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Condensed Consolidated Statements of Income - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Interest Income    
Loans, including fees $ 42,728 $ 43,758
Available-for-sale securities - taxable 1,044 751
Available-for-sale securities - tax-exempt 3,692 3,351
Deposits with financial institutions 152 128
Dividends on bank stocks 144 [1] 165
Total interest income 47,760 48,153
Interest Expense    
Deposits 3,511 5,728
Fed funds purchased and repurchase agreements 0 1
Federal Home Loan Bank Advances 1,109 1,283
Other borrowings 25 24
Total interest expense 4,645 7,036
Net Interest Income 43,115 41,117
Provision for Credit Losses [2] (625) 7,500
Net Interest Income after Provision for Credit Losses 43,740 33,617
Non-Interest Income    
Realized gains (losses) on available-for-sale securities (26) 10
Unrealized losses, net on equity securities (103) (39)
Income from bank-owned life insurance 388 416
Swap fees and credit valuation adjustments, net 118 155
Other non-interest income 493 317
Total non-interest income 4,942 4,144
Non-Interest Expense    
Salaries and employee benefits 17,941 13,553
Occupancy 2,493 2,494
Professional fees 805 782
Deposit insurance premiums 737 1,151
Data processing 812 716
Advertising 692 303
Software and communication 1,270 1,065
Foreclosed assets, net (53) 50
Other non-interest expense 2,969 2,704
Total non-interest expense 27,666 22,818
Net Income Before Taxes 21,016 14,943
Income tax expense 4,188 2,908
Net Income $ 16,828 $ 12,035
Basic Earnings Per Share (in dollars per share) $ 0.33 $ 0.23
Diluted Earnings Per Share (in dollars per share) $ 0.33 $ 0.23
Service charges and fees on customer accounts    
Non-Interest Income    
Non-interest income $ 1,408 $ 957
ATM and credit card interchange income    
Non-Interest Income    
Non-interest income $ 2,664 $ 2,328
[1]
(a)
 
Includes the impact of implementing Accounting Standards Update (“ASU”)
 
2016-13, Financial Instruments - Credit Losses (Accounting Standard Codification
 
(“ASC”) 326):
Measurement of Credit Losses on Financial Instruments.
 
See “Note 1: Nature of Operations and Summary of Significant Accounting Policies” in
 
the Notes to Condensed
Consolidated Financial Statements (unaudited) for more information on the
 
Company’s adoption of this guidance
 
and the impact to the Company’s
 
results of operations.
[2]
For the three-months ended March 31, 2021, this line represents the provision for loan
 
losses. See further discussion of this
change in
“Note 1: Nature of Operations and Summary of Significant Accounting Policies”
in the Notes to Condensed
Consolidated Financial Statements (unaudited).