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Consolidated Statements of Income - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Interest Income      
Loans receivable $ 161,617 $ 179,672 $ 183,631
Investment securities – taxable 15,132 8,493 12,606
Investment securities – tax exempt 23,246 17,213 12,095
Total interest income 199,995 205,378 208,332
Interest Expense      
Deposits 7,867 18,556 33,690
Borrowed funds 4,701 11,430 10,672
Subordinated notes 3,522 1,824 0
Junior subordinated debentures issued to capital trusts 2,215 2,628 3,179
Total interest expense 18,305 34,438 47,541
Net Interest Income 181,690 170,940 160,791
Credit loss expense (recovery) (2,084) 20,751 1,976
Net Interest Income after Credit Loss Expense 183,774 150,189 158,815
Non–interest Income      
Service charges on deposit accounts 9,192 8,848 9,959
Wire transfer fees 892 1,000 653
Interchange fees 10,901 9,306 7,655
Fiduciary activities 7,419 9,145 8,580
Gains (losses) on sale of investment securities (includes $914, $4,297 and $(75) for the years ended December 31, 2021, 2020 and 2019, respectively, related to accumulated other comprehensive earnings reclassifications) 914 4,297 (75)
Gain on sale of mortgage loans 19,163 26,721 9,208
Mortgage servicing income net of impairment 2,352 (3,716) 1,914
Increase in cash value of bank owned life insurance 2,094 2,243 2,190
Death benefit on bank owned life insurance 783 264 580
Other income 4,242 1,513 2,394
Total non–interest income 57,952 59,621 43,058
Non–interest Expense      
Salaries and employee benefits 74,051 71,082 65,206
Net occupancy expenses 12,541 12,811 12,157
Data processing 9,962 9,200 8,480
Professional fees 2,216 2,433 1,946
Outside services and consultants 8,449 7,318 8,152
Loan expense 11,377 10,628 8,633
FDIC insurance expense 2,377 1,855 252
Other losses 2,283 1,162 740
Other expense 16,023 14,952 16,466
Total non–interest expense 139,279 131,441 122,032
Income Before Income Taxes 102,447 78,369 79,841
Income tax expense (includes $192, $902 and $(16) for the years ended December 31, 2021, 2020 and 2019, respectively, related to income tax expense (benefit) from reclassification items) 15,356 9,870 13,303
Net Income Available to Common Shareholders $ 87,091 $ 68,499 $ 66,538
Basic Earnings Per Share (in USD per share) $ 1.99 $ 1.56 $ 1.53
Diluted Earnings Per Share (in USD per share) $ 1.98 $ 1.55 $ 1.53