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
 3 Months Ended 6 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2022
Jun. 30, 2022
Mar. 31, 2022
Jun. 30, 2022
Sep. 30, 2022
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
INTEREST INCOME                
Loans, including Fees $ 27,839 $ 24,268 $ 22,429 $ 46,697 $ 74,536 $ 106,444 $ 96,561 $ 94,752
Investment Securities:                
Taxable 4,360 3,833 2,890 6,723 11,083 15,917 8,724 10,176
Tax Exempt 12 7 6 13 25 38 68 98
Federal Funds Sold and Interest Bearing Deposits 3,231 1,408 409 1,817 5,048 9,511 998 1,171
Total Interest Income 35,442 29,516 25,734 55,250 90,692 131,910 106,351 106,197
INTEREST EXPENSE                
Deposits 1,052 266 224 490 1,542 3,444 839 1,548
Short-Term Borrowings 536 343 192 535 1,071 1,761 1,360 1,690
Subordinated Notes Payable 443 370 317 687 1,130 1,652 1,228 1,472
Other Long-Term Borrowings 6 8 9 17 23 31 63 161
Total Interest Expense 2,037 987 742 1,729 3,766 6,888 3,490 4,871
NET INTEREST INCOME 33,405 28,529 24,992 53,521 86,926 125,022 102,861 101,326
Provision for Credit Losses 2,154 1,692 32 1,724 3,878 7,494 (1,553) 9,645
Net Interest Income After Provision for Credit Losses 31,251 26,837 24,960 51,797 83,048 117,528 104,414 91,681
NONINTEREST INCOME                
Other 1,870 1,823 1,733 3,556 5,426 7,691 7,271 5,942
Total Noninterest Income 18,509 20,564 20,812 41,376 59,885 75,181 107,545 111,165
NONINTEREST EXPENSE                
Compensation 22,967 23,222 22,298 45,520 68,487 91,519 101,470 96,280
Occupancy, Net 6,153 6,075 6,093 12,168 18,321 24,574 23,932 22,659
Other 8,579     16,985 25,564 35,541 37,106 31,023
Total Noninterest Expense 37,699 38,150 36,523 74,673 112,372 151,634 162,508 149,962
INCOME BEFORE INCOME TAXES 12,061 9,251 9,249 18,500 30,561 41,075 49,451 52,884
Income Tax Benefit 2,493 1,685 1,720 3,405 5,898 7,798 9,835 10,230
NET INCOME 9,568 7,566 7,529 15,095 24,663 33,277 39,616 42,654
Loss (Income) Attributable to Noncontrolling Interests (37) 306 591 897 860 135 (6,220) (11,078)
NET INCOME ATTRIBUTABLE TO COMMON SHAREOWNERS $ 9,605 $ 7,260 $ 6,938 $ 14,198 $ 23,803 $ 33,412 $ 33,396 $ 31,576
BASIC NET INCOME PER SHARE (in dollars per share) $ 0.57 $ 0.43 $ 0.41 $ 0.84 $ 1.40 $ 1.97 $ 1.98 $ 1.88
DILUTED NET INCOME PER SHARE (in dollars per share) $ 0.57 $ 0.43 $ 0.41 $ 0.84 $ 1.40 $ 1.97 $ 1.98 $ 1.88
Average Basic Common Shares Outstanding (in shares) 16,960 16,949 16,931 16,940 16,947 16,951 16,863 16,785
Average Diluted Common Shares Outstanding (in shares) 16,996 16,971 16,946 16,958 16,973 16,985 16,893 16,822
Deposit fees [Member]                
NONINTEREST INCOME                
Revenue, fees and commissions $ 5,947 $ 5,447 $ 5,191 $ 10,638 $ 16,585 $ 22,121 $ 18,882 $ 17,800
Bank card fees [Member]                
NONINTEREST INCOME                
Revenue, fees and commissions 3,860 4,034 3,763 7,797 11,657 15,401 15,274 13,044
Wealth management fees [Member]                
NONINTEREST INCOME                
Revenue, fees and commissions 3,937 4,403 6,070 10,473 14,410 18,059 13,693 11,035
Mortgage Banking Revenues [Member]                
NONINTEREST INCOME                
Revenue, fees and commissions $ 2,895 $ 4,857 $ 4,055 $ 8,912 $ 11,807 $ 11,909 $ 52,425 $ 63,344