v3.26.1
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Interest and fees on loans:        
Taxable $ 59,483 $ 57,459 $ 115,799 $ 112,671
Tax-exempt 2,155 2,302 4,223 4,547
Interest and dividends on investment securities:        
Taxable 3,926 4,604 7,961 8,738
Tax-exempt 1,261 399 2,394 795
Dividends 305 40 564 81
Interest on interest-bearing deposits in other banks 622 531 1,515 929
Total interest income 67,752 65,335 132,456 127,761
Interest expense:        
Interest on deposits 18,188 20,303 36,327 41,150
Interest on short-term borrowings 536 410 908 635
Interest on long-term debt 1,500 1,211 2,904 2,388
Interest on subordinated debt 1,750 1,026 3,499 1,469
Interest on junior subordinated debt 174 188 347 374
Total interest expense 22,148 23,138 43,985 46,016
Net interest income 45,604 42,197 88,471 81,745
Provision (benefit) for credit losses 3,105 (239) 4,492 (39)
Net interest income after provision (benefit) for credit losses 42,499 42,436 83,979 81,784
Noninterest income:        
Mortgage banking income 302 125 543 239
Increase in cash surrender value of life insurance 500 535 997 1,061
Interest rate swap gain 187 164 847 207
Net gains (losses) on equity investment securities 33 (7) 489 64
Net gains on sale of investment securities available for sale     510  
Net gains on sale of fixed assets 271   271 680
Total noninterest income 6,534 6,247 13,432 12,503
Noninterest expense:        
Salaries and employee benefits expense 15,087 13,761 29,604 27,242
Net occupancy and equipment expense 7,338 6,284 15,013 12,894
Acquisition related expenses   66   220
Amortization of intangible assets 1,518 1,684 3,035 3,367
Professional fees and outside services 1,068 1,168 2,154 2,179
FDIC insurance and assessments 709 976 1,465 1,998
Advertising and corporate business development 1,449 1,074 2,753 1,933
Other expenses 3,441 3,249 6,449 5,782
Total noninterest expense 30,610 28,262 60,473 55,615
Income before income taxes 18,423 20,421 36,938 38,672
Income tax expense 3,618 3,465 7,386 6,707
Net income 14,805 16,956 29,552 31,965
Other comprehensive income:        
Unrealized gains (losses) on investment securities available for sale 2,431 1,859 (952) 7,431
Reclassification adjustment for net gains on available for sale securities included in net income     (510)  
Change in derivative fair value 80 16 236 (132)
Other comprehensive income (loss) before taxes 2,511 1,875 (1,226) 7,299
Income tax expense (benefit) related to other comprehensive income (loss) 551 409 (269) 1,592
Other comprehensive income (loss), net of income tax expense (benefit) 1,960 1,466 (957) 5,707
Comprehensive income $ 16,765 $ 18,422 $ 28,595 $ 37,672
Per share data:        
Basic $ 1.48 $ 1.7 $ 2.95 $ 3.2
Diluted 1.48 1.68 2.95 3.18
Dividends declared $ 0.625 $ 0.6175 $ 1.25 $ 1.235
Weighted average common shares outstanding:        
Basic 10,010,529 9,994,955 10,006,737 9,993,944
Diluted 10,036,037 10,082,260 10,033,374 10,062,831
Service charges, fees, commissions and other        
Noninterest income:        
Revenue from contracts with customers $ 3,411 $ 3,664 $ 6,568 $ 7,068
Merchant services income        
Noninterest income:        
Revenue from contracts with customers 489 584 669 815
Commission and fees on fiduciary activities        
Noninterest income:        
Revenue from contracts with customers 588 563 1,139 1,100
Wealth management income        
Noninterest income:        
Revenue from contracts with customers $ 753 $ 619 $ 1,399 $ 1,269