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Condensed Consolidated Statements of Income - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
Interest Income        
Loans, including fees $ 47,327 $ 43,846 $ 90,055 $ 87,604
Available-for-sale securities - taxable 1,086 869 2,130 1,620
Available-for-sale securities - tax-exempt 3,845 3,497 7,537 6,848
Deposits with financial institutions 369 110 521 238
Dividends on bank stocks 213 [1] 162 357 327
Total interest income 52,840 48,484 100,600 96,637
Interest Expense        
Deposits 4,732 4,850 8,243 10,578
Fed funds purchased and repurchase agreements 74 2 74 3
Federal Home Loan Bank Advances 1,294 1,280 2,403 2,563
Other borrowings 31 24 56 48
Total interest expense 6,131 6,156 10,776 13,192
Net Interest Income 46,709 42,328 89,824 83,445
Provision for Credit Losses [2] 2,135 3,500 1,510 11,000
Net Interest Income after Provision for Credit Losses [2] 44,574 38,828 88,314 72,445
Non-Interest Income        
Realized (losses) on available-for-sale securities (12) (13) (38) (3)
Unrealized gains (losses) on equity securities , net (71) 6 (174) (33)
Income from bank-owned life insurance 407 2,245 795 2,661
Swap fees and credit valuation adjustments, net 12 (30) 130 125
Other non-interest income 798 934 1,291 1,251
Total non-interest income 4,201 5,825 9,143 9,969
Non-Interest Expense        
Salaries and employee benefits 17,095 15,660 35,036 29,213
Occupancy 2,622 2,397 5,115 4,891
Professional fees 1,068 1,138 1,873 1,920
Deposit insurance premiums 713 917 1,450 2,068
Data processing 1,160 720 1,972 1,436
Advertising 757 435 1,449 738
Software and communication 1,198 1,034 2,468 2,099
Foreclosed assets, net 15 665 (38) 715
Other non-interest expense 4,575 2,847 7,544 5,551
Total non-interest expense 29,203 25,813 56,869 48,631
Net Income Before Taxes 19,572 18,840 40,588 33,783
Income tax expense 4,027 3,263 8,215 6,171
Net Income $ 15,545 $ 15,577 $ 32,373 $ 27,612
Basic Earnings Per Share (in dollars per share) $ 0.31 $ 0.30 $ 0.65 $ 0.54
Diluted Earnings Per Share (in dollars per share) $ 0.31 $ 0.30 $ 0.64 $ 0.53
Service charges and fees on customer accounts        
Non-Interest Income        
Non-interest income $ 1,546 $ 1,177 $ 2,954 $ 2,134
ATM and credit card interchange income        
Non-Interest Income        
Non-interest income $ 1,521 $ 1,506 $ 4,185 $ 3,834
[1]
(1)
 
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-
 
and six-months ended June 30, 2021, this line represents the provision
 
for loan and lease 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).