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CONSOLIDATED STATEMENTS OF INCOME - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Interest income      
Interest and fees on loans and leases $ 223,266 $ 204,482 $ 164,022
Interest and dividends on investment securities 31,851 22,400 22,289
Interest on deposits with others 16,860 26,872 12,102
Total interest income 271,977 253,754 198,413
Interest expense      
Deposits 63,444 37,523 4,349
Borrowed funds 986 0 0
Subordinated debentures 871 846 491
Total interest expense 65,301 38,369 4,840
Net interest income 206,676 215,385 193,573
Provision for credit losses 0 9,407 6,450
Net interest income after provision for credit losses 206,676 205,978 187,123
Non-interest income      
Card processing 6,950 6,686 7,123
Service charges on deposit accounts 3,054 2,755 2,794
Increase in cash surrender value of BOLI 2,430 2,027 2,233
Gain on BOLI death benefit 4 4,346 0
Net gain/(loss) on sale of securities available-for-sale 743 (8,199) (10,689)
Net gain on deferred compensation benefits 3,270 2,974 451
Other 4,249 4,325 4,266
Total non-interest income 20,700 14,914 6,178
Non-interest expense      
Salaries and employee benefits 72,472 70,883 64,250
Net gain on deferred compensation benefits 3,270 2,974 451
Data Processing 6,055 5,293 4,968
Occupancy 5,090 4,837 4,717
Deposit insurance 2,852 2,769 1,771
Professional services 3,587 2,334 2,459
Marketing 1,967 1,885 1,324
Other 9,839 13,364 13,620
Total non-interest expense 105,132 104,339 93,560
INCOME BEFORE INCOME TAXES 122,244 116,553 99,741
Income tax expense 33,787 28,239 24,651
NET INCOME $ 88,457 $ 88,314 $ 75,090
Earnings per common share:      
Basic (in dollars per share) $ 121.02 $ 116.61 $ 96.55
Diluted (in dollars per share) $ 121.02 $ 116.61 $ 96.55
Weighted average number of common shares      
Basic (in shares) 730,914 757,336 777,726
Diluted (in shares) 730,914 757,336 777,726