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UNAUDITED 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 income        
Interest and fees on loans and leases $ 38,570 $ 36,664 $ 76,003 $ 73,751
Interest and dividends on investments 5,716 4,322 11,011 8,739
Interest on deposits with others 1,409 164 1,775 267
Total interest income 45,695 41,150 88,789 82,757
Interest expense        
Deposits 873 1,034 1,676 2,271
Subordinated debentures 103 79 185 158
Total interest expense 976 1,113 1,861 2,429
Net interest income 44,719 40,037 86,928 80,328
Provision for credit losses 1,500 0 1,500 1,250
Net interest income after provision for credit losses 43,219 40,037 85,428 79,078
Non-interest income        
Card processing 1,847 1,806 3,584 3,385
Service charges on deposit accounts 830 679 1,680 1,317
Increase in cash surrender value of BOLI 560 541 1,102 1,067
Gain on sale of investment securities 2 714 2 2,554
Net (loss)/gain on deferred compensation benefits (991) 492 (579) 1,213
Other 1,264 727 2,035 2,139
Total non-interest income 3,512 4,959 7,824 11,675
Non-interest expense        
Salaries and employee benefits 16,403 16,182 33,187 32,922
Net (loss)/gain on deferred compensation benefits (991) 492 (579) 1,213
Occupancy 1,150 1,178 2,304 2,409
Data Processing 1,233 1,213 2,448 2,437
FDIC insurance 361 298 710 585
Marketing 340 418 656 606
Legal 405 289 684 400
Other 4,130 3,533 7,409 6,575
Total non-interest expense 23,031 23,603 46,819 47,147
INCOME BEFORE INCOME TAXES 23,700 21,393 46,433 43,606
Income tax expense 5,257 5,240 10,932 10,740
NET INCOME $ 18,443 $ 16,153 $ 35,501 $ 32,866
Earnings per common share:        
Basic (in dollars per share) $ 23.58 $ 20.45 $ 45.28 $ 41.62
Diluted (in dollars per share) $ 23.58 $ 20.45 $ 45.28 $ 41.62
Weighted average number of common shares        
Basic (in shares) 781,880 789,646 783,976 789,646
Diluted (in shares) 781,880 789,646 783,976 789,646