non-interest income 33,335 34,766 33,434
NON-INTEREST EXPENSES:      
Compensation and benefits (includes $(174), $(113), and $(43) accumulated other comprehensive income reclassifications for net amortization of actuarial (gains) losses, respectively) 71,062 71,460 61,175
Net occupancy expense 14,509 13,298 12,381
Technology expense 20,202 17,041 11,723
State and local taxes 4,126 4,078 4,057
Legal, professional and examination fees 4,414 4,173 3,517
Advertising 3,133 2,887 2,081
FDIC insurance 3,879 2,796 2,509
Card processing and interchange expenses 5,025 4,801 3,836
Other non-interest expenses 18,992 17,088 15,154
Total non-interest expenses 145,342 137,622 116,433
INCOME BEFORE INCOME TAXES 71,829 78,214 70,778
INCOME TAX EXPENSE (includes $79, $134, and $116 income tax expense reclassification items, respectively) 13,809 15,026 13,071
NET INCOME 58,020 63,188 57,707
PREFERRED STOCK DIVIDENDS 4,302 4,302 4,302
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS $ 53,718 $ 58,886 $ 53,405
PER COMMON SHARE DATA:      
Basic Earnings Per Common Share (in dollars per share) $ 2.56 $ 3.26 $ 3.16
Diluted Earnings Per Common Share (in dollars per share) 2.55 3.26 3.16
Cash dividends declared (in dollars per share) $ 0.70 $ 0.70 $ 0.685
OTHER COMPREHENSIVE INCOME (LOSS):      
Net change in unrealized gains (losses) on available-for-sale securities, net of reclassification and tax $ 6,109 $ (53,576) $ (16,044)
Amortization of unrealized gains from held-to-maturity securities, net of tax 591 875 0
Change in actuarial gains (losses), for post-employment health care plan, net of amortization and tax (139) 150 275
Change in fair value of interest rate swap agreements designated as a cash flow hedge, net of interest and tax (119) 425 301
Total other comprehensive income (loss) 6,442 (52,126) (15,468)
COMPREHENSIVE INCOME $ 64,462 $ 11,062 $ 42,239