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Consolidated Statements of Income and Comprehensive Income (Loss) (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Interest income        
Interest and fees on loans (includes YTD tax-exempt income of $1,824,000 for September 30, 2024 and $1,362,000 for September 30, 2023) $ 33,498 $ 28,329 $ 95,541 $ 78,860
Interest on deposits with other banks 56 211 190 300
Interest and dividends on investments (includes YTD tax-exempt income of $5,971,000 for September 30, 2024 and $6,030,000 for September 30, 2023) 4,733 4,714 14,102 14,192
     Total interest income 38,287 33,254 109,833 93,352
Interest expense        
Interest on deposits 20,118 16,992 59,111 42,384
Interest on borrowed funds 1,767 308 4,365 1,614
     Total interest expense 21,885 17,300 63,476 43,998
Net interest income 16,402 15,954 46,357 49,354
Credit loss (reduction) expense - loans (580) (161) 58 419
Credit loss (reduction) expense - debt securities HTM 76 3 (210) (7)
Credit loss (reduction) expense - off-balance sheet credit exposures (134) (42) (487) 89
Total credit loss (reduction) expense (638) (200) (639) 501
Net interest income after provision for credit losses 17,040 16,154 46,996 48,853
Non-interest income        
Other operating income 821 675 2,282 1,962
     Total non-interest income 4,122 3,891 11,919 11,330
Non-interest expense        
Salaries and employee benefits 6,126 5,523 17,768 16,420
Occupancy expense 823 784 2,532 2,494
Furniture and equipment expense 1,416 1,403 4,182 4,009
FDIC insurance premiums 636 551 1,762 1,429
Amortization of identified intangibles 7 7 20 20
Other operating expense 2,992 2,738 8,747 8,199
     Total non-interest expense 12,000 11,006 35,011 32,571
Income before income taxes 9,162 9,039 23,904 27,612
Income tax expense 1,591 1,565 4,141 4,773
NET INCOME $ 7,571 $ 7,474 $ 19,763 $ 22,839
Basic earnings per common share (usd per share) $ 0.69 $ 0.68 $ 1.79 $ 2.08
Diluted earnings per common share (usd per share) $ 0.68 $ 0.67 $ 1.78 $ 2.06
Other comprehensive income (loss) net of tax        
Net unrealized gain (loss) on securities available for sale, net of taxes $ 8,975 $ (10,071) $ 5,181 $ (9,134)
Net unrealized gain on transferred securities, net of taxes 2 1 7 6
Net unrealized (loss) gain on hedging derivative instruments (869) 730 (436) 866
Other comprehensive gain (loss) 8,108 (9,340) 4,752 (8,262)
Comprehensive income (loss) 15,679 (1,866) 24,515 14,577
Investment management and fiduciary income        
Non-interest income        
Non-interest income 1,232 1,160 3,689 3,515
Service charges on deposit accounts        
Non-interest income        
Non-interest income 511 465 1,552 1,399
Mortgage origination and servicing income, net of amortization        
Non-interest income        
Non-interest income 193 224 512 611
Debit card income        
Non-interest income        
Non-interest income $ 1,365 $ 1,367 $ 3,884 $ 3,843