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CONSOLIDATED STATEMENTS OF INCOME - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Interest income:      
Loans $ 244,803 $ 170,410 $ 144,803
Taxable investment securities 31,186 18,940 13,312
Tax-exempt investment securities 54,629 45,001 37,730
MBS 19,450 16,639 19,534
FHLB stock and equity investments 1,185 503 530
Other interest earning assets 8,488 1,488 78
Total interest income 359,741 252,981 215,987
Interest expense:      
Deposits 108,157 29,075 9,404
FHLB borrowings 6,777 3,291 7,348
Subordinated notes 3,920 4,015 8,246
Trust preferred subordinated debentures 4,504 2,397 1,390
Other borrowings 21,356 1,862 42
Total interest expense 144,714 40,640 26,430
Net interest income 215,027 212,341 189,557
Provision for (reversal of) credit losses 9,154 3,241 (16,964)
Net interest income after provision for credit losses 205,873 209,100 206,521
Noninterest income:      
Deposit services 25,497 25,843 26,368
Net gain (loss) on sale of securities available for sale (15,976) (3,819) 3,862
Net gain on sale of equity securities 5,058 0 0
Gain on sale of loans 563 531 1,641
Trust fees 5,910 5,992 5,959
BOLI 5,823 2,647 2,618
Brokerage services 3,305 3,335 3,383
Other noninterest income 5,654 6,328 5,505
Total noninterest income 35,834 40,857 49,336
Noninterest expense:      
Salaries and employee benefits 85,625 82,633 79,892
Net occupancy 14,694 15,130 14,239
Advertising, travel & entertainment 4,093 3,430 2,367
ATM expense 1,351 1,314 1,166
Professional fees 5,351 4,959 4,015
Software and data processing 9,395 6,847 5,675
Communications 1,469 1,896 2,233
FDIC insurance 3,558 1,945 1,807
Amortization of intangibles 1,697 2,273 2,849
(Gain on purchase) loss on redemption of subordinated notes 0 0 1,118
Other 13,345 9,899 9,669
Total noninterest expense 140,578 130,326 125,030
Income before income tax expense 101,129 119,631 130,827
Income tax expense 14,437 14,611 17,426
Net income $ 86,692 $ 105,020 $ 113,401
Earnings per common share - basic (in dollars per share) $ 2.82 $ 3.27 $ 3.48
Earnings per common share - diluted (in dollars per share) 2.82 3.26 3.47
Cash dividends paid per common share $ 1.42 $ 1.40 $ 1.37