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CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Loans/leases, including fees:        
Taxable $ 79,743 $ 68,419 $ 156,874 $ 135,053
Nontaxable 26,051 19,545 50,179 36,857
Securities:        
Taxable 4,285 3,693 8,546 7,059
Nontaxable 7,476 4,868 14,862 10,205
Interest-bearing deposits at financial institutions 1,139 1,124 2,339 1,945
Restricted investment securities 869 505 1,543 1,018
Federal funds sold 183 223 452 457
Total interest and dividend income 119,746 98,377 234,795 192,594
Interest expense:        
Deposits 53,053 38,445 104,469 68,225
Short-term borrowings 21 33 44 132
Federal Home Loan Bank advances 6,239 2,653 10,977 6,174
Subordinated notes 3,582 3,304 7,062 6,615
Junior subordinated debentures 688 737 1,381 1,433
Total interest expense 63,583 45,172 123,933 82,579
Net interest income 56,163 53,205 110,862 110,015
Provision for credit losses 5,496 3,606 8,465 7,534
Net interest income after provision for credit losses 50,667 49,599 102,397 102,481
Noninterest income:        
Revenue 150,635 130,897 292,542 250,956
Gains on sales of residential real estate loans, net 540 500 922 812
Gains on sales of government guaranteed portions of loans, net 12   36 30
Capital markets revenue 17,758 22,490 34,215 39,513
Securities gains, net   12   (451)
Earnings on bank-owned life insurance 2,964 838 3,832 1,545
Loan related fee income 962 770 1,798 1,421
Fair value gain (loss) on derivatives and trading securities 51 83 (112) (344)
Other 218 18 372 357
Total noninterest income 30,889 32,520 57,747 58,362
Noninterest expense:        
Salaries and employee benefits 31,079 31,459 62,939 63,462
Occupancy and equipment expense 6,377 6,100 12,891 12,014
Professional and data processing fees 4,823 4,078 9,436 7,592
Post-acquisition compensation, transition and integration costs       207
FDIC insurance, other insurance and regulatory fees 1,854 1,927 3,799 3,301
Loan/lease expense 151 652 529 1,208
Net cost of (income from) and gains/losses on operations of other real estate 28   (2) (67)
Advertising and marketing 1,565 1,735 3,048 2,972
Communication and data connectivity 318 471 719 1,136
Supplies 259 281 534 586
Bank service charges 622 621 1,190 1,226
Correspondent banking expense 363 221 668 431
Intangibles amortization 690 765 1,380 1,531
Payment card processing 706 542 1,352 1,087
Trust expense 379 337 804 551
Other 674 538 1,291 1,275
Total noninterest expense 49,888 49,727 100,578 98,512
Net income before income taxes 31,668 32,392 59,566 62,331
Federal and state income tax expense 2,554 3,967 3,726 6,749
Net income $ 29,114 $ 28,425 $ 55,840 $ 55,582
Basic earnings per common share (in dollars per share) $ 1.73 $ 1.70 $ 3.32 $ 3.32
Diluted earnings per common share (in dollars per share) $ 1.72 $ 1.69 $ 3.30 $ 3.29
Weighted average common shares outstanding (in shares) 16,814,814 16,701,950 16,799,081 16,739,120
Weighted average common and common equivalent shares outstanding (in shares) 16,921,854 16,799,527 16,916,264 16,870,830
Cash dividends declared per common share $ 0.06 $ 0.06 $ 0.12 $ 0.12
Trust fees        
Noninterest income:        
Revenue $ 3,103 $ 2,844 $ 6,302 $ 5,750
Investment advisory and management fees        
Noninterest income:        
Revenue 1,214 986 2,315 1,865
Deposit service fees        
Noninterest income:        
Revenue 1,986 2,034 4,008 4,062
Debit card fees        
Noninterest income:        
Revenue 1,571 1,589 3,037 3,055
Correspondent banking fees        
Noninterest income:        
Revenue $ 510 $ 356 $ 1,022 $ 747