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CONSOLIDATED STATEMENTS OF INCOME - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
INTEREST INCOME        
Interest and Fees on Loans $ 59,230 $ 52,202 $ 117,056 $ 101,263
Interest on Federal Funds Sold and Other Short-term Investments 2,383 660 2,682 1,005
Interest and Dividends on Securities:        
Taxable 5,225 5,223 10,077 10,619
Non-taxable 4,739 5,429 10,020 11,116
TOTAL INTEREST INCOME 71,577 63,514 139,835 124,003
INTEREST EXPENSE        
Interest on Deposits 23,385 13,357 44,374 22,328
Interest on FHLB Advances and Other Borrowings 2,221 1,899 4,496 4,408
TOTAL INTEREST EXPENSE 25,606 15,256 48,870 26,736
NET INTEREST INCOME 45,971 48,258 90,965 97,267
Provision for Credit Losses 625 550 1,525 1,650
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES 45,346 47,708 89,440 95,617
NON-INTEREST INCOME        
Company Owned Life Insurance 525 429 966 830
Gain on Sale of Assets of German American Insurance 38,323 0 38,323 0
Other Operating Income 1,213 1,462 2,575 2,673
Net Gains on Sales of Loans 969 630 1,720 1,217
Net Gains (Losses) on Securities (34,893) 38 (34,858) 40
TOTAL NON-INTEREST INCOME 18,923 14,896 34,745 29,863
NON-INTEREST EXPENSE        
Salaries and Employee Benefits 20,957 20,103 42,135 41,949
Occupancy Expense 2,488 2,547 5,316 5,457
Furniture and Equipment Expense 999 896 1,975 1,806
FDIC Premiums 710 687 1,439 1,428
Data Processing Fees 3,019 2,803 5,830 5,558
Professional Fees 3,462 1,614 5,057 3,176
Advertising and Promotion 909 1,261 2,047 2,428
Intangible Amortization 532 734 1,110 1,519
Other Operating Expenses 4,598 5,081 9,503 10,021
TOTAL NON-INTEREST EXPENSE 37,674 35,726 74,412 73,342
Income before Income Taxes 26,595 26,878 49,773 52,138
Income Tax Expense 6,065 4,755 10,221 9,208
NET INCOME $ 20,530 $ 22,123 $ 39,552 $ 42,930
Basic Earnings Per Share (in dollars per share) $ 0.69 $ 0.75 $ 1.33 $ 1.45
Diluted Earnings Per Share (in dollars per share) $ 0.69 $ 0.75 $ 1.33 $ 1.45
Wealth Management Fees        
NON-INTEREST INCOME        
Non-interest income $ 3,783 $ 2,912 $ 7,149 $ 5,556
Service Charges on Deposit Accounts        
NON-INTEREST INCOME        
Non-interest income 3,093 2,883 5,995 5,671
Insurance Revenues        
NON-INTEREST INCOME        
Non-interest income 1,506 2,130 4,384 5,265
Interchange Fee Income        
NON-INTEREST INCOME        
Non-interest income $ 4,404 $ 4,412 $ 8,491 $ 8,611