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Consolidated Statements of Income and Comprehensive Income (Loss) (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Interest income        
Interest and fees on loans (includes YTD tax-exempt income of $801,000 for June 30, 2023 and $582,000 for June 30, 2022) $ 26,406 $ 17,286 $ 50,531 $ 33,899
Interest on deposits with other banks 49 62 89 71
Interest and dividends on investments (includes YTD tax-exempt income of $4,016,000 for June 30, 2023 and $3,657,000 for June 30, 2022) 4,729 4,083 9,478 7,994
     Total interest income 31,184 21,431 60,098 41,964
Interest expense        
Interest on deposits 14,475 2,401 25,392 4,026
Interest on borrowed funds 784 332 1,306 620
     Total interest expense 15,259 2,733 26,698 4,646
Net interest income 15,925 18,698 33,400 37,318
Provision for credit losses - loans 30 450 580 900
Reduction in provision for credit losses - debt securities held to maturity (10) 0 (10) 0
Provision for credit losses - off-balance sheet credit exposures 131 0 131 0
Total provision for credit losses 151 450 701 900
Net interest income after provision for credit losses 15,774 18,248 32,699 36,418
Non-interest income        
Net securities gains (losses) 0 (1) 0 1
Other operating income 678 679 1,287 1,347
     Total non-interest income 3,870 4,080 7,439 8,312
Non-interest expense        
Salaries and employee benefits 5,177 5,398 10,897 11,335
Occupancy expense 842 749 1,710 1,578
Furniture and equipment expense 1,303 1,239 2,606 2,474
FDIC insurance premiums 534 222 878 440
Amortization of identified intangibles 6 18 13 35
Other operating expense 2,853 2,546 5,461 4,960
     Total non-interest expense 10,715 10,172 21,565 20,822
Income before income taxes 8,929 12,156 18,573 23,908
Income tax expense 1,535 2,159 3,208 4,206
NET INCOME $ 7,394 $ 9,997 $ 15,365 $ 19,702
Basic earnings per common share (usd per share) $ 0.67 $ 0.91 $ 1.40 $ 1.80
Diluted earnings per common share (usd per share) $ 0.67 $ 0.91 $ 1.39 $ 1.79
Other comprehensive income (loss) net of tax        
Net unrealized gain (loss) on securities available for sale, net of taxes $ (3,244) $ (12,734) $ 937 $ (31,077)
Net unrealized gain on transferred securities, net of taxes 1 5 5 14
Net unrealized gain on hedging derivative instruments 2,872 146 136 146
Other comprehensive income (loss) (371) (12,583) 1,078 (30,917)
Comprehensive income (loss) 7,023 (2,586) 16,443 (11,215)
Investment management and fiduciary income        
Non-interest income        
Non-interest income 1,209 1,229 2,355 2,426
Service charges on deposit accounts        
Non-interest income        
Non-interest income 497 467 934 904
Mortgage origination and servicing income, net of amortization        
Non-interest income        
Non-interest income 195 380 387 878
Debit card income        
Non-interest income        
Non-interest income $ 1,291 $ 1,326 $ 2,476 $ 2,756