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CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Interest income:        
Loans $ 71,896 $ 64,110 $ 209,791 $ 177,570
Taxable investment securities 7,150 8,731 21,126 23,216
Tax-exempt investment securities 9,813 13,758 31,611 41,394
MBS 11,976 4,426 33,179 12,585
FHLB stock and equity investments 582 265 1,488 889
Other interest earning assets 4,286 1,788 15,452 5,148
Total interest income 105,703 93,078 312,647 260,802
Interest expense:        
Deposits 38,532 30,951 115,196 72,536
FHLB borrowings 6,488 1,174 18,893 5,347
Subordinated notes 937 962 2,829 2,955
Trust preferred subordinated debentures 1,180 1,178 3,526 3,309
Other borrowings 3,102 5,540 9,783 16,113
Total interest expense 50,239 39,805 150,227 100,260
Net interest income 55,464 53,273 162,420 160,542
Provision for (reversal of) credit losses 2,389 6,987 1,962 6,873
Net interest income after provision for credit losses 53,075 46,286 160,458 153,669
Noninterest income:        
Deposit services 6,199 6,479 18,341 19,192
Net gain (loss) on sale of securities AFS (1,929) 11 (2,510) (5,590)
Net gain on sale of equity securities 0 0 0 5,058
Gain (loss) on sale of loans 115 96 (101) 385
Trust fees 1,628 1,522 4,420 4,479
BOLI 857 790 3,408 3,221
Brokerage services 1,068 760 3,163 2,361
Other 233 1,178 2,731 4,227
Total noninterest income 8,171 10,836 29,452 33,333
Noninterest expense:        
Salaries and employee benefits 22,233 21,241 67,330 64,473
Net occupancy 3,613 3,796 10,725 11,220
Advertising, travel & entertainment 734 1,062 2,479 2,966
ATM expense 412 358 1,105 1,033
Professional fees 1,206 1,472 3,435 4,036
Software and data processing 2,951 2,432 8,667 6,751
Communications 423 359 1,282 1,034
FDIC insurance 939 902 2,859 2,666
Amortization of intangibles 278 407 922 1,327
Other 3,543 3,524 10,174 9,889
Total noninterest expense 36,332 35,553 108,978 105,395
Income before income tax expense 24,914 21,569 80,932 81,607
Income tax expense 4,390 3,120 14,224 12,231
Net income $ 20,524 $ 18,449 $ 66,708 $ 69,376
Earnings per common share - basic (in dollars per share) $ 0.68 $ 0.60 $ 2.20 $ 2.25
Earnings per common share - diluted (in dollars per share) 0.68 0.60 2.20 2.24
Cash dividends paid per common share (in dollars per share) $ 0.36 $ 0.35 $ 1.08 $ 1.05