XML 14 R4.htm IDEA: XBRL DOCUMENT v3.22.2.2
UNAUDITED CONSOLIDATED STATEMENTS OF INCOME - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Interest income        
Interest and fees on loans and leases $ 41,868 $ 36,088 $ 117,871 $ 109,839
Interest and dividends on investments 5,686 3,925 16,697 12,664
Interest on deposits with others 4,159 328 5,934 595
Total interest income 51,713 40,341 140,502 123,098
Interest expense        
Deposits 1,122 929 2,798 3,200
Subordinated debentures 134 78 319 236
Total interest expense 1,256 1,007 3,117 3,436
Net interest income 50,457 39,334 137,385 119,662
Provision for credit losses 1,500 0 3,000 1,250
Net interest income after provision for credit losses 48,957 39,334 134,385 118,412
Non-interest income        
Card processing 1,791 1,788 5,375 5,173
Service charges on deposit accounts 638 808 2,318 2,125
Increase in cash surrender value of BOLI 566 549 1,668 1,616
Net (loss)/gain on sale of investment securities available-for-sale (2,987) 0 (2,985) 2,554
Net gain/(loss) on deferred compensation benefits 352 615 (227) 1,828
Other 1,199 857 3,234 2,996
Total non-interest income 1,559 4,617 9,383 16,292
Non-interest expense        
Salaries and employee benefits 15,994 14,453 49,181 47,375
Net gain/(loss) on deferred compensation benefits 352 615 (227) 1,828
Occupancy 1,196 1,145 3,500 3,554
Data Processing 1,250 1,251 3,698 3,688
FDIC insurance 366 317 1,076 902
Marketing 303 63 959 669
Legal 49 85 733 485
Other 4,865 2,656 12,274 9,231
Total non-interest expense 24,375 20,585 71,194 67,732
INCOME BEFORE INCOME TAXES 26,141 23,366 72,574 66,972
Income tax expense 6,605 5,864 17,537 16,604
NET INCOME $ 19,536 $ 17,502 $ 55,037 $ 50,368
Earnings per common share:        
Basic (in dollars per share) $ 25.2 $ 22.16 $ 70.47 $ 63.79
Diluted (in dollars per share) $ 25.2 $ 22.16 $ 70.47 $ 63.79
Weighted average number of common shares        
Basic (in shares) 775,109 789,646 780,988 789,646
Diluted (in shares) 775,109 789,646 780,988 789,646