Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF INCOME

v3.22.4
CONSOLIDATED STATEMENTS OF INCOME - USD ($)
shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
INTEREST INCOME      
Loans, including Fees $ 105,882 $ 96,561 $ 94,752
Investment Securities:      
Taxable 15,917 8,724 10,176
Tax Exempt 38 68 98
Federal Funds Sold and Interest Bearing Deposits 9,511 998 1,171
Total Interest Income 131,348 106,351 106,197
INTEREST EXPENSE      
Deposits 3,444 839 1,548
Short-Term Borrowings 1,761 1,360 1,690
Subordinated Notes Payable 1,652 1,228 1,472
Other Long-Term Borrowings 31 63 161
Total Interest Expense 6,888 3,490 4,871
NET INTEREST INCOME 124,460 102,861 101,326
Provision for Credit Losses 7,162 (1,553) 9,645
Net Interest Income After Provision for Credit Losses 117,298 104,414 91,681
NONINTEREST INCOME      
Other 8,422 7,271 5,942
Total Noninterest Income 94,627 107,545 111,165
NONINTEREST EXPENSE      
Compensation 100,542 101,470 96,280
Occupancy, Net 24,574 23,932 22,659
Other 36,712 37,106 31,023
Total Noninterest Expense 161,828 162,508 149,962
INCOME BEFORE INCOME TAXES 50,097 49,451 52,884
Income Tax Benefit 10,085 9,835 10,230
NET INCOME 40,012 39,616 42,654
Loss (Income) Attributable to Noncontrolling Interests 135 (6,220) (11,078)
NET INCOME ATTRIBUTABLE TO COMMON SHAREOWNERS $ 40,147 $ 33,396 $ 31,576
BASIC NET INCOME PER SHARE (in dollars per share) $ 2.37 $ 1.98 $ 1.88
DILUTED NET INCOME PER SHARE (in dollars per share) $ 2.36 $ 1.98 $ 1.88
Average Basic Common Shares Outstanding (in shares) 16,951 16,863 16,785
Average Diluted Common Shares Outstanding (in shares) 16,985 16,893 16,822
Deposit fees [Member]      
NONINTEREST INCOME      
Revenue, fees and commissions $ 22,121 $ 18,882 $ 17,800
Bank card fees [Member]      
NONINTEREST INCOME      
Revenue, fees and commissions 15,401 15,274 13,044
Wealth management fees [Member]      
NONINTEREST INCOME      
Revenue, fees and commissions 18,059 13,693 11,035
Mortgage Banking Revenues [Member]      
NONINTEREST INCOME      
Revenue, fees and commissions $ 30,624 $ 52,425 $ 63,344