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Consolidated Statements of Income (unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
INTEREST AND DIVIDEND INCOME    
Loans $ 51,952 $ 44,806
Securities 42,390 39,512
Interest-bearing deposits in banks 2,592 618
Total interest and dividend income 96,934 84,936
INTEREST EXPENSE    
Deposits 25,891 13,835
Borrowed funds 3,006 3,821
Total interest expense 28,897 17,656
NET INTEREST INCOME 68,037 67,280
Provision for credit losses 1,588 4,958
Net interest income after provision for credit losses 66,449 62,322
NON-INTEREST INCOME    
Trust Department fees 3,854 3,929
Service charges on deposit accounts 6,136 2,455
Bank-owned life insurance income 609 781
Losses on sale of securities (2,774) (3,086)
Gains on sale of loans, net 47 3
Equity method investments income 2,072 153
Other income 285 973
Total non-interest income 10,229 5,208
NON-INTEREST EXPENSE    
Compensation and employee benefits 22,273 22,014
Occupancy and depreciation 2,904 3,399
Professional fees 2,376 2,230
Data processing 4,629 4,549
Office maintenance and depreciation 663 728
Amortization of intangible assets 183 222
Advertising and promotion 1,219 1,587
Federal deposit insurance premiums 1,050 718
Other expense 2,855 3,180
Total non-interest expense 38,152 38,627
Income before income taxes 38,526 28,903
Income tax expense 11,277 7,565
Net income $ 27,249 $ 21,338
Earnings per common share - basic (in dollars per share) $ 0.89 $ 0.69
Earnings per common share - diluted (in dollars per share) $ 0.89 $ 0.69