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CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Interest income:        
Loans $ 64,110 $ 45,257 $ 177,570 $ 118,489
Taxable investment securities 8,731 4,896 23,216 14,136
Tax-exempt investment securities 13,758 11,482 41,394 32,306
MBS 4,426 4,770 12,585 12,025
FHLB stock and equity investments 265 101 889 291
Other interest earning assets 1,788 374 5,148 606
Total interest income 93,078 66,880 260,802 177,853
Interest expense:        
Deposits 30,951 7,887 72,536 15,388
FHLB borrowings 1,174 1,078 5,347 1,668
Subordinated notes 962 1,004 2,955 3,002
Trust preferred subordinated debentures 1,178 669 3,309 1,496
Other borrowings 5,540 727 16,113 800
Total interest expense 39,805 11,365 100,260 22,354
Net interest income 53,273 55,515 160,542 155,499
Provision for (reversal of) credit losses 6,987 1,494 6,873 1,155
Net interest income after provision for credit losses 46,286 54,021 153,669 154,344
Noninterest income:        
Deposit services 6,479 6,241 19,192 19,365
Net gain (loss) on sale of securities AFS 11 (99) (5,590) (3,819)
Net gain on sale of equity securities 0 0 5,058 0
Gain on sale of loans 96 109 385 495
Trust fees 1,522 1,407 4,479 4,421
BOLI 790 720 3,221 2,131
Brokerage services 760 701 2,361 2,608
Other 1,178 1,190 4,227 4,890
Total noninterest income 10,836 10,269 33,333 30,091
Noninterest expense:        
Salaries and employee benefits 21,241 21,368 64,473 61,666
Net occupancy 3,796 3,847 11,220 11,157
Advertising, travel & entertainment 1,062 789 2,966 2,242
ATM expense 358 317 1,033 954
Professional fees 1,472 1,412 4,036 3,486
Software and data processing 2,432 1,736 6,751 5,106
Communications 359 497 1,034 1,509
FDIC insurance 902 485 2,666 1,434
Amortization of intangibles 407 550 1,327 1,758
Other 3,524 2,463 9,889 7,453
Total noninterest expense 35,553 33,464 105,395 96,765
Income before income tax expense 21,569 30,826 81,607 87,670
Income tax expense 3,120 3,875 12,231 10,318
Net income $ 18,449 $ 26,951 $ 69,376 $ 77,352
Earnings per common share - basic (in dollars per share) $ 0.60 $ 0.84 $ 2.25 $ 2.40
Earnings per common share - diluted (in dollars per share) 0.60 0.84 2.24 2.39
Cash dividends paid per common share (in dollars per share) $ 0.35 $ 0.34 $ 1.05 $ 1.02