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CONSOLIDATED STATEMENTS OF INCOME - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
INTEREST INCOME        
Loans $ 74,295 $ 67,442 $ 145,371 $ 132,880
Investment securities and other 6,632 6,176 12,946 12,201
TOTAL INTEREST INCOME 80,927 73,618 158,317 145,081
INTEREST EXPENSE        
Deposits 27,783 21,785 55,420 36,435
Securities sold under reverse repurchase agreements 394 221 727 563
Short-term borrowings, overnight FHLBank borrowings and other interest-bearing liabilities 4,373 1,943 7,417 3,723
Subordinated debentures issued to capital trust 454 426 908 819
Subordinated notes 1,105 1,105 2,211 2,211
TOTAL INTEREST EXPENSE 34,109 25,480 66,683 43,751
NET INTEREST INCOME 46,818 48,138 91,634 101,330
PROVISION FOR CREDIT LOSSES ON LOANS     500 1,500
PROVISION (CREDIT) FOR UNFUNDED COMMITMENTS (607) (1,619) (477) (2,445)
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES ON LOANS AND PROVISION (CREDIT) FOR UNFUNDED COMMITMENTS 47,425 49,757 91,611 102,275
NON-INTEREST INCOME        
Commissions 269 228 650 655
Overdraft and insufficient funds fees 1,230 1,989 2,519 3,885
Point-Of-Sale and ATM fee income and service charges 3,588 3,779 6,771 7,480
Net gains on loan sales 1,127 709 1,804 1,098
Late charges and fees on loans 136 125 303 305
Gain (loss) on derivative interest rate products (7) 2 (20) (289)
Other income 3,490 937 4,612 2,524
TOTAL NON-INTEREST INCOME 9,833 7,769 16,639 15,658
NON-INTEREST EXPENSE        
Salaries and employee benefits 19,886 19,678 39,542 38,881
Net occupancy and equipment expense 7,841 7,409 15,680 15,129
Postage 777 914 1,584 1,742
Insurance 1,263 1,010 2,407 1,877
Advertising 891 903 1,241 1,550
Office supplies and printing 236 258 503 526
Telephone 685 688 1,406 1,391
Legal, audit and other professional fees 1,864 1,647 3,589 3,628
Expense on other real estate and repossessions 285 47 346 201
Acquired intangible asset amortization 109 58 217 169
Other operating expenses 2,572 2,106 4,316 4,087
TOTAL NON-INTEREST EXPENSE 36,409 34,718 70,831 69,181
INCOME BEFORE INCOME TAXES 20,849 22,808 37,419 48,752
PROVISION FOR INCOME TAXES 3,861 4,488 7,024 9,976
NET INCOME $ 16,988 $ 18,320 $ 30,395 $ 38,776
Earnings Per Common Share        
Basic Earnings Per Common Share (in dollars per share) $ 1.46 $ 1.52 $ 2.60 $ 3.20
Diluted Earnings Per Common Share (in dollars per share) 1.45 1.52 2.58 3.19
Dividends Declared Per Common Share (in dollars per share) $ 0.40 $ 0.40 $ 0.80 $ 0.80