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Condensed 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:        
Interest and fees on loans $ 60,608 $ 53,623 $ 118,470 $ 104,073
Taxable interest on investment securities 14,156 14,774 28,990 29,431
Nontaxable interest on investment securities 165 520 346 1,106
Interest on interest earning deposits 1,653 1,154 3,129 2,126
Total interest income 76,582 70,071 150,935 136,736
INTEREST EXPENSE:        
Deposits 18,453 8,607 34,841 13,135
Junior subordinated debentures 539 499 1,086 981
Securities sold under agreement to repurchase 0 63 0 110
Borrowings 6,477 5,078 12,365 6,844
Total interest expense 25,469 14,247 48,292 21,070
Net interest income 51,113 55,824 102,643 115,666
Provision for credit losses 1,268 1,909 2,660 3,734
Net interest income after provision for credit losses 49,845 53,915 99,983 111,932
NONINTEREST INCOME:        
Loss on sale of investment securities, net (1,921) 0 (11,894) (286)
Gain on sale of loans, net 0 101 26 150
Interest rate swap fees 52 115 52 168
Bank owned life insurance income 931 837 1,851 1,546
Gain on sale of other assets, net 49 0 49 2
Other income 1,388 1,423 2,888 4,530
Total noninterest income 5,246 7,281 2,346 15,539
NONINTEREST EXPENSE:        
Compensation and employee benefits 24,448 24,781 49,924 50,317
Occupancy and equipment 4,765 4,666 9,697 9,558
Data processing 3,785 4,500 7,322 8,842
Marketing 244 441 455 843
Professional services 795 751 1,362 1,379
State/municipal business and use taxes 1,160 1,054 2,460 2,062
Federal deposit insurance premium 812 797 1,607 1,647
Amortization of intangible assets 421 623 842 1,246
Other expense 2,666 3,712 5,797 7,036
Total noninterest expense 39,096 41,325 79,466 82,930
Income before income taxes 15,995 19,871 22,863 44,541
Income tax expense 1,836 3,025 2,956 7,238
Net income $ 14,159 $ 16,846 $ 19,907 $ 37,303
Basic earnings per share (in dollars per share) $ 0.41 $ 0.48 $ 0.58 $ 1.06
Diluted earnings per share (in dollars per share) 0.41 0.48 0.57 1.06
Dividends declared per share (in dollars per share) $ 0.23 $ 0.22 $ 0.46 $ 0.44
Average Number of Basic Common Shares Outstanding (in shares) 34,609,900 35,058,155 34,717,685 35,083,133
Average number of diluted shares outstanding (in shares) 34,919,395 35,126,590 35,127,407 35,348,268
Net Income $ 14,159 $ 16,846 $ 19,907 $ 37,303
Service charges and other fees        
NONINTEREST INCOME:        
Service charges, other fees and card revenue 2,817 2,682 5,605 5,306
Card revenue        
NONINTEREST INCOME:        
Service charges, other fees and card revenue $ 1,930 $ 2,123 $ 3,769 $ 4,123