2021 Annual Report
Consolidated Statements of Income (dollars in thousands, except per share amounts)
Consolidated Balance Sheets (dollars in thousands, except per share amounts)
December 31,
Years Ended December 31,
2021
2020
2021
2020
2019
ASSETS Cash and due from banks
Interest income: Loans, including fees
$
42,949 160,881
$
65,078 17,409
141,036 $
158,656 $
163,163 $
Interest earning deposits in banks
Taxable investment securities Tax-exempt investment securities
25,692
17,610
13,132
Federal funds sold
-
172
9,947
8,259
5,696
Total cash and cash equivalents
203,830
82,659
Other
91
262
450
Debt securities available for sale at fair value
2,288,110
1,657,381
Total interest income
176,766
184,787
182,441
Loans held for sale
12,917
59,956
Interest expense: Deposits
Gross loans held for investment
3,252,194
3,496,790
13,198
23,919
29,927
Unearned income, net
(7,182)
(14,567)
Short-term borrowings
551
914
1,847 7,017
Loans held for investment, net of unearned income
3,245,012
3,482,223
Long-term debt
6,736
6,990
Allowance for credit losses
(48,700)
(55,500)
Total interest expense Net interest income
20,485 156,281
31,823 152,964 28,369 124,595
38,791 143,650
Total loans held for investment, net
3,196,312
3,426,723
Premises and equipment, net
83,492 62,477 19,885
86,401 62,477 25,242
Credit loss (benefit) expense
(7,336)
7,158
Goodwill
Net interest income after credit loss (benefit) expense
163,617
136,492
Other intangible assets, net
Foreclosed assets, net
357
2,316
Noninterest income: Investment services and trust activities
Other assets
157,748
153,493
11,675
9,632 6,178 5,719
8,040 7,452 5,594 3,789 1,877
Total assets
6,025,128 $
5,556,648 $
Service charges and fees
6,259 7,015
Card revenue Loan revenue
LIABILITIES AND SHAREHOLDERS' EQUITY Noninterest bearing deposits
12,948
10,185
1,005,369 $
$
910,655
Bank-owned life insurance Insurance commissions Investment securities gains, net
2,162
2,226
Interest-bearing deposits
4,109,150 5,114,519
3,636,394 4,547,049
-
-
734
Total deposits
242
184
90
Short-term borrowings
181,368 154,879 46,887
230,789 208,691 54,869
Other
2,152
4,496
3,670
Long-term debt Other liabilities
Total noninterest income
42,453
38,620
31,246
Total liabilities
5,497,653 $
5,041,398 $
Noninterest expense: Compensation and employee benefits Occupancy expense of premises, net
69,937
66,397
65,660
Shareholders' Equity Preferred stock, no par value; authorized 500,000 shares; no shares issued and outstanding Common stock, $1.00 par value; authorized 30,000,000 shares; issued shares of 16,581,017 and 16,581,017; outstanding shares of 15,671,147 and 16,016,780
9,274 7,816 5,256 5,216 4,022 5,357 1,572 1,332
9,348 7,865 6,153 5,362 3,815 6,976 1,858 1,746
8,647 7,717 8,049 4,579 3,789 5,906
-
-
Equipment
Legal and professional
16,581 300,940 243,365 (24,546)
16,581 300,137 188,191 (14,251) 24,592 515,250
Data processing
Additional paid-in capital
Marketing
Retained earnings
Amortization of intangibles
Treasury stock at cost; 909,870 and 564,237 Accumulated other comprehensive (loss) income
FDIC insurance Communications
690
(8,865)
1,701
Total shareholders' equity
527,475
Foreclosed assets, net Goodwill impairment
233
150
580
Total liabilities and shareholders' equity
6,025,128 $
5,556,648 $
-
31,500
-
Other
6,577
8,723
10,217 117,535 50,203
Should be read in conjunction with the consolidated financial statements and notes thereto included in Part II, Item 8 of the Company's Form 10-K for the fiscal year ended December 31, 2021.
Total noninterest expense
116,592 89,478 19,992 69,486
149,893 13,322
Income before income tax expense
Income tax expense
6,699 6,623
6,573
Net income
$
$
$
43,630
Earnings per Common Share: Basic
$ $
4.38 4.37
$ $
0.41 0.41
$ $
2.93 2.93
Diluted
Should be read in conjunction with the consolidated financial statements and notes thereto included in Part II, Item 8 of the Company's Form 10-K for the fiscal year ended December 31, 2021.
Made with FlippingBook - professional solution for displaying marketing and sales documents online