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Consolidated Statements of Income - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
INTEREST AND DIVIDEND INCOME        
Interest and Fees on Loans $ 36,699 $ 29,618 $ 103,203 $ 82,263
Interest on Deposits at Banks 1,805 1,201 3,958 1,826
Interest and Dividends on Investment Securities:        
Fully Taxable 2,924 2,603 8,823 7,236
Exempt from Federal Taxes 689 785 2,256 2,422
Total Interest and Dividend Income 42,117 34,207 118,240 93,747
INTEREST EXPENSE        
Interest-Bearing Checking Accounts 1,156 267 2,346 629
Savings Deposits 9,729 2,469 23,830 3,778
Time Deposits over $250,000 1,466 89 3,159 143
Other Time Deposits 2,051 150 3,721 370
Borrowings 2,143 110 5,309 405
Junior Subordinated Obligations Issued to Unconsolidated Subsidiary Trusts 173 173 513 513
Interest on Financing Leases 46 48 143 145
Total Interest Expense 16,764 3,306 39,021 5,983
NET INTEREST INCOME 25,353 30,901 79,219 87,764
Provision for Credit Losses 354 1,715 2,856 3,389
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES 24,999 29,186 76,363 84,375
NON-INTEREST INCOME        
Insurance Commissions 1,695 1,650 4,775 4,783
Net Gain (Loss) on Securities 71 95 (214) 379
Net Gain on Sales of Loans 21 18 25 80
Other Operating Income 1,124 652 1,893 2,121
Total Non-Interest Income 8,050 7,827 21,633 23,733
NON-INTEREST EXPENSE        
Salaries and Employee Benefits 11,988 12,427 35,974 35,400
Occupancy Expenses, Net 1,517 1,521 4,728 4,721
Technology and Equipment Expense 4,371 4,049 13,150 11,802
FDIC Assessments 515 295 1,478 893
Other Operating Expense 5,088 3,156 14,528 7,922
Total Non-Interest Expense 23,479 21,448 69,858 60,738
INCOME BEFORE PROVISION FOR INCOME TAXES 9,570 15,565 28,138 47,370
Provision for Income Taxes 1,827 3,402 5,786 10,658
NET INCOME $ 7,743 $ 12,163 $ 22,352 $ 36,712
Average Shares Outstanding:        
Basic (in shares) [1] 17,050 17,007 17,049 17,001
Diluted (in shares) [1] 17,050 17,054 17,049 17,050
Per Common Share:        
Basic Earnings (in dollars per share) $ 0.46 $ 0.72 $ 1.31 $ 2.16
Diluted Earnings (in dollars per share) $ 0.46 $ 0.72 $ 1.31 $ 2.15
Income From Fiduciary Activities        
NON-INTEREST INCOME        
Revenue from contract with customer $ 2,378 $ 2,341 $ 7,081 $ 7,454
Fees for Other Services to Customers        
NON-INTEREST INCOME        
Revenue from contract with customer $ 2,761 $ 3,071 $ 8,073 $ 8,916
[1] 2022 Share and Per Share Amounts have been restated for the September 26, 2023 3% stock dividend.