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CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Interest Income        
Interest and fees on loans $ 48,645 $ 33,121 $ 93,977 $ 65,156
Taxable interest on investments 5,852 5,850 11,815 11,639
Nontaxable interest on investments 762 770 1,525 1,534
Dividend income 267 106 486 212
Other interest income 529 183 977 347
Total interest income 56,055 40,030 108,780 78,888
Interest Expense        
Interest on deposits 19,245 2,510 35,077 4,343
Interest on borrowings 3,587 454 5,672 585
Interest on junior subordinated debentures 533 532 1,061 1,061
Total interest expense 23,365 3,496 41,810 5,989
Net interest income 32,690 36,534 66,970 72,899
Provision for credit losses 103 2,345 2,105 1,270
Net interest income after provision for credit losses 32,587 34,189 64,865 71,629
Non-Interest Income        
Brokerage and insurance commissions 1,152 1,272 2,245 2,266
Mortgage banking income, net 590 1,517 1,306 2,551
Bank-owned life insurance 613 569 1,205 1,145
Net loss on sale of securities 0 (9) 0 (9)
Other income 966 967 2,131 1,800
Total non-interest income 10,110 11,141 19,976 20,966
Non-Interest Expense        
Salaries and employee benefits 15,288 15,402 29,861 30,908
Furniture, equipment and data processing 3,179 3,202 6,390 6,334
Net occupancy costs 1,852 1,806 3,931 3,950
Debit card expense 1,262 1,134 2,463 2,200
Consulting and professional fees 1,375 1,293 2,430 2,300
Regulatory assessments 868 515 1,713 1,170
Amortization of core deposit intangible assets 148 157 296 313
Other real estate owned and collection costs (recoveries), net 4 38 9 (47)
Other expenses 3,167 3,009 6,215 5,637
Total non-interest expense 27,143 26,556 53,308 52,765
Income before income tax expense 15,554 18,774 31,533 39,830
Income Tax Expense 3,165 3,748 6,417 8,009
Net Income $ 12,389 $ 15,026 $ 25,116 $ 31,821
Per Share Data        
Basic earnings per share $ 0.85 $ 1.02 $ 1.72 $ 2.16
Diluted earnings per share 0.85 1.02 1.72 2.15
Cash dividends declared per share $ 0.42 $ 0.40 $ 0.84 $ 0.80
Weighted average number of common shares outstanding 14,564,282 14,651,851 14,568,680 14,696,323
Diluted weighted average number of common shares outstanding 14,604,316 14,704,651 14,612,372 14,757,062
Debit card income        
Non-Interest Income        
Revenue $ 3,079 $ 3,213 $ 6,017 $ 6,137
Service charges on deposit accounts        
Non-Interest Income        
Revenue 1,935 1,931 3,697 3,764
Income from fiduciary services        
Non-Interest Income        
Revenue $ 1,775 $ 1,681 $ 3,375 $ 3,312