XML 15 R4.htm IDEA: XBRL DOCUMENT v3.24.3
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
INTEREST INCOME:        
Loans, including fees $ 90,594 $ 78,175 $ 296,723 $ 242,984
Taxable investment securities 4,167 4,792 13,147 14,179
Federal Home Loan Bank stock and other 6,785 2,901 20,008 8,115
Total interest income 101,546 85,868 329,878 265,278
INTEREST EXPENSE:        
Deposits 25,802 15,664 78,571 31,758
Securities sold under agreements to repurchase and other short-term borrowings 141 29 403 451
Federal Home Loan Bank advances 4,298 5,350 14,144 11,073
Total interest expense 30,241 21,043 93,118 43,282
NET INTEREST INCOME 71,305 64,825 236,760 221,996
Provision for expected credit loss expense for on-balance sheet exposures (loans and investment securities) 5,660 3,730 41,425 36,635
NET INTEREST INCOME AFTER PROVISION 65,645 61,095 195,335 185,361
NONINTEREST INCOME:        
Mortgage banking income 2,062 852 3,984 2,559
Program fees 4,962 4,041 13,539 11,021
Increase in cash surrender value of bank owned life insurance 826 690 2,372 2,014
Death benefits in excess of cash surrender value of life insurance       1,728
Total noninterest income 16,813 14,345 58,532 56,677
NONINTEREST EXPENSE:        
Salaries and employee benefits 28,792 28,747 87,651 89,472
Technology, equipment, and communication 7,544 7,311 22,374 21,459
Occupancy 3,224 3,503 10,455 10,500
Marketing and development 1,983 2,055 6,612 6,142
FDIC insurance expense 764 677 2,284 2,038
Interchange related expense 1,540 1,580 4,250 4,429
Legal and professional fees 870 803 2,695 2,693
Merger expense   (132) 41 2,068
Other 3,892 3,824 12,852 13,543
Total noninterest expense 48,609 48,368 149,214 152,344
INCOME BEFORE INCOME TAX EXPENSE 33,849 27,072 104,653 89,694
INCOME TAX EXPENSE 7,306 5,501 22,298 18,979
NET INCOME 26,543 21,571 82,355 70,715
Service charges on deposit accounts        
NONINTEREST INCOME:        
Revenue under 606 3,693 3,559 10,532 10,385
Net refund transfer fees        
NONINTEREST INCOME:        
Revenue under 606 582 242 15,213 15,528
Interchange fee income        
NONINTEREST INCOME:        
Revenue under 606 3,286 3,282 9,794 9,752
Net losses on other real estate owned        
NONINTEREST INCOME:        
Revenue under 606 (53) (53) (154) (158)
Other        
NONINTEREST INCOME:        
Revenue under 606 $ 1,455 $ 1,732 $ 3,252 $ 3,848
Class A Common Stock        
BASIC EARNINGS PER SHARE:        
Basic earnings per share (in dollars per share) $ 1.37 $ 1.11 $ 4.25 $ 3.61
DILUTED EARNINGS PER SHARE:        
Diluted earnings per share (in dollars per share) 1.37 1.10 4.24 3.60
Class B Common Stock        
BASIC EARNINGS PER SHARE:        
Basic earnings per share (in dollars per share) 1.25 1.01 3.87 3.28
DILUTED EARNINGS PER SHARE:        
Diluted earnings per share (in dollars per share) $ 1.24 $ 1.01 $ 3.85 $ 3.27