v3.25.2
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Loans/leases, including fees:        
Taxable $ 75,122 $ 79,743 $ 149,210 $ 156,874
Nontaxable 27,747 26,051 54,095 50,179
Securities:        
Taxable 4,805 4,285 9,393 8,546
Nontaxable 10,158 7,476 19,370 14,862
Interest-bearing deposits at financial institutions 1,634 1,139 3,438 2,339
Restricted investment securities 622 869 1,156 1,543
Federal funds sold 159 183 258 452
Total interest and dividend income 120,247 119,746 236,920 234,795
Interest expense:        
Deposits 51,013 53,053 101,400 104,469
Short-term borrowings 15 21 33 44
Federal Home Loan Bank advances 2,853 6,239 4,849 10,977
Subordinated notes 3,599 3,582 7,201 7,062
Junior subordinated debentures 685 688 1,369 1,381
Total interest expense 58,165 63,583 114,852 123,933
Net interest income 62,082 56,163 122,068 110,862
Provision for credit losses 4,043 5,496 8,277 8,465
Net interest income after provision for credit losses 58,039 50,667 113,791 102,397
Noninterest income:        
Gains on sales of residential real estate loans, net 556 540 853 922
Gains on sales of government guaranteed portions of loans, net 40 12 101 36
Capital markets revenue 9,869 17,758 16,385 34,215
Earnings on bank-owned life insurance 998 2,964 1,522 3,832
Loan related fee income 1,096 962 1,994 1,798
Fair value gain (loss) on derivatives and trading securities 230 51 (777) (112)
Other 143 218 521 372
Total noninterest income 22,115 30,889 39,007 57,747
Noninterest expense:        
Salaries and employee benefits 28,474 31,079 55,838 62,939
Occupancy and equipment expense 6,837 6,377 13,292 12,891
Professional and data processing fees 6,089 4,823 11,233 9,436
FDIC insurance, other insurance and regulatory fees 1,960 1,854 3,930 3,799
Loan/lease expense 407 151 788 529
Net cost of (income from) and losses/(gains) on operations of other real estate 50 28 41 (2)
Advertising and marketing 1,746 1,565 3,359 3,048
Communication and data connectivity 274 318 564 719
Supplies 252 259 459 534
Bank service charges 720 622 1,316 1,190
Correspondent banking expense 314 363 643 668
Intangibles amortization 661 690 1,322 1,380
Payment card processing 547 706 1,141 1,352
Trust expense 413 379 770 804
Other 839 674 1,426 1,291
Total noninterest expense 49,583 49,888 96,122 100,578
Net income before income taxes 30,571 31,668 56,676 59,566
Federal and state income tax expense 1,552 2,554 1,860 3,726
Net income $ 29,019 $ 29,114 $ 54,816 $ 55,840
Basic earnings per common share (in dollars per share) $ 1.71 $ 1.73 $ 3.24 $ 3.32
Diluted earnings per common share (in dollars per share) $ 1.71 $ 1.72 $ 3.22 $ 3.3
Weighted average common shares outstanding 16,928,542 16,814,814 16,914,663 16,799,081
Weighted average common and common equivalent shares outstanding 17,006,282 16,921,854 17,010,136 16,916,264
Cash dividends declared per common share $ 0.06 $ 0.06 $ 0.12 $ 0.12
Trust fees        
Noninterest income:        
Revenue $ 3,395 $ 3,103 $ 7,081 $ 6,302
Investment advisory and management fees        
Noninterest income:        
Revenue 1,254 1,214 2,508 2,315
Deposit service fees        
Noninterest income:        
Revenue 2,187 1,986 4,370 4,008
Debit card fees        
Noninterest income:        
Revenue 1,648 1,571 3,136 3,037
Correspondent banking fees        
Noninterest income:        
Revenue $ 699 $ 510 $ 1,313 $ 1,022