Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF INCOME

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CONSOLIDATED STATEMENTS OF INCOME - USD ($)
shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
INTEREST INCOME      
Loans, including Fees $ 152,250 $ 106,444 $ 96,561
Investment Securities:      
Taxable 18,652 15,917 8,724
Tax Exempt 40 38 68
Federal Funds Sold and Interest Bearing Deposits 10,126 9,511 998
Total Interest Income 181,068 131,910 106,351
INTEREST EXPENSE      
Deposits 17,582 3,444 839
Short-Term Borrowings 2,051 1,761 1,360
Subordinated Notes Payable 2,427 1,652 1,228
Other Long-Term Borrowings 20 31 63
Total Interest Expense 22,080 6,888 3,490
NET INTEREST INCOME 158,988 125,022 102,861
Provision for Credit Losses 9,714 7,494 (1,553)
Net Interest Income After Provision for Credit Losses 149,274 117,528 104,414
NONINTEREST INCOME      
Other 8,630 7,691 7,271
Total Noninterest Income 71,610 75,181 107,545
NONINTEREST EXPENSE      
Compensation 93,787 91,519 101,470
Occupancy, Net 27,660 24,574 23,932
Other 35,576 35,541 37,106
Total Noninterest Expense 157,023 151,634 162,508
INCOME BEFORE INCOME TAXES 63,861 41,075 49,451
Income Tax Expense 13,040 7,798 9,835
NET INCOME 50,821 33,277 39,616
Loss (Income) Attributable to Noncontrolling Interests 1,437 135 (6,220)
NET INCOME ATTRIBUTABLE TO COMMON SHAREOWNERS $ 52,258 $ 33,412 $ 33,396
BASIC NET INCOME PER SHARE (in dollars per share) $ 3.08 $ 1.97 $ 1.98
DILUTED NET INCOME PER SHARE (in dollars per share) $ 3.07 $ 1.97 $ 1.98
Average Basic Common Shares Outstanding (in shares) 16,987 16,951 16,863
Average Diluted Common Shares Outstanding (in shares) 17,023 16,985 16,893
Deposit fees [Member]      
NONINTEREST INCOME      
Revenue, fees and commissions $ 21,325 $ 22,121 $ 18,882
Bank card fees [Member]      
NONINTEREST INCOME      
Revenue, fees and commissions 14,918 15,401 15,274
Wealth management fees [Member]      
NONINTEREST INCOME      
Revenue, fees and commissions 16,337 18,059 13,693
Mortgage Banking Revenues [Member]      
NONINTEREST INCOME      
Revenue, fees and commissions $ 10,400 $ 11,909 $ 52,425