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CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Interest income:        
Interest and fees on loans and leases $ 116,547 $ 109,024 $ 339,729 $ 272,634
Interest and dividends on taxable investment securities 15,132 12,635 43,892 36,409
Interest on tax-exempt investment securities 988 1,133 2,985 3,254
Other interest income 953 801 5,377 1,862
Total interest income 133,620 123,593 391,983 314,159
Interest expense:        
Interest on deposits 37,250 22,482 106,213 42,546
Interest on short-term borrowings 4,050 5,169 13,212 14,940
Interest on long-term borrowings 3,408 2,668 10,393 5,668
Total interest expense 44,708 30,319 129,818 63,154
Net interest income 88,912 93,274 262,165 251,005
Provision for credit losses 6,735 4,053 18,520 13,889
Net interest income after provision for credit losses 82,177 89,221 243,645 237,116
Non-interest income:        
Insurance income 4,271 4,250 14,878 13,679
Lease income 1,827 (66) 4,179 2,730
Bank owned life insurance income 460 1,375 2,997 2,924
Mortgage banking income 1,051 237 1,615 740
Net loss on investment securities (74) (7) (428) (2,108)
Net loss on asset disposals and other transactions (795) (307) (1,564) (2,218)
Other non-interest income 2,293 2,452 6,163 4,179
Total non-interest income 24,794 23,204 74,277 63,279
Non-interest expense:        
Salaries and employee benefit costs 37,085 36,608 112,542 106,661
Data processing and software expense 6,111 6,288 18,623 15,578
Net occupancy and equipment expense 5,905 5,501 18,330 15,836
Professional fees 2,896 3,456 8,798 13,775
Amortization of other intangible assets 2,786 3,280 8,361 7,951
Electronic banking expense 1,844 1,836 5,566 5,159
Federal Deposit Insurance Corporation ("FDIC") insurance expense 1,241 1,260 3,678 3,525
Other loan expenses 1,178 856 3,290 2,133
Franchise tax expense 917 772 2,558 2,678
Communication expense 814 752 2,349 2,089
Marketing expense 971 1,267 2,708 3,554
Other non-interest expense 4,342 9,820 16,510 19,859
Total non-interest expense 66,090 71,696 203,313 198,798
Income before income taxes 40,881 40,729 114,609 101,597
Income tax expense 9,197 8,847 24,334 22,059
Net income $ 31,684 $ 31,882 $ 90,275 $ 79,538
Earnings per common share - basic (in usd per share) $ 0.90 $ 0.91 $ 2.57 $ 2.49
Earnings per common share - diluted (in usd per share) $ 0.89 $ 0.90 $ 2.55 $ 2.47
Weighted-average number of common shares outstanding - basic (in shares) 34,793,704 34,818,346 34,766,281 31,771,061
Weighted-average number of common shares outstanding - diluted (in shares) 35,199,383 35,061,897 35,106,712 31,977,486
Cash dividends declared $ 14,174 $ 13,793 $ 42,116 $ 37,940
Cash dividends declared per common share (in usd per share) $ 0.40 $ 0.39 $ 1.19 $ 1.16
Electronic banking income        
Non-interest income:        
Revenue from contract with customer $ 6,359 $ 6,466 $ 18,875 $ 18,375
Trust and investment income        
Non-interest income:        
Revenue from contract with customer 4,882 4,288 14,480 12,786
Deposit account service charges        
Non-interest income:        
Revenue from contract with customer $ 4,520 $ 4,516 $ 13,082 $ 12,192