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CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
INTEREST AND DIVIDEND INCOME:      
Interest and fees on loans $ 293,544 $ 273,220 $ 194,149
Processing fees on PPP loans 0 3 1,889
Securities and cash and cash equivalents:      
Taxable 30,915 19,279 16,672
Tax-exempt 636 724 871
Dividends 375 470 157
Total interest and dividend income 325,470 293,696 213,738
INTEREST EXPENSE:      
Deposits 133,493 97,770 19,833
Borrowed funds and finance lease liabilities 11 1,802 389
Subordinated debentures (includes $0, $(151), and $127 accumulated other comprehensive income reclassification for change in fair value of interest rate swap agreements, respectively) 4,497 4,295 3,857
Total interest expense 138,001 103,867 24,079
NET INTEREST INCOME 187,469 189,829 189,659
PROVISION FOR CREDIT LOSS EXPENSE 9,222 5,993 8,589
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSS EXPENSE 178,247 183,836 181,070
NON-INTEREST INCOME:      
Service charges on deposit accounts 6,990 7,372 7,206
Other service charges and fees 2,973 3,010 3,196
Wealth and asset management fees 7,845 7,251 7,172
Net realized gains on available-for-sale securities (includes $74, $52, and $651 accumulated other comprehensive income reclassifications for net realized gains on available-for-sale securities, respectively) 74 52 651
Net realized gains on equity securities 0 22 0
Net unrealized gains (losses) on equity securities 754 (409) (1,149)
Mortgage banking 673 676 1,237
Bank owned life insurance 3,110 2,945 3,433
Card processing and interchange income 8,666 8,301 7,797
Other non-interest income 8,029 4,115 5,223
Total non-interest income 39,114 33,335 34,766
NON-INTEREST EXPENSES:      
Compensation and benefits (includes $(168), $(174), and $(113) accumulated other comprehensive income reclassifications for net amortization of actuarial (gains) losses, respectively) 74,536 71,062 71,460
Net occupancy expense 14,737 14,509 13,298
Technology expense 21,805 20,202 17,041
State and local taxes 4,726 4,126 4,078
Legal, professional and examination fees 4,217 4,414 4,173
Advertising 2,545 3,133 2,887
FDIC insurance 3,718 3,879 2,796
Card processing and interchange expenses 4,575 5,025 4,801
Other non-interest expenses 19,143 18,992 17,088
Total non-interest expenses 150,002 145,342 137,622
INCOME BEFORE INCOME TAXES 67,359 71,829 78,214
INCOME TAX EXPENSE (includes $51, $79, and $134 income tax expense reclassification items, respectively) 12,784 13,809 15,026
NET INCOME 54,575 58,020 63,188
PREFERRED STOCK DIVIDENDS 4,302 4,302 4,302
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS $ 50,273 $ 53,718 $ 58,886
PER COMMON SHARE DATA:      
Basic Earnings Per Common Share (in dollars per share) $ 2.39 $ 2.56 $ 3.26
Diluted Earnings Per Common Share (in dollars per share) 2.39 2.55 3.26
Cash dividends declared (in dollars per share) $ 0.710 $ 0.700 $ 0.700
OTHER COMPREHENSIVE INCOME (LOSS):      
Net change in unrealized gains (losses) on available-for-sale securities, net of reclassification and tax $ 1,715 $ 6,109 $ (53,576)
Amortization of unrealized gains from held-to-maturity securities, net of tax 545 591 875
Change in actuarial gains (losses), for post-employment health care plan, net of amortization and tax 245 (139) 150
Change in fair value of interest rate swap agreements designated as a cash flow hedge, net of interest and tax 0 (119) 425
Total other comprehensive income (loss) 2,505 6,442 (52,126)
COMPREHENSIVE INCOME $ 57,080 $ 64,462 $ 11,062