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CONSOLIDATED STATEMENTS OF INCOME - USD ($)
shares in Thousands
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Interest and dividend income:    
Loans, including fees $ 22,289,000 $ 14,481,000
Taxable securities 3,583,000 2,688,000
Tax exempt securities 261,000 270,000
Interest-earning deposits 97,000 19,000
Total interest and dividend income 26,230,000 17,458,000
Interest expense:    
Deposits 5,387,000 748,000
Securities sold under agreements to repurchase 0 0
Borrowed funds 896,000 33,000
Total interest expense 6,283,000 781,000
Net interest income 19,947,000 16,677,000
Provision (credit) for credit losses [1] 277,000 (1,145,000)
Net interest income after provision for credit losses 19,670,000 17,822,000
Non-interest income:    
Changes in fair value of equity investments 72,000 (113,000)
Net gains on sales of loans held for sale 5,000 74,000
Income from bank-owned life insurance 10,000 11,000
Other 682,000 940,000
Total non-interest income 5,423,000 5,663,000
Non-interest expenses:    
Salaries and wages 6,783,000 6,223,000
Pension and other employee benefits 1,680,000 1,718,000
Other components of net periodic pension and postretirement benefits (174,000) (408,000)
Net occupancy 1,465,000 1,427,000
Furniture and equipment 418,000 437,000
Data processing 2,381,000 2,187,000
Professional services 440,000 521,000
Legal accruals and settlements 0 0
Amortization of intangible assets 0 11,000
Marketing and advertising 332,000 276,000
Other real estate owned 38,000 (37,000)
FDIC insurance 497,000 314,000
Loan expense 232,000 215,000
Merger and acquisition related expenses 0 0
Other 1,744,000 1,784,000
Total non-interest expenses 15,836,000 14,668,000
Income before income tax expense 9,257,000 8,817,000
Income tax expense 1,987,000 1,950,000
Net income $ 7,270,000 $ 6,867,000
Weighted average shares outstanding, basic (in shares) 4,721 4,689
Weighted average shares outstanding, diluted (in shares) 4,721 4,689
Basic earnings per share (in dollars per share) $ 1.54 $ 1.46
Diluted earnings per share (in dollars per share) $ 1.54 $ 1.46
WMG fee income    
Non-interest income:    
Revenues from contracts with customer $ 2,580,000 $ 2,757,000
Service charges on deposit accounts    
Non-interest income:    
Revenues from contracts with customer 941,000 864,000
Interchange revenue from debit card transactions    
Non-interest income:    
Revenues from contracts with customer $ 1,133,000 $ 1,130,000
[1] Effective January 1, 2023, the allowance calculation is based upon Current Expected Credit loss methodology. Prior to January 1, 2023, the allowance calculation was based upon incurred loss methodology. Refer to Note 1 for further discussion.