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.