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CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Interest income:        
Loans $ 69,684 $ 58,684 $ 137,895 $ 113,460
Taxable investment securities 7,009 8,773 13,976 14,485
Tax-exempt investment securities 10,710 13,720 21,798 27,636
MBS 11,084 3,830 21,203 8,159
FHLB stock and equity investments 573 379 906 624
Other interest earning assets 5,126 1,490 11,166 3,360
Total interest income 104,186 86,876 206,944 167,724
Interest expense:        
Deposits 38,466 21,679 76,664 41,585
FHLB borrowings 6,455 1,032 12,405 4,173
Subordinated notes 936 994 1,892 1,993
Trust preferred subordinated debentures 1,171 1,100 2,346 2,131
Other borrowings 3,550 8,155 6,681 10,573
Total interest expense 50,578 32,960 99,988 60,455
Net interest income 53,608 53,916 106,956 107,269
Provision for (reversal of) credit losses (485) (74) (427) (114)
Net interest income after provision for credit losses 54,093 53,990 107,383 107,383
Noninterest income:        
Deposit services 6,157 6,291 12,142 12,713
Net gain (loss) on sale of securities AFS (563) (3,455) (581) (5,601)
Net gain on sale of equity securities 0 2,642 0 5,058
Gain (loss) on sale of loans 220 185 (216) 289
Trust fees 1,456 1,490 2,792 2,957
BOLI 1,767 756 2,551 2,431
Brokerage services 1,081 904 2,095 1,601
Other 1,439 1,651 2,498 3,049
Total noninterest income 11,557 10,464 21,281 22,497
Noninterest expense:        
Salaries and employee benefits 21,984 21,376 45,097 43,232
Net occupancy 3,750 3,690 7,112 7,424
Advertising, travel & entertainment 795 854 1,745 1,904
ATM expense 368 320 693 675
Professional fees 1,075 1,192 2,229 2,564
Software and data processing 2,860 2,264 5,716 4,319
Communications 410 348 859 675
FDIC insurance 977 1,220 1,920 1,764
Amortization of intangibles 307 442 644 920
Other 3,239 3,287 6,631 6,365
Total noninterest expense 35,765 34,993 72,646 69,842
Income before income tax expense 29,885 29,461 56,018 60,038
Income tax expense 5,212 4,568 9,834 9,111
Net income $ 24,673 $ 24,893 $ 46,184 $ 50,927
Earnings per common share - basic (in dollars per share) $ 0.81 $ 0.81 $ 1.52 $ 1.64
Earnings per common share - diluted (in dollars per share) 0.81 0.81 1.52 1.64
Cash dividends paid per common share (in dollars per share) $ 0.36 $ 0.35 $ 0.72 $ 0.70