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CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Interest income:        
Interest and fees on loans and leases $ 109,024 $ 61,370 $ 272,634 $ 168,334
Interest and dividends on taxable investment securities 12,635 7,559 36,409 20,576
Interest on tax-exempt investment securities 1,133 1,095 3,254 3,136
Other interest income 801 847 1,862 1,306
Total interest income 123,593 70,871 314,159 193,352
Interest expense:        
Interest on deposits 22,482 2,316 42,546 6,383
Interest on short-term borrowings 5,169 393 14,940 992
Interest on long-term borrowings 2,668 1,111 5,668 3,148
Total interest expense 30,319 3,820 63,154 10,523
Net interest income 93,274 67,051 251,005 182,829
Provision for (recovery of) credit losses 4,053 1,776 13,889 (5,811)
Net interest income after provision for (recovery of) credit losses 89,221 65,275 237,116 188,640
Non-interest income:        
Insurance income 4,250 3,618 13,679 11,995
Lease (loss) income (66) 1,725 2,730 2,931
Bank owned life insurance income 1,375 694 2,924 1,922
Mortgage banking income 237 328 740 1,116
Net loss on asset disposals and other transactions (307) (35) (2,218) (314)
Net (loss) gain on investment securities (7) 21 (2,108) 107
Other non-interest income 2,452 967 4,179 2,819
Total non-interest income 23,204 20,366 63,279 59,802
Non-interest expense:        
Salaries and employee benefit costs 36,608 28,618 106,661 83,932
Net occupancy and equipment expense 5,501 4,813 15,836 14,669
Professional fees 3,456 2,832 13,775 8,784
Data processing and software expense 6,288 3,279 15,578 9,228
Amortization of other intangible assets 3,280 2,023 7,951 5,765
Electronic banking expense 1,836 2,648 5,159 8,134
Marketing expense 1,267 1,136 3,554 2,991
Federal Deposit Insurance Corporation ("FDIC") insurance expense 1,260 709 3,525 2,921
Franchise tax expense 772 1,075 2,678 2,941
Communication expense 752 599 2,089 1,873
Other loan expenses 856 511 2,133 1,788
Other non-interest expense 9,820 4,010 19,859 10,755
Total non-interest expense 71,696 52,253 198,798 153,781
Income before income taxes 40,729 33,388 101,597 94,661
Income tax expense 8,847 7,410 22,059 20,218
Net income $ 31,882 $ 25,978 $ 79,538 $ 74,443
Earnings per common share - basic (in usd per share) $ 0.91 $ 0.93 $ 2.49 $ 2.65
Earnings per common share - diluted (in usd per share) $ 0.90 $ 0.92 $ 2.47 $ 2.65
Weighted-average number of common shares outstanding - basic (in shares) 34,818,346 27,865,416 31,771,061 27,929,720
Weighted-average number of common shares outstanding - diluted (in shares) 35,061,897 27,973,255 31,977,486 28,009,263
Cash dividends declared $ 13,793 $ 10,753 $ 37,940 $ 31,686
Cash dividends declared per common share (in usd per share) $ 0.39 $ 0.38 $ 1.16 $ 1.12
Electronic banking income        
Non-interest income:        
Revenue from contract with customer $ 6,466 $ 5,261 $ 18,375 $ 15,933
Trust and investment income        
Non-interest income:        
Revenue from contract with customer 4,288 3,954 12,786 12,476
Deposit account service charges        
Non-interest income:        
Revenue from contract with customer $ 4,516 $ 3,833 $ 12,192 $ 10,817