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Consolidated Statements of Income and Comprehensive Income (Unaudited) - USD ($)
$ 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 (includes YTD tax-exempt income of $1,111,000 for June 30, 2024 and $801,000 for June 30, 2023) $ 31,839 $ 26,406 $ 62,043 $ 50,531
Interest on deposits with other banks 56 49 134 89
Interest and dividends on investments (includes YTD tax-exempt income of $3,985,000 for June 30, 2024 and $4,016,000 for June 30, 2023) 4,663 4,729 9,369 9,478
     Total interest income 36,558 31,184 71,546 60,098
Interest expense        
Interest on deposits 19,816 14,475 38,993 25,392
Interest on borrowed funds 1,667 784 2,598 1,306
     Total interest expense 21,483 15,259 41,591 26,698
Net interest income 15,075 15,925 29,955 33,400
Credit loss expense - loans 539 30 638 580
Credit loss reduction - debt securities HTM (34) (10) (286) (10)
Credit loss (reduction) expense - off-balance sheet credit exposures 7 131 (353) 131
Total credit loss (reduction) expense 512 151 (1) 701
Net interest income after provision for credit losses 14,563 15,774 29,956 32,699
Non-interest income        
Other operating income 824 678 1,461 1,287
     Total non-interest income 4,157 3,870 7,797 7,439
Non-interest expense        
Salaries and employee benefits 5,585 5,177 11,642 10,897
Occupancy expense 843 842 1,709 1,710
Furniture and equipment expense 1,377 1,303 2,766 2,606
FDIC insurance premiums 562 534 1,126 878
Amortization of identified intangibles 6 6 13 13
Other operating expense 2,877 2,853 5,755 5,461
     Total non-interest expense 11,250 10,715 23,011 21,565
Income before income taxes 7,470 8,929 14,742 18,573
Income tax expense 1,299 1,535 2,550 3,208
NET INCOME $ 6,171 $ 7,394 $ 12,192 $ 15,365
Basic earnings per common share (usd per share) $ 0.56 $ 0.67 $ 1.10 $ 1.40
Diluted earnings per common share (usd per share) $ 0.55 $ 0.67 $ 1.10 $ 1.39
Other comprehensive income (loss) net of tax        
Net unrealized (loss) gain on securities available for sale, net of taxes $ (553) $ (3,244) $ (3,794) $ 937
Net unrealized gain on transferred securities, net of taxes 3 1 5 5
Net unrealized gain (loss) on hedging derivative instruments (2) 2,872 433 136
Other comprehensive (loss) gain (552) (371) (3,356) 1,078
Comprehensive income 5,619 7,023 8,836 16,443
Investment management and fiduciary income        
Non-interest income        
Non-interest income 1,269 1,209 2,457 2,355
Service charges on deposit accounts        
Non-interest income        
Non-interest income 542 497 1,041 934
Mortgage origination and servicing income, net of amortization        
Non-interest income        
Non-interest income 189 195 319 387
Debit card income        
Non-interest income        
Non-interest income $ 1,333 $ 1,291 $ 2,519 $ 2,476