XML 15 R4.htm IDEA: XBRL DOCUMENT v3.21.2
Condensed Consolidated Statements of Income (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Interest income        
Loans, including fees $ 43,307 $ 33,844 $ 120,402 $ 101,692
Federal funds sold and interest bearing due from banks 208 54 358 673
Mortgage loans held for sale 53 173 175 359
Federal Home Loan Bank stock 83 56 204 197
Securities available for sale:        
Taxable 3,206 1,973 8,245 6,434
Tax-exempt 91 44 184 177
Total interest income 46,948 36,144 129,568 109,532
Interest expense        
Deposits 1,403 2,107 4,348 8,676
Securities sold under agreements to repurchase 6 7 16 31
Federal funds purchased and other short-term borrowings 5 2 11 33
Federal Home Loan Bank advance 51 333 301 1,123
Total interest expense 1,465 2,449 4,676 9,863
Net interest income 45,483 33,695 124,892 99,669
Provision for credit losses (1,525) 4,968 1,147 17,918
Net interest income after credit loss expense 47,008 28,727 123,745 81,751
Non-interest income:        
Mortgage banking income [1] 915 1,979 3,662 4,447
Bank owned life insurance [1] 275 172 642 527
Total non-interest income 17,614 13,043 47,246 38,201
Non-interest expenses        
Compensation 17,381 13,300 45,888 37,296
Employee benefits 3,662 2,853 10,290 8,891
Net occupancy and equipment 2,732 2,177 7,021 6,045
Technology and communication 3,173 2,323 8,189 6,385
Debit and credit card processing 1,479 649 3,160 1,908
Marketing and business development 1,011 523 2,357 1,548
Postage, printing and supplies 630 472 1,499 1,355
Legal and professional 700 544 1,828 1,795
FDIC insurance 387 435 1,141 894
Amortization of investments in tax credit partnerships 53 52 315 141
Capital and deposit based taxes 556 1,076 1,541 3,331
Merger expenses 525 0 19,025 0
Federal Home Loan Bank early termination penalty 0 0 474 0
Other 2,269 1,242 4,980 3,041
Total non-interest expenses 34,558 25,646 107,708 72,630
Income before income tax expense 30,064 16,124 63,283 47,322
Income tax expense 6,902 1,591 13,227 6,189
Net income $ 23,162 $ 14,533 $ 50,056 $ 41,133
Net income per share, basic (in dollars per share) $ 0.87 $ 0.64 $ 2.05 $ 1.82
Net income per share, diluted (in dollars per share) $ 0.87 $ 0.64 $ 2.03 $ 1.81
Weighted average outstanding shares        
Basic (in shares) 26,485 22,582 24,360 22,553
Diluted (in shares) 26,726 22,802 24,602 22,759
Fiduciary and Trust [Member]        
Non-interest income:        
Non-interest income $ 7,128 $ 5,657 $ 20,234 $ 17,601
Deposit Account [Member]        
Non-interest income:        
Non-interest income 1,768 998 3,945 3,081
Credit and Debit Card [Member]        
Non-interest income:        
Non-interest income 3,887 2,218 9,444 6,261
Treasury Management [Member]        
Non-interest income:        
Non-interest income 1,771 1,368 5,041 3,901
Investment Advisory, Management and Administrative Service [Member]        
Non-interest income:        
Non-interest income 780 431 1,789 1,288
Product and Service, Other [Member]        
Non-interest income:        
Non-interest income $ 1,090 $ 220 $ 2,489 $ 1,095
[1] Outside of the scope of ASC 606.