XML 13 R4.htm IDEA: XBRL DOCUMENT v3.23.3
Condensed 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:        
Interest and fees on loans $ 56,119 $ 43,847 $ 160,192 $ 125,762
Taxable interest on investment securities 14,590 12,362 44,021 25,972
Nontaxable interest on investment securities 448 892 1,554 2,645
Interest on interest earning deposits 2,310 4,009 4,436 7,057
Total interest income 73,467 61,110 210,203 161,436
INTEREST EXPENSE:        
Deposits 11,877 1,478 25,012 4,315
Junior subordinated debentures 540 312 1,521 745
Securities sold under agreement to repurchase 38 34 148 98
Borrowings 5,394 0 12,238 0
Total interest expense 17,849 1,824 38,919 5,158
Net interest income 55,618 59,286 171,284 156,278
(Reversal of) provision for credit losses (878) 1,945 2,856 (2,836)
Net interest income after (reversal of) provision for credit losses 56,496 57,341 168,428 159,114
NONINTEREST INCOME:        
Loss on sale of investment securities, net (1,940) 0 (2,226) 0
Gain on sale of loans, net 157 133 307 593
Interest rate swap fees 62 78 230 383
Bank owned life insurance income 734 723 2,280 3,182
Gain on sale of other assets, net 0 265 2 469
Other income 2,129 1,201 6,659 3,867
Total noninterest income 6,271 7,453 21,810 23,007
NONINTEREST EXPENSE:        
Compensation and employee benefits 25,008 24,206 75,325 67,236
Occupancy and equipment 4,814 4,422 14,372 12,924
Data processing 4,366 4,185 13,208 12,431
Marketing 389 358 1,232 968
Professional services 582 639 1,961 1,867
State/municipal business and use taxes 1,088 963 3,150 2,626
Federal deposit insurance premium 818 500 2,465 1,525
Amortization of intangible assets 595 671 1,841 2,079
Other expense 3,310 3,203 10,346 8,918
Total noninterest expense 40,970 39,147 123,900 110,574
Income before income taxes 21,797 25,647 66,338 71,547
Income tax expense 3,578 4,657 10,816 12,216
Net income $ 18,219 $ 20,990 $ 55,522 $ 59,331
Basic earnings per share (in dollars per share) $ 0.52 $ 0.60 $ 1.58 $ 1.69
Diluted earnings per share (in dollars per share) 0.51 0.59 1.57 1.67
Dividends declared per share (in dollars per share) $ 0.22 $ 0.21 $ 0.66 $ 0.63
Average Number of Basic Common Shares Outstanding (in shares) 35,022,676 35,103,984 35,062,760 35,103,048
Average number of diluted shares outstanding (in shares) 35,115,165 35,468,890 35,305,456 35,438,672
Service charges and other fees        
NONINTEREST INCOME:        
Service charges, other fees and card revenue $ 2,856 $ 2,688 $ 8,162 $ 7,739
Card revenue        
NONINTEREST INCOME:        
Service charges, other fees and card revenue $ 2,273 $ 2,365 $ 6,396 $ 6,774