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CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Interest income:        
Interest and fees on loans and leases $ 112,433 $ 91,848 $ 223,182 $ 163,610
Interest and dividends on taxable investment securities 14,841 12,771 28,760 23,774
Interest on tax-exempt investment securities 994 1,125 1,997 2,121
Other interest income 2,502 673 4,424 1,061
Total interest income 130,770 106,417 258,363 190,566
Interest expense:        
Interest on deposits 35,659 14,403 68,963 20,064
Interest on short-term borrowings 4,978 5,314 9,162 9,771
Interest on long-term borrowings 3,520 1,847 6,985 3,000
Total interest expense 44,157 21,564 85,110 32,835
Net interest income 86,613 84,853 173,253 157,731
Provision for credit losses 5,683 7,983 11,785 9,836
Net interest income after provision for credit losses 80,930 76,870 161,468 147,895
Non-interest income:        
Insurance income 4,109 4,004 10,607 9,429
Lease income 1,116 1,719 2,352 2,796
Bank owned life insurance income 1,037 842 2,537 1,549
Mortgage banking income 243 189 564 503
Net loss on investment securities (353) (166) (354) (2,101)
Net loss on asset disposals and other transactions (428) (1,665) (769) (1,911)
Other non-interest income 2,172 1,059 3,870 1,727
Total non-interest income 23,704 21,015 49,483 40,075
Non-interest expense:        
Salaries and employee benefit costs 36,564 38,025 75,457 70,053
Data processing and software expense 6,743 4,728 12,512 9,290
Net occupancy and equipment expense 6,142 5,380 12,425 10,335
Professional fees 2,935 7,438 5,902 10,319
Amortization of other intangible assets 2,787 2,800 5,575 4,671
Electronic banking expense 1,941 1,832 3,722 3,323
Federal Deposit Insurance Corporation ("FDIC") insurance expense 1,251 1,464 2,437 2,265
Other loan expenses 1,036 538 2,112 1,277
Franchise tax expense 760 872 1,641 1,906
Communication expense 736 724 1,535 1,337
Marketing expense 681 1,357 1,737 2,287
Other non-interest expense 7,182 5,465 12,168 10,039
Total non-interest expense 68,758 70,623 137,223 127,102
Income before income taxes 35,876 27,262 73,728 60,868
Income tax expense 6,869 6,166 15,137 13,212
Net income $ 29,007 $ 21,096 $ 58,591 $ 47,656
Earnings per common share - basic (in usd per share) $ 0.83 $ 0.64 $ 1.67 $ 1.57
Earnings per common share - diluted (in usd per share) $ 0.82 $ 0.64 $ 1.66 $ 1.56
Weighted-average number of common shares outstanding - basic (in shares) 34,764,489 32,526,962 34,752,419 30,222,165
Weighted-average number of common shares outstanding - diluted (in shares) 35,117,648 32,649,976 35,071,550 30,314,504
Cash dividends declared $ 14,197 $ 13,422 $ 27,942 $ 24,147
Cash dividends declared per common share (in usd per share) $ 0.40 $ 0.39 $ 0.79 $ 0.77
Electronic banking income        
Non-interest income:        
Revenue from contract with customer $ 6,470 $ 6,466 $ 12,516 $ 11,909
Trust and investment income        
Non-interest income:        
Revenue from contract with customer 4,999 4,414 9,598 8,498
Deposit account service charges        
Non-interest income:        
Revenue from contract with customer $ 4,339 $ 4,153 $ 8,562 $ 7,676