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CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Interest income:        
Interest and fees on loans and leases $ 91,848 $ 56,764 $ 163,610 $ 106,964
Interest and dividends on taxable investment securities 12,771 6,967 23,774 13,017
Interest on tax-exempt investment securities 1,125 1,026 2,121 2,041
Other interest income 673 299 1,061 459
Total interest income 106,417 65,056 190,566 122,481
Interest expense:        
Interest on deposits 14,403 2,014 20,064 4,067
Interest on short-term borrowings 5,314 261 9,771 599
Interest on long-term borrowings 1,847 1,313 3,000 2,037
Total interest expense 21,564 3,588 32,835 6,703
Net interest income 84,853 61,468 157,731 115,778
Provision for (recovery of) credit losses 7,983 (780) 9,836 (7,587)
Net interest income after provision for (recovery of) credit losses 76,870 62,248 147,895 123,365
Non-interest income:        
Insurance income 4,004 3,646 9,429 8,377
Lease income 1,719 431 2,796 1,206
Bank owned life insurance income 842 797 1,549 1,228
Mortgage banking income 189 352 503 788
Net loss on asset disposals and other transactions (1,665) (152) (1,911) (279)
Net (loss) gain on investment securities (166) (44) (2,101) 86
Other non-interest income 1,059 1,133 1,727 1,852
Total non-interest income 21,015 19,386 40,075 39,436
Non-interest expense:        
Salaries and employee benefit costs 38,025 27,585 70,053 55,314
Net occupancy and equipment expense 5,380 4,768 10,335 9,856
Data processing and software expense 4,728 3,033 9,290 5,949
Professional fees 7,438 2,280 10,319 5,952
Amortization of other intangible assets 2,800 2,034 4,671 3,742
Electronic banking expense 1,832 2,727 3,323 5,486
Franchise tax expense 872 1,102 1,906 1,866
Marketing expense 1,357 860 2,287 1,855
FDIC insurance expense 1,464 1,018 2,265 2,212
Other loan expenses 538 445 1,277 1,277
Communication expense 724 649 1,337 1,274
Other non-interest expense 5,465 3,398 10,039 6,745
Total non-interest expense 70,623 49,899 127,102 101,528
Income before income taxes 27,262 31,735 60,868 61,273
Income tax expense 6,166 6,847 13,212 12,808
Net income $ 21,096 $ 24,888 $ 47,656 $ 48,465
Earnings per common share - basic (in usd per share) $ 0.64 $ 0.89 $ 1.57 $ 1.73
Earnings per common share - diluted (in usd per share) $ 0.64 $ 0.88 $ 1.56 $ 1.72
Weighted-average number of common shares outstanding - basic (in shares) 32,526,962 27,919,133 30,222,165 27,962,405
Weighted-average number of common shares outstanding - diluted (in shares) 32,649,976 28,061,736 30,314,504 28,041,145
Cash dividends declared $ 13,422 $ 10,757 $ 24,147 $ 20,933
Cash dividends declared per common share (in usd per share) $ 0.39 $ 0.38 $ 0.77 $ 0.74
Electronic banking income        
Non-interest income:        
Revenue from contract with customer $ 6,466 $ 5,419 $ 11,909 $ 10,672
Trust and investment income        
Non-interest income:        
Revenue from contract with customer 4,414 4,246 8,498 8,522
Deposit account service charges        
Non-interest income:        
Revenue from contract with customer $ 4,153 $ 3,558 $ 7,676 $ 6,984