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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Interest income:        
Loans, including fees $ 34,463 $ 30,818 $ 99,260 $ 89,458
Securities:        
Taxable 4,224 2,346 10,142 7,219
Non-taxable 1,128 1,160 3,409 3,487
Federal funds sold and interest-bearing deposits in banks 1,293 114 2,129 272
Total interest income 41,108 34,438 114,940 100,436
Interest expense:        
Deposits 4,537 2,030 8,744 6,373
Notes payable & other borrowings 0 0 0 43
Subordinated debt securities 1,012 1,013 3,037 3,044
Junior subordinated deferrable interest debentures 457 217 1,005 661
Total interest expense 6,006 3,260 12,786 10,121
Net interest income 35,102 31,178 102,154 90,315
Provision for loan losses (782) 0 (2,867) (1,918)
Net interest income, after provision for loan losses 35,884 31,178 105,021 92,233
Noninterest income:        
Service charges on deposit accounts 1,764 1,851 5,149 5,023
Income from insurance activities 4,856 3,794 8,003 6,146
Net gain on sales of loans 4,452 12,848 17,924 41,108
Bank card services and interchange fees 3,156 3,045 9,856 8,760
Other mortgage banking income 1,836 1,954 10,670 6,221
Investment commissions 391 430 1,403 1,390
Fiduciary fees 568 556 1,815 2,234
Other 3,914 1,313 8,649 3,659
Total noninterest income 20,937 25,791 63,469 74,541
Noninterest expense:        
Salaries and employee benefits 22,927 24,116 67,620 71,811
Occupancy and equipment, net 4,132 3,896 11,902 10,960
Professional services 2,523 1,388 7,795 4,483
Marketing and development 913 777 2,391 2,157
IT and data services 908 1,068 2,902 3,029
Bank card expenses 1,399 1,339 4,050 3,640
Appraisal expenses 359 790 1,432 2,350
Other 4,240 4,689 13,289 13,468
Total noninterest expense 37,401 38,063 111,381 111,898
Income before income taxes 19,420 18,906 57,109 54,876
Income tax expense 3,962 3,716 11,490 10,876
Net income $ 15,458 $ 15,190 $ 45,619 $ 44,000
Earnings per share:        
Basic (in dollars per share) $ 0.89 $ 0.85 $ 2.61 $ 2.44
Diluted (in dollars per share) $ 0.86 $ 0.82 $ 2.52 $ 2.38
Net income $ 15,458 $ 15,190 $ 45,619 $ 44,000
Other comprehensive income (loss):        
Unrealized gain (loss) on securities available for sale (39,102) (5,964) (126,076) (13,835)
Less: Change in fair value on hedged state and municipal securities 5,332 760 15,681 4,943
Tax effect 7,092 1,093 23,183 1,867
Other comprehensive income (loss) (26,678) (4,111) (87,212) (7,025)
Comprehensive income (loss) $ (11,220) $ 11,079 $ (41,593) $ 36,975