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Condensed Consolidated Statements of Income (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Interest Income    
Loans $ 271,998,000 $ 189,450,000
Mortgage loans in process of securitization 1,720,000 1,648,000
Investment securities:    
Available for sale 14,388,000 2,266,000
Held to maturity 20,522,000 15,754,000
Federal Home Loan Bank stock 844,000 427,000
Other 4,701,000 1,749,000
Total interest income 314,173,000 211,294,000
Interest Expense    
Deposits 171,022,000 104,442,000
Borrowed funds 16,095,000 6,159,000
Total interest expense 187,117,000 110,601,000
Net Interest Income 127,056,000 100,693,000
Provision for credit losses 4,726,000 6,867,000
Net Interest Income After Provision for Credit Losses 122,330,000 93,826,000
Noninterest Income    
Gain on sale of loans 9,356,000 6,733,000
Loan servicing fees, net 19,402,000 2,360,000
Mortgage warehouse fees 982,000 1,028,000
Loss on sale of investments available for sale (includes $(108) and $0, respectively, related to accumulated other comprehensive loss reclassifications) (108,000)  
Syndication and asset management fees 5,303,000 1,212,000
Other income 5,939,000 2,931,000
Total noninterest income 40,874,000 14,264,000
Noninterest Expense    
Salaries and employee benefits 29,596,000 22,146,000
Loan expenses 956,000 804,000
Occupancy and equipment 2,237,000 2,232,000
Professional fees 4,099,000 2,269,000
Deposit insurance expense 5,125,000 2,178,000
Technology expense 1,854,000 1,577,000
Other expense 5,045,000 3,566,000
Total noninterest expense 48,912,000 34,772,000
Income Before Income Taxes 114,292,000 73,318,000
Provision for income taxes (includes $26 and $0, respectively, related to income tax benefit for reclassification items) 27,238,000 18,363,000
Net Income 87,054,000 54,955,000
Dividends on preferred stock (8,667,000) (8,667,000)
Net income allocated to common shareholders $ 78,387,000 $ 46,288,000
Basic Earnings Per Share (in dollars per share) $ 1.81 $ 1.07
Diluted Earnings Per Share (in dollars per share) $ 1.80 $ 1.07
Weighted-Average Shares Outstanding    
Basic (in shares) 43,305,985 43,179,604
Diluted (in shares) 43,466,647 43,290,779