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CONSOLIDATED STATEMENTS OF INCOME - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Interest income:    
Loans, including fees $ 68,822 $ 60,357
Securities:    
Taxable 1,460 1,186
Tax-exempt 1,192 1,044
Cash and cash equivalents 48 69
Total interest income 71,522 62,656
Interest expense:    
Deposits 5,494 9,970
Borrowings 2,917 3,690
Total interest expense 8,411 13,660
Net interest income 63,111 48,996
Provision for loan losses 1,070 8,302
Net interest income after provision for loan losses 62,041 40,694
Non-interest income:    
Mortgage banking income 75,932 76,461
SBA loan income 6,898 2,572
Earnings on investment in life insurance 365 279
Net change in the fair value of derivative instruments (4,338) 4,975
Net change in the fair value of loans held-for-sale (3,311) 3,847
Net change in the fair value of loans held-for-investment (189) 323
Net gain (loss) on hedging activity 2,961 (9,400)
Net gain on sale of investment securities available-for-sale 435 1,345
Other 4,305 2,555
Non-interest income 87,988 86,918
Non-interest expenses:    
Salaries and employee benefits 78,866 72,147
Occupancy and equipment 4,545 4,292
Professional fees 3,558 3,113
Advertising and promotion 3,714 2,852
Data processing 2,150 1,913
Information technology 2,232 1,542
Pennsylvania bank shares tax 609 1,049
Other 8,053 6,168
Non-interest expenses 103,727 93,076
Income before income taxes 46,302 34,536
Income tax expense 10,717 8,098
Net income $ 35,585 $ 26,438
Basic earnings per common share $ 5.91 $ 4.32
Diluted earnings per common share $ 5.73 $ 4.27
Wealth Management Income    
Non-interest income:    
Revenue from contracts with customers $ 4,801 $ 3,854
Service Charges    
Non-interest income:    
Revenue from contracts with customers 129 107
Service charges $ 128 $ 107