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CONSOLIDATED STATEMENTS OF INCOME - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
INTEREST INCOME        
Interest and Fees on Loans $ 61,140 $ 55,196 $ 178,196 $ 156,459
Interest on Federal Funds Sold and Other Short-term Investments 2,223 199 4,905 1,204
Interest and Dividends on Securities:        
Taxable 8,034 4,871 18,111 15,490
Non-taxable 3,256 5,376 13,276 16,492
TOTAL INTEREST INCOME 74,653 65,642 214,488 189,645
INTEREST EXPENSE        
Interest on Deposits 23,375 15,578 67,749 37,906
Interest on FHLB Advances and Other Borrowings 2,684 2,505 7,180 6,913
TOTAL INTEREST EXPENSE 26,059 18,083 74,929 44,819
NET INTEREST INCOME 48,594 47,559 139,559 144,826
Provision for Credit Losses 625 900 2,150 2,550
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES 47,969 46,659 137,409 142,276
NON-INTEREST INCOME        
Company Owned Life Insurance 476 446 1,442 1,276
Gain on Sale of Assets of German American Insurance 0 0 38,323 0
Other Operating Income 1,251 1,270 3,826 3,943
Net Gains on Sales of Loans 704 614 2,424 1,831
Net Gains (Losses) on Securities 70 0 (34,788) 40
TOTAL NON-INTEREST INCOME 13,801 14,804 48,546 44,667
NON-INTEREST EXPENSE        
Salaries and Employee Benefits 19,718 20,347 61,853 62,296
Occupancy Expense 2,867 2,813 8,183 8,270
Furniture and Equipment Expense 1,013 878 2,988 2,684
FDIC Premiums 755 700 2,194 2,128
Data Processing Fees 3,156 2,719 8,986 8,277
Professional Fees 1,912 1,229 6,969 4,405
Advertising and Promotion 941 1,278 2,988 3,706
Intangible Amortization 484 685 1,594 2,204
Other Operating Expenses 5,280 4,772 14,783 14,793
TOTAL NON-INTEREST EXPENSE 36,126 35,421 110,538 108,763
Income before Income Taxes 25,644 26,042 75,417 78,180
Income Tax Expense 4,596 4,591 14,817 13,799
NET INCOME $ 21,048 $ 21,451 $ 60,600 $ 64,381
Basic earnings per share (in dollars per share) $ 0.71 $ 0.73 $ 2.04 $ 2.18
Diluted earnings per share (in dollars per share) $ 0.71 $ 0.73 $ 2.04 $ 2.18
Wealth Management Fees        
NON-INTEREST INCOME        
Non-interest income $ 3,580 $ 2,957 $ 10,729 $ 8,513
Service Charges on Deposit Accounts        
NON-INTEREST INCOME        
Non-interest income 3,330 2,982 9,325 8,653
Insurance Revenues        
NON-INTEREST INCOME        
Non-interest income 0 2,065 4,384 7,330
Interchange Fee Income        
NON-INTEREST INCOME        
Non-interest income $ 4,390 $ 4,470 $ 12,881 $ 13,081