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Condensed Consolidated Statements of Income (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
INTEREST INCOME:        
Interest and fees on loans $ 53,623 $ 40,890 $ 104,073 $ 81,915
Taxable interest on investment securities 14,774 7,607 29,431 13,610
Nontaxable interest on investment securities 520 893 1,106 1,753
Interest on interest earning deposits 1,154 2,342 2,126 3,048
Total interest income 70,071 51,732 136,736 100,326
INTEREST EXPENSE:        
Deposits 8,607 1,413 13,135 2,837
Junior subordinated debentures 499 239 981 433
Securities sold under agreement to repurchase 63 32 110 64
Borrowings 5,078 0 6,844 0
Total interest expense 14,247 1,684 21,070 3,334
Net interest income 55,824 50,048 115,666 96,992
Provision for (reversal of) credit losses 1,909 (1,204) 3,734 (4,781)
Net interest income after provision for (reversal of) credit losses 53,915 51,252 111,932 101,773
NONINTEREST INCOME:        
Loss on sale of investment securities, net 0 0 (286) 0
Gain on sale of loans, net 101 219 150 460
Bank owned life insurance income 837 764 1,546 2,459
Gain on sale of other assets, net 0 0 2 204
Other income 1,423 1,284 4,530 2,666
Total noninterest income 7,281 7,016 15,539 15,554
NONINTEREST EXPENSE:        
Compensation and employee benefits 24,781 21,778 50,317 43,030
Occupancy and equipment 4,666 4,171 9,558 8,502
Data processing 4,500 4,185 8,842 8,246
Marketing 441 344 843 610
Professional services 751 529 1,379 1,228
Excise and Sales Taxes 1,054 867 2,062 1,663
Federal deposit insurance premium 797 425 1,647 1,025
Amortization of intangible assets 623 704 1,246 1,408
Other expense 3,712 2,704 7,036 5,715
Total noninterest expense 41,325 35,707 82,930 71,427
Income before income taxes 19,871 22,561 44,541 45,900
Income tax expense 3,025 3,977 7,238 7,559
Net income $ 16,846 $ 18,584 $ 37,303 $ 38,341
Basic earnings per common share (in usd per share) $ 0.48 $ 0.53 $ 1.06 $ 1.09
Diluted earnings per common share (in usd per share) 0.48 0.52 1.06 1.08
Dividends declared per common share (in usd per share) $ 0.22 $ 0.21 $ 0.44 $ 0.42
Basic weighted average common shares outstanding (in shares) 35,058,155 35,110,334 35,083,133 35,102,572
Weighted Average Number of Shares Outstanding, Diluted 35,126,590 35,409,524 35,348,268 35,412,722
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net $ 115 $ 26 $ 168 $ 305
Deposit Account        
NONINTEREST INCOME:        
Revenue from Contract with Customer, Excluding Assessed Tax 2,682 2,577 5,306 5,051
Credit and Debit Card        
NONINTEREST INCOME:        
Revenue from Contract with Customer, Excluding Assessed Tax $ 2,123 $ 2,146 $ 4,123 $ 4,409