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Condensed Consolidated Statements of Income (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
Interest Income        
Loans receivable $ 41,549 $ 39,236 $ 79,428 $ 80,054
Investment securities – taxable 8,716 2,528 16,222 4,076
Investment securities – tax exempt 7,307 5,656 14,004 10,879
Total interest income 57,572 47,420 109,654 95,009
Interest Expense        
Deposits 1,677 2,053 3,173 4,396
Borrowed funds 1,450 1,296 2,530 2,565
Subordinated notes 881 881 1,761 1,761
Junior subordinated debentures issued to capital trusts 556 558 1,011 1,117
Total interest expense 4,564 4,788 8,475 9,839
Net Interest Income 53,008 42,632 101,179 85,170
Credit loss expense (recovery) 240 (1,492) (1,146) (1,125)
Net Interest Income after Credit Loss Expense (Recovery) 52,768 44,124 102,325 86,295
Non–interest Income        
Service charges on deposit accounts 2,833 2,157 5,628 4,391
Wire transfer fees 170 222 329 477
Interchange fees 3,582 2,892 6,362 5,232
Fiduciary activities 1,405 1,961 2,908 3,704
Gains on sale of investment securities (includes $0 and $0 for the three months ended June 30, 2022 and 2021, respectively, and $0 and $914 for the six months ended June 30, 2022 and 2021, respectively, related to accumulated other comprehensive earnings reclassifications) 0 0 0 914
Gain on sale of mortgage loans 2,501 5,612 4,528 10,908
Mortgage servicing income net of impairment or recovery 319 1,503 3,808 1,716
Increase in cash value of bank owned life insurance 519 502 1,029 1,013
Death benefit on bank owned life insurance 644 266 644 266
Other income 461 92 1,353 459
Total non–interest income 12,434 15,207 26,589 29,080
Non–interest Expense        
Salaries and employee benefits 19,957 17,730 39,692 34,601
Net occupancy expenses 3,190 3,084 6,751 6,402
Data processing 2,607 2,388 5,144 4,764
Professional fees 283 588 597 1,132
Outside services and consultants 2,485 2,220 5,010 3,922
Loan expense 2,497 3,107 5,042 5,929
FDIC insurance expense 775 500 1,500 1,300
Other losses 362 6 530 289
Other expense 4,212 3,765 8,712 7,221
Total non–interest expense 36,368 33,388 72,978 65,560
Income Before Income Taxes 28,834 25,943 55,936 49,815
Income tax expense (includes $0 and $0 for the three months ended June 30, 2022 and 2021, respectively, and $0 and $192 for the six months ended June 30, 2022 and 2021, respectively, related to income tax expense from reclassification items) 3,975 3,770 7,514 7,220
Net Income $ 24,859 $ 22,173 $ 48,422 $ 42,595
Basic earnings per share (in USD per share) $ 0.57 $ 0.50 $ 1.11 $ 0.97
Diluted earnings per share (in USD per share) $ 0.57 $ 0.50 $ 1.11 $ 0.97