Consolidated Statements of Income - USD ($)
$ in Thousands |
12 Months Ended |
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
| Interest and dividend income: |
|
|
|
| Loans and loans held for sale |
$ 133,208
|
$ 131,091
|
$ 122,082
|
| Investment securities |
15,143
|
13,347
|
13,135
|
| Other interest-earning assets |
682
|
402
|
1,891
|
| Total interest and dividend income |
149,033
|
144,840
|
137,108
|
| Interest expense: |
|
|
|
| Deposits |
3,922
|
11,599
|
19,941
|
| Borrowed funds |
60
|
606
|
385
|
| Subordinated debt |
3,495
|
2,501
|
925
|
| Total interest expense |
7,477
|
14,706
|
21,251
|
| Net interest income |
141,556
|
130,134
|
115,857
|
| Provision for credit losses |
1,770
|
12,499
|
1,180
|
| Net interest income after provision for credit losses |
139,786
|
117,635
|
114,677
|
| Non-interest income: |
|
|
|
| Wealth management fees |
6,787
|
5,815
|
5,494
|
| Deposit and interchange fees |
6,971
|
6,426
|
6,870
|
| Income on bank-owned life insurance, net |
821
|
587
|
638
|
| Net gains on sales of debt securities |
128
|
227
|
146
|
| Net gains on sales of loans |
833
|
1,409
|
469
|
| Net gain on sale of OREO |
1,126
|
0
|
34
|
| Loss on termination of swaps |
(1,847)
|
0
|
0
|
| Other income |
3,288
|
2,783
|
2,668
|
| Total non-interest income |
18,107
|
17,247
|
16,319
|
| Non-interest expense: |
|
|
|
| Salaries and employee benefits |
66,633
|
61,580
|
56,059
|
| Occupancy and equipment expenses |
9,650
|
8,546
|
8,417
|
| Technology and telecommunications expenses |
10,574
|
9,197
|
7,590
|
| Advertising and public relations expenses |
2,373
|
2,151
|
2,962
|
| Audit, legal and other professional fees |
2,347
|
2,273
|
2,039
|
| Deposit insurance premiums |
1,910
|
2,124
|
876
|
| Supplies and postage expenses |
819
|
898
|
971
|
| Loss on extinguishment of subordinated debt |
713
|
0
|
0
|
| Other operating expenses |
7,116
|
6,485
|
7,501
|
| Total non-interest expense |
102,135
|
93,254
|
86,415
|
| Income before income taxes |
55,758
|
41,628
|
44,581
|
| Provision for income taxes |
13,587
|
10,172
|
10,381
|
| Net income |
$ 42,171
|
$ 31,456
|
$ 34,200
|
| Basic earnings per share (in dollars per share) |
$ 3.51
|
$ 2.64
|
$ 2.90
|
| Diluted earnings per share (in dollars per share) |
$ 3.50
|
$ 2.64
|
$ 2.89
|
| Basic weighted average common shares outstanding (in shares) |
12,005,838
|
11,897,813
|
11,789,570
|
| Diluted weighted average common shares outstanding (in shares) |
12,051,293
|
11,919,508
|
11,829,818
|