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Consolidated Statements of Income - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Interest income        
Taxable loans, including fees $ 96,803 $ 81,673 $ 193,834 $ 109,718
Tax-exempt loans, including fees 43 33 89 33
Taxable securities 9,303 10,930 18,790 19,873
Tax-exempt securities 3,939 2,556 7,206 3,917
Other interest income 1,770 905 2,725 1,301
Total interest income 111,858 96,097 222,644 134,842
Interest expense        
Deposits 30,431 30,373 62,282 43,304
Short-term borrowings 4,438 4,071 7,630 7,726
Subordinated debt 2,730 1,860 5,459 1,860
Other interest expense 26 28 53 56
Total interest expense 37,625 36,332 75,424 52,946
Net interest income 74,233 59,765 147,220 81,896
Credit loss expense (recapture) - loans and available-for-sale securities 717 20,100 1,617 19,430
Credit loss expense (recapture) - off-balance sheet credit exposures (93) 3,810 (492) 3,810
Total provision (recapture) for credit losses 624 23,910 1,125 23,240
Net interest income after credit loss expense 73,609 35,855 146,095 58,656
Non-interest income        
Net gains on securities 38 613 39 613
Income from company-owned life insurance 2,982 922 4,175 1,469
Bank debit and other card revenue 3,024 2,457 5,908 3,588
Other non-interest income 2,372 1,489 3,785 1,989
Total non-interest income 12,877 9,505 22,900 13,759
Non-interest expense        
Salaries and wages 21,320 20,895 42,261 30,413
Pensions and other employee benefits 4,067 5,303 9,203 7,668
Occupancy 3,521 2,997 7,566 4,535
Equipment rentals, depreciation and maintenance 4,100 12,663 8,184 13,944
Other operating 16,297 22,574 31,755 29,037
Total non-interest expense 49,305 64,432 98,969 85,597
Income (loss) before income taxes 37,181 (19,072) 70,026 (13,182)
Income tax expense (benefit) 7,284 (2,153) 12,928 (1,475)
Net income (loss) 29,897 (16,919) 57,098 (11,707)
Preferred stock dividends 225 225 450 225
Net income (loss) applicable to common shares $ 29,672 $ (17,144) $ 56,648 $ (11,932)
Earnings (loss) per common share:        
Basic (in dollars per share) $ 1.98 $ (1.41) $ 3.78 $ (1.22)
Diluted (in dollars per share) $ 1.97 $ (1.41) $ 3.77 $ (1.22)
Fiduciary and wealth management        
Non-interest income        
Revenue from contract with customer $ 2,425 $ 2,211 $ 4,868 $ 3,630
Service charges and fees        
Non-interest income        
Revenue from contract with customer $ 2,036 $ 1,813 $ 4,125 $ 2,470