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Consolidated Condensed Statements of Income (Unaudited) - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Interest Income        
Loans $ 88,560,000 $ 81,616,000 $ 176,156,000 $ 157,674,000
Investment securities:        
Taxable 8,082,000 6,407,000 15,109,000 13,014,000
Non-taxable 584,000 590,000 1,159,000 1,243,000
Interest-bearing deposits 638,000 641,000 1,247,000 1,085,000
FHLB stock dividends 606,000 905,000 1,141,000 1,299,000
Total interest income 98,470,000 90,159,000 194,812,000 174,315,000
Interest Expense        
Deposits 43,927,000 26,825,000 86,494,000 48,283,000
FHLB advances and other 4,159,000 8,217,000 7,198,000 13,554,000
Subordinated debentures 1,159,000 1,125,000 2,321,000 2,199,000
Total interest expense 49,245,000 36,167,000 96,013,000 64,036,000
Net interest income 49,225,000 53,992,000 98,799,000 110,279,000
Credit loss expense - loans and leases 3,173,000 1,410,000 3,733,000 5,354,000
Credit loss (benefit) expense - unfunded commitments (271,000) (870,000) (964,000) (1,108,000)
Net interest income after credit loss expense (benefit) 46,323,000 53,452,000 96,030,000 106,033,000
Non-interest Income        
Service fees and other charges 7,008,000 7,190,000 13,475,000 13,618,000
Insurance commissions 0 4,131,000 0 8,856,000
Mortgage banking income 2,047,000 2,940,000 4,396,000 2,666,000
Gain on sale of non-mortgage loans 0 71,000 67,000 71,000
Gain on sale insurance agency 0 36,296,000 0 36,296,000
(Loss) gain on sale of securities available for sale 0 (7,000) 0 27,000
(Loss) gain on equity securities (176,000) 71,000 (213,000) (1,374,000)
Wealth management income 1,842,000 1,537,000 3,556,000 3,022,000
Income from Bank Owned Life Insurance 1,207,000 1,015,000 2,904,000 2,432,000
Other non-interest income 150,000 102,000 389,000 194,000
Total non-interest income 12,078,000 53,346,000 24,574,000 65,808,000
Non-interest Expense        
Compensation and benefits 21,353,000 24,175,000 44,747,000 49,833,000
Occupancy 3,434,000 3,320,000 6,799,000 6,894,000
FDIC insurance premium 1,150,000 1,786,000 2,270,000 3,074,000
Financial institutions tax 980,000 961,000 2,015,000 1,813,000
Data processing 5,067,000 3,640,000 9,737,000 7,503,000
Amortization of intangibles 946,000 1,223,000 1,936,000 2,493,000
Transaction costs 50,000 3,652,000 50,000 3,652,000
Other non-interest expense 5,228,000 5,738,000 10,554,000 12,024,000
Total non-interest expense 38,208,000 44,495,000 78,108,000 87,286,000
Income before income taxes 20,193,000 62,303,000 42,496,000 84,555,000
Income tax expense 4,017,000 13,912,000 8,531,000 18,015,000
Net income $ 16,176,000 $ 48,391,000 $ 33,965,000 $ 66,540,000
Earnings per common share        
Basic $ 0.45 $ 1.35 $ 0.95 $ 1.86
Diluted $ 0.45 $ 1.35 $ 0.95 $ 1.86