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Condensed Consolidated Statements of Income - 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 $ 59,211 $ 42,664 $ 149,266 $ 130,268
Available-for-sale securities - taxable 1,119 803 3,250 2,423
Available-for-sale securities - tax-exempt 3,905 3,562 11,442 10,410
Deposits with financial institutions 1,193 121 1,714 359
Dividends on bank stocks 122 161 478 488
Total interest income 65,550 47,311 166,150 143,948
Interest Expense        
Deposits 14,909 4,211 23,152 14,789
Fed funds purchased and repurchase agreements 9 0 83 3
Federal Home Loan Bank Advances 898 1,275 3,302 3,838
Other borrowings 39 24 94 72
Total interest expense 15,855 5,510 26,631 18,702
Net Interest Income 49,695 41,801 139,519 125,246
Provision for credit losses [1] 3,334 (10,000) 4,844 1,000
Net Interest Income after Provision for Credit Losses [1] 46,361 51,801 134,675 124,246
Non-Interest Income        
Realized (losses) gains on available-for-sale securities (4) 1,046 (43) 1,043
Unrealized gains (losses) on equity securities , net (87) (6,210) (261) (6,243)
Income from bank-owned life insurance 405 427 1,200 3,088
Swap fees and credit valuation adjustments, net (7) 31 123 156
Other non-interest income 581 670 1,870 1,921
Total non-interest income 3,780 (1,105) 12,922 8,864
Non-Interest Expense        
Salaries and employee benefits 18,252 15,399 53,288 44,612
Occupancy 2,736 2,416 7,851 7,307
Professional fees 580 618 2,453 2,538
Deposit insurance premiums 903 927 2,355 2,995
Data processing 877 700 2,849 2,136
Advertising 796 596 2,247 1,334
Software and communication 1,222 999 3,689 3,098
Foreclosed assets, net 9 (35) (30) 680
Other non-interest expense 3,076 2,416 10,617 7,967
Total non-interest expense 28,451 24,036 85,319 72,667
Net Income Before Taxes 21,690 26,660 62,278 60,443
Income tax expense 4,410 5,660 12,625 11,831
Net Income $ 17,280 $ 21,000 $ 49,653 $ 48,612
Basic Earnings Per Share (in dollars per share) $ 0.35 $ 0.41 $ 1.00 $ 0.95
Diluted Earnings Per Share (in dollars per share) $ 0.35 $ 0.41 $ 0.99 $ 0.93
Service charges and fees on customer accounts        
Non-Interest Income        
Non-interest income $ 1,566 $ 1,196 $ 4,520 $ 3,330
ATM and credit card interchange income        
Non-Interest Income        
Non-interest income $ 1,326 $ 1,735 $ 5,513 $ 5,569
[1]
For the three-
 
and nine-months ended September 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).