XML 14 R4.htm IDEA: XBRL DOCUMENT v3.22.2
CONSOLIDATED STATEMENTS OF INCOME - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
Interest and dividend income:        
Loans/leases, including fees $ 59,804 $ 42,448 $ 104,000 $ 83,781
Securities:        
Taxable 3,090 2,132 5,488 4,174
Nontaxable 4,645 4,052 8,795 7,986
Interest-bearing deposits at financial institutions 169 34 204 71
Restricted investment securities 485 237 766 456
Federal funds sold 12   14  
Total interest and dividend income 68,205 48,903 119,267 96,468
Interest expense:        
Deposits 5,524 3,235 8,661 6,662
Short-term borrowings 3 2 3 3
Federal Home Loan Bank advances 781 16 863 25
Subordinated notes 1,816 1,570 3,370 3,164
Junior subordinated debentures 681 564 1,237 1,123
Total interest expense 8,805 5,387 14,134 10,977
Net interest income 59,400 43,516 105,133 85,491
Provision for credit losses 11,200   8,284 6,713
Net interest income after provision for loan/lease losses 48,200 43,516 96,849 78,778
Noninterest income:        
Revenue 90,987 68,199 157,682 139,253
Gains on sales of residential real estate loans, net 809 1,184 1,302 2,521
Gains on sales of government guaranteed portions of loans, net     19  
Swap fee income/capitals markets revenue 13,004 9,568 19,426 23,125
Securities losses, net   (88)   (88)
Earnings on bank-owned life insurance 350 451 696 922
Other 1,173 1,449 2,688 3,135
Total noninterest income 22,782 19,296 38,415 42,785
Noninterest expenses:        
Salaries and employee benefits 29,972 23,044 53,599 47,891
Occupancy and equipment expense 5,978 3,965 9,915 8,073
Professional and data processing fees 4,365 3,702 8,036 7,145
Acquisition costs 1,973   3,824  
Post-acquisition compensation, transition and integration costs 4,796   4,796  
Disposition costs       8
FDIC insurance, other insurance and regulatory fees 1,394 986 2,704 2,051
Loan/lease expense 761 457 1,028 757
Net cost of (income from) and gains/losses on operations of other real estate 59 (113) 58 (74)
Advertising and marketing 1,198 853 1,959 1,480
Bank service charges 610 572 1,151 1,095
Correspondent banking expense 213 198 412 398
Intangibles amortization 787 508 1,280 1,016
Other 2,142 1,503 3,811 3,063
Total noninterest expenses 54,248 35,675 92,573 72,903
Net income before income taxes 16,734 27,137 42,691 48,660
Federal and state income tax expense 1,492 4,788 3,825 8,329
Net income $ 15,242 $ 22,349 $ 38,866 $ 40,331
Basic earnings per common share $ 0.88 $ 1.41 $ 2.36 $ 2.55
Diluted earnings per common share $ 0.87 $ 1.39 $ 2.33 $ 2.52
Weighted average common shares outstanding 17,345,324 15,813,932 16,485,218 15,808,788
Weighted average common and common equivalent shares outstanding 17,549,107 16,045,239 16,700,682 16,035,394
Cash dividends declared per common share $ 0.06 $ 0.06 $ 0.12 $ 0.12
Trust department fees        
Noninterest income:        
Revenue $ 2,497 $ 2,848 $ 5,460 $ 5,649
Investment advisory and management fees        
Noninterest income:        
Revenue 983 1,039 2,019 1,979
Deposit service fees        
Noninterest income:        
Revenue 2,223 1,492 3,778 2,900
Debit card fees        
Noninterest income:        
Revenue 1,499 1,084 2,506 2,059
Correspondent banking fees        
Noninterest income:        
Revenue $ 244 $ 269 $ 521 $ 583