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Condensed Consolidated Statements of Income (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Interest Income        
Loans receivable $ 47,051 $ 40,392 $ 126,479 $ 120,446
Investment securities – taxable 8,501 4,565 24,723 8,641
Investment securities – tax exempt 7,478 5,911 21,482 16,790
Total interest income 63,030 50,868 172,684 145,877
Interest Expense        
Deposits 4,116 1,808 7,289 6,204
Borrowed funds 3,895 1,075 6,425 3,640
Subordinated notes 880 880 2,641 2,641
Junior subordinated debentures issued to capital trusts 744 561 1,755 1,678
Total interest expense 9,635 4,324 18,110 14,163
Net Interest Income 53,395 46,544 154,574 131,714
Credit loss expense (recovery) (601) 1,112 (1,747) (13)
Net Interest Income after Credit Loss Expense (Recovery) 53,996 45,432 156,321 131,727
Non–interest Income        
Service charges on deposit accounts 3,023 2,291 8,651 6,682
Wire transfer fees 148 210 477 687
Interchange fees 3,089 2,587 9,451 7,819
Fiduciary activities 1,203 2,124 4,111 5,828
Gains on sale of investment securities (includes $0 and $0 for the three months ended September 30, 2022 and 2021, respectively, and $0 and $914 for the nine months ended September 30, 2022 and 2021, respectively, related to accumulated other comprehensive earnings reclassifications) 0 0 0 914
Gain on sale of mortgage loans 1,441 4,088 5,969 14,996
Mortgage servicing income, net 355 336 4,163 2,052
Increase in cash value of bank owned life insurance 814 534 1,843 1,547
Death benefit on bank owned life insurance 0 517 644 783
Other income 115 3,357 1,468 3,816
Total non–interest income 10,188 16,044 36,777 45,124
Non–interest Expense        
Salaries and employee benefits 20,613 18,901 60,305 53,502
Net occupancy expenses 3,293 2,935 10,044 9,337
Data processing 2,539 2,526 7,683 7,290
Professional fees 552 522 1,149 1,654
Outside services and consultants 2,855 2,330 7,865 6,252
Loan expense 2,926 2,645 7,968 8,574
FDIC insurance expense 670 279 2,170 1,579
Other losses 398 69 928 358
Other expense 4,504 4,142 13,216 11,363
Total non–interest expense 38,350 34,349 111,328 99,909
Income Before Income Taxes 25,834 27,127 81,770 76,942
Income tax expense (includes $0 and $0 for the three months ended September 30, 2022 and 2021, respectively, and $0 and $192 for the nine months ended September 30, 2022 and 2021, respectively, related to income tax expense from reclassification items) 2,013 4,056 9,527 11,276
Net Income $ 23,821 $ 23,071 $ 72,243 $ 65,666
Basic earnings per share (in USD per share) $ 0.55 $ 0.53 $ 1.66 $ 1.50
Diluted earnings per share (in USD per share) $ 0.55 $ 0.52 $ 1.65 $ 1.49