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Consolidated Statements of Income - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
INTEREST AND DIVIDEND INCOME        
Interest and Fees on Loans $ 42,141 $ 34,618 $ 82,517 $ 66,504
Interest on Deposits at Banks 2,185 1,674 4,632 2,153
Interest and Dividends on Investment Securities:        
Fully Taxable 3,009 2,951 6,195 5,899
Exempt from Federal Taxes 637 770 1,305 1,567
Total Interest and Dividend Income 47,972 40,013 94,649 76,123
INTEREST EXPENSE        
Interest-Bearing Checking Accounts 1,903 820 3,544 1,190
Savings Deposits 10,571 8,514 20,801 14,101
Time Deposits over $250,000 1,869 1,119 3,842 1,693
Other Time Deposits 5,074 1,196 10,157 1,670
Borrowings 1,186 2,373 2,262 3,166
Junior Subordinated Obligations Issued to Unconsolidated Subsidiary Trusts 170 171 341 340
Interest on Financing Leases 47 48 95 97
Total Interest Expense 20,820 14,241 41,042 22,257
NET INTEREST INCOME 27,152 25,772 53,607 53,866
Provision for Credit Losses on Loans 775 948 1,392 2,502
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES 26,377 24,824 52,215 51,364
NON-INTEREST INCOME        
Insurance Commissions 1,662 1,560 3,344 3,080
Net Gain (Loss) on Securities 54 (181) 71 (285)
Net Gain on Sales of Loans 5 0 9 4
Other Operating Income 978 382 2,133 769
Total Non-Interest Income 7,856 6,906 15,714 13,583
NON-INTEREST EXPENSE        
Salaries and Employee Benefits 13,036 12,039 25,929 23,986
Occupancy Expenses, Net 1,774 1,583 3,545 3,211
Technology and Equipment Expense 4,734 4,362 9,554 8,779
FDIC Assessments 698 484 1,413 963
Other Operating Expense 3,076 5,615 6,889 9,440
Total Non-Interest Expense 23,318 24,083 47,330 46,379
INCOME BEFORE PROVISION FOR INCOME TAXES 10,915 7,647 20,599 18,568
Provision for Income Taxes 2,311 1,600 4,335 3,959
NET INCOME $ 8,604 $ 6,047 $ 16,264 $ 14,609
Average Shares Outstanding:        
Basic (in shares) [1] 16,685 17,050 16,764 17,050
Diluted (in shares) [1] 16,709 17,050 16,789 17,050
Per Common Share:        
Basic Earnings (in dollars per share) $ 0.52 $ 0.35 $ 0.97 $ 0.85
Diluted Earnings (in dollars per share) $ 0.52 $ 0.35 $ 0.97 $ 0.85
Income From Fiduciary Activities        
NON-INTEREST INCOME        
Revenue from contract with customer $ 2,451 $ 2,428 $ 4,908 $ 4,703
Fees for Other Services to Customers        
NON-INTEREST INCOME        
Revenue from contract with customer $ 2,706 $ 2,717 $ 5,249 $ 5,312
[1] 2023 Share and Per Share Amounts have been restated for the September 26, 2023 3% stock dividend.