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Condensed Consolidated Statements of Income (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Interest Income    
Loans receivable $ 37,879 $ 40,818
Investment securities – taxable 7,506 1,548
Investment securities – tax exempt 6,697 5,223
Total interest income 52,082 47,589
Interest Expense    
Deposits 1,496 2,343
Borrowed funds 1,080 1,269
Subordinated notes 880 880
Junior subordinated debentures issued to capital trusts 455 559
Total interest expense 3,911 5,051
Net Interest Income 48,171 42,538
Credit loss expense (recovery) (1,386) 367
Net Interest Income after Credit Loss Expense (Recovery) 49,557 42,171
Non–interest Income    
Service charges on deposit accounts 2,795 2,234
Wire transfer fees 159 255
Interchange fees 2,780 2,340
Fiduciary activities 1,503 1,743
Gains on sale of investment securities (includes $0 and $914 for the three months ended March 31, 2022 and 2021, respectively, related to accumulated other comprehensive earnings reclassifications) 0 914
Gain on sale of mortgage loans 2,027 5,296
Mortgage servicing income net of impairment or recovery 3,489 213
Increase in cash value of bank owned life insurance 510 511
Other income 892 367
Total non–interest income 14,155 13,873
Non–interest Expense    
Salaries and employee benefits 19,735 16,871
Net occupancy expenses 3,561 3,318
Data processing 2,537 2,376
Professional fees 314 544
Outside services and consultants 2,525 1,702
Loan expense 2,545 2,822
FDIC insurance expense 725 800
Other losses 168 283
Other expense 4,500 3,456
Total non–interest expense 36,610 32,172
Income Before Income Taxes 27,102 23,872
Income tax expense (includes $0 and $192 for the three months ended March 31, 2022 and 2021, respectively, related to income tax expense from reclassification items) 3,539 3,450
Net Income $ 23,563 $ 20,422
Basic Earnings Per Share (in USD per share) $ 0.54 $ 0.46
Diluted Earnings Per Share (in USD per share) $ 0.54 $ 0.46