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UNAUDITED CONSOLIDATED STATEMENTS OF INCOME - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Interest income    
Interest and fees on loans and leases $ 55,408 $ 48,008
Interest and dividends on investment securities 6,703 5,663
Interest on deposits with others 4,530 5,961
Total interest income 66,641 59,632
Interest expense    
Deposits 14,645 3,714
Borrowed funds 62 0
Subordinated debentures 221 196
Total interest expense 14,928 3,910
Net interest income 51,713 55,722
Provision for credit losses 0 1,500
Net interest income after provision for credit losses 51,713 54,222
Non-interest income    
Card processing 1,629 1,591
Gain on BOLI death benefit 0 4,346
Net gain on deferred compensation benefits 1,158 896
Service charges on deposit accounts 748 634
Increase in cash surrender value of BOLI 595 444
Net loss on sale of securities available-for-sale 0 (5,686)
Other 945 1,235
Total non-interest income 5,075 3,460
Non-interest expense    
Salaries and employee benefits 17,503 19,584
Data Processing 1,455 1,260
Occupancy 1,232 1,180
Net gain on deferred compensation benefits 1,158 896
Deposit insurance 712 692
Professional services 541 682
Marketing 480 470
Other 2,440 3,419
Total non-interest expense 25,521 28,183
INCOME BEFORE INCOME TAXES 31,267 29,499
Income tax expense 8,544 5,952
NET INCOME $ 22,723 $ 23,547
Earnings per common share:    
Basic (in dollars per share) $ 30.56 $ 30.8
Diluted (in dollars per share) $ 30.56 $ 30.8
Weighted average number of common shares    
Basic (in shares) 743,515 764,603
Diluted (in shares) 743,515 764,603