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Consolidated Statements of Income - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
INTEREST AND DIVIDEND INCOME        
Interest and Fees on Loans $ 34,618 $ 26,906 $ 66,504 $ 52,645
Interest on Deposits at Banks 1,674 427 2,153 625
Interest and Dividends on Investment Securities:        
Fully Taxable 2,951 2,444 5,899 4,633
Exempt from Federal Taxes 770 816 1,567 1,637
Total Interest and Dividend Income 40,013 30,593 76,123 59,540
INTEREST EXPENSE        
Interest-Bearing Checking Accounts 820 199 1,190 362
Savings Deposits 8,514 892 14,101 1,309
Time Deposits over $250,000 1,119 26 1,693 54
Other Time Deposits 1,196 111 1,670 220
Borrowings 2,373 108 3,166 295
Junior Subordinated Obligations Issued to Unconsolidated Subsidiary Trusts 171 171 340 340
Interest on Financing Leases 48 48 97 97
Total Interest Expense 14,241 1,555 22,257 2,677
NET INTEREST INCOME 25,772 29,038 53,866 56,863
Provision for Credit Losses 948 905 2,502 1,674
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES 24,824 28,133 51,364 55,189
NON-INTEREST INCOME        
Insurance Commissions 1,560 1,622 3,080 3,133
Net (Loss) Gain on Securities (181) 154 (285) 284
Net Gain on Sales of Loans 0 10 4 62
Other Operating Income 382 391 769 1,469
Total Non-Interest Income 6,906 7,744 13,583 15,906
NON-INTEREST EXPENSE        
Salaries and Employee Benefits 12,039 11,687 23,986 22,973
Occupancy Expenses, Net 1,583 1,602 3,211 3,200
Technology and Equipment Expense 4,362 3,974 8,779 7,753
FDIC Assessments 484 291 963 598
Other Operating Expense 5,615 2,791 9,440 4,766
Total Non-Interest Expense 24,083 20,345 46,379 39,290
INCOME BEFORE PROVISION FOR INCOME TAXES 7,647 15,532 18,568 31,805
Provision for Income Taxes 1,600 3,558 3,959 7,256
NET INCOME $ 6,047 $ 11,974 $ 14,609 $ 24,549
Average Shares Outstanding:        
Basic (in shares) [1] 16,553 16,494 16,552 16,503
Diluted (in shares) [1] 16,553 16,535 16,552 16,551
Per Common Share:        
Basic Earnings (in dollars per share) $ 0.36 $ 0.72 $ 0.88 $ 1.48
Diluted Earnings (in dollars per share) $ 0.36 $ 0.72 $ 0.88 $ 1.48
Income From Fiduciary Activities        
NON-INTEREST INCOME        
Revenue from contract with customer $ 2,428 $ 2,517 $ 4,703 $ 5,113
Fees for Other Services to Customers        
NON-INTEREST INCOME        
Revenue from contract with customer $ 2,717 $ 3,050 $ 5,312 $ 5,845
[1] 2022 Share and Per Share Amounts have been restated for the September 23, 2022 3% stock dividend.