XML 17 R4.htm IDEA: XBRL DOCUMENT v3.24.2.u1
CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - 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 income:        
Interest and fees on loans $ 76,240 $ 65,449 $ 151,876 $ 125,198
Interest on mortgage loans held for sale 392 241 647 393
Taxable interest on debt securities 6,944 7,403 14,040 14,597
Dividends on Federal Home Loan Bank stock 1,124 858 2,197 1,455
Other interest income 1,297 1,279 2,493 2,349
Total interest and dividend income 85,997 75,230 171,253 143,992
Interest expense:        
Deposits 36,713 29,704 74,760 49,293
Federal Home Loan Bank advances 17,296 11,652 32,434 23,278
Junior subordinated debentures 403 374 809 728
Total interest expense 54,412 41,730 108,003 73,299
Net interest income [1] 31,585 33,500 63,250 70,693
Provision for credit losses 500 700 1,200 1,500
Net interest income after provision for credit losses 31,085 32,800 62,050 69,193
Noninterest income:        
Wealth management revenues [1] 9,678 9,048 19,016 17,711
Mortgage banking revenues [1] 2,761 1,753 5,267 2,998
Card interchange fees [1] 1,275 1,268 2,420 2,400
Service charges on deposit accounts [1] 769 667 1,454 1,444
Loan related derivative income [1] 49 247 333 196
Income from bank-owned life insurance [1] 753 879 1,492 2,044
Other income [1] 1,375 463 3,841 815
Total noninterest income [1] 16,660 14,325 33,823 27,608
Noninterest expense:        
Salaries and employee benefits 21,260 20,588 43,035 42,372
Outsourced services 4,096 3,621 7,876 7,117
Net occupancy 2,397 2,416 4,958 4,853
Equipment 958 1,050 1,978 2,078
Legal, audit and professional fees 741 978 1,447 1,874
FDIC deposit insurance costs 1,404 1,371 2,845 2,243
Advertising and promotion 661 427 1,209 835
Amortization of intangibles 208 212 416 424
Other expenses 2,185 2,353 4,509 4,784
Total noninterest expense 33,910 33,016 68,273 66,580
Income before income taxes 13,835 14,109 27,600 30,221
Income tax expense 3,020 2,853 5,849 6,153
Net income 10,815 11,256 21,751 24,068
Net income available to common shareholders $ 10,807 $ 11,237 $ 21,731 $ 24,020
Weighted average common shares outstanding - basic 17,052 17,011 17,042 17,042
Weighted average common shares outstanding - diluted 17,110 17,030 17,082 17,085
Per share information:        
Basic earnings per common share $ 0.63 $ 0.66 $ 1.28 $ 1.41
Diluted earnings per common share $ 0.63 $ 0.66 $ 1.27 $ 1.41
[1] As reported in the Unaudited Consolidated Statements of Income.