2021 Annual Report

As of and for the year ended December 31,

(dollars in thousands)

2021

2020

2019

2018

2017

Efficiency Ratio Noninterest Expense . . . . . . . . . . . . . . . . . . . . . . . Less: Amortization of Intangible Assets. . . . . . . . Adjusted Noninterest Expense. . . . . . . . . . . . . Net Interest Income . . . . . . . . . . . . . . . . . . . . . . . . Noninterest Income . . . . . . . . . . . . . . . . . . . . . . . . Less: (Gain) Loss on Sales of Securities. . . . . . . .

$ 48,095 $ 45,387 $ 36,932 $ 31,562 $ 25,496

(191)

(191)

(191)

(191)

(191)

$ 47,904 $ 45,196 $ 36,741 $ 31,371 $ 25,305 $ 109,509 $ 87,964 $ 74,132 $ 64,738 $ 54,173

5,309

5,839 (1,503)

3,826

2,543

2,536

(750) 250 Adjusted Operating Revenue . . . . . . . . . . . . . . $ 114,068 $ 92,300 $ 77,442 $ 67,406 $ 56,959 Efficiency Ratio . . . . . . . . . . . . . . . . . . . . . . . . 42.0 % 49.0 % 47.4 % 46.5 % 44.4 % Adjusted Efficiency Ratio Noninterest Expense . . . . . . . . . . . . . . . . . . . . . . . $ 48,095 $ 45,387 $ 36,932 $ 31,562 $ 25,496 Less: Amortization of Tax Credit Investments. . . (562) (738) (3,225) (3,293) (1,916) Less: Debt Prepayment Fees . . . . . . . . . . . . . . . . . (582) (7,043) — — — Less: Amortization of Intangible Assets. . . . . . . . (191) (191) (191) (191) (191) Adjusted Noninterest Expense. . . . . . . . . . . . . $ 46,760 $ 37,415 $ 33,516 $ 28,078 $ 23,389 Net Interest Income . . . . . . . . . . . . . . . . . . . . . . . . $ 109,509 $ 87,964 $ 74,132 $ 64,738 $ 54,173 Noninterest Income . . . . . . . . . . . . . . . . . . . . . . . . 5,309 5,839 3,826 2,543 2,536 Less: (Gain) Loss on Sales of Securities. . . . . . . . (750) (1,503) (516) 125 250 Adjusted Operating Revenue . . . . . . . . . . . . . . $ 114,068 $ 92,300 $ 77,442 $ 67,406 $ 56,959 Adjusted Efficiency Ratio . . . . . . . . . . . . . . . . . 41.0 % 40.5 % 43.3 % 41.7 % 41.1 % (516) 125 Adjusted Noninterest Expense to Average Assets Noninterest Expense . . . . . . . . . . . . . . . . . . . . . $ 48,095 $ 45,387 $ 36,932 $ 31,562 $ 25,496 Less: Amortization of Tax Credit Investments. . . . . . . . . . . . . . . . . . . . . . . . . . . (562) (738) (3,225) (3,293) (1,916) Less: Debt Prepayment Fees . . . . . . . . . . . . . . . (582) (7,043) — — — Adjusted Noninterest Expense. . . . . . . . . . . $ 46,951 $ 37,606 $ 33,707 $ 28,269 $ 23,580 Average Assets . . . . . . . . . . . . . . . . . . . . . . . . . $ 3,189,800 $ 2,617,579 $ 2,114,211 $ 1,777,592 $ 1,451,732 Adjusted Noninterest Expense to Average Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.47 % 1.44 % 1.59 % 1.59 % 1.62 % As of and for the year ended December 31, (dollars in thousands) 2021 2020 2019 2018 2017

79