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Consolidated Statements of Income - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Interest and dividend income        
Interest and fees on loans $ 133,195 $ 121,204 $ 390,260 $ 343,142
Investment securities-taxable 6,536 8,194 19,991 24,658
Investment securities-nontaxable 905 1,281 2,708 3,974
Interest and dividend income on assets held in other financial institutions 3,621 4,772 11,793 16,132
Total interest and dividend income 144,257 135,451 424,752 387,906
Interest expense        
Interest-bearing deposits 67,051 55,599 195,362 136,686
FHLB advances and other borrowings 482 3,207 1,514 17,038
Subordinated indebtedness 1,920 2,515 5,859 7,614
Total interest expense 69,453 61,321 202,735 161,338
Net interest income 74,804 74,130 222,017 226,568
Provision for credit losses 4,603 3,515 12,846 14,018
Net interest income after provision for credit losses 70,201 70,615 209,171 212,550
Noninterest income        
Other fee income 2,114 2,006 6,765 5,970
Mortgage banking revenue 1,153 892 5,429 4,075
Swap fee income 106 366 207 1,081
Gain (loss) on sales of securities, net 221 (7,173) (182) (7,029)
Change in fair value of equity investments 0 10,096 5,188 10,096
Other income 803 868 2,770 2,393
Total noninterest income 15,989 18,119 55,709 50,139
Noninterest expense        
Salaries and employee benefits 38,491 34,624 112,418 102,888
Occupancy and equipment, net 6,298 6,790 19,952 19,871
Data processing 3,470 2,775 10,083 8,528
Office and operations 2,984 2,868 8,558 7,887
Intangible asset amortization 1,905 2,264 6,179 7,369
Regulatory assessments 1,791 1,913 5,367 4,596
Advertising and marketing 1,449 1,371 4,221 4,296
Professional services 2,012 1,409 4,546 4,491
Loan-related expense 751 1,220 2,733 3,941
Electronic banking 1,308 1,384 3,785 3,609
Franchise tax expense 721 520 2,013 2,392
Other expense 1,341 1,525 5,761 4,442
Total noninterest expense 62,521 58,663 185,616 174,310
Income before income tax expense 23,669 30,071 79,264 88,379
Income tax expense 5,068 5,758 17,042 18,004
Net income $ 18,601 $ 24,313 $ 62,222 $ 70,375
Basic earnings per common share (in dollars per share) $ 0.60 $ 0.79 $ 2.00 $ 2.29
Diluted earnings per common share (in dollars per share) $ 0.60 $ 0.79 $ 2.00 $ 2.28
Insurance commission and fee income        
Noninterest income        
Revenue from contracts with customers $ 6,928 $ 6,443 $ 21,318 $ 19,639
Service charges and fees        
Noninterest income        
Revenue from contracts with customers $ 4,664 $ 4,621 $ 14,214 $ 13,914