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Condensed 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:        
Interest and fees on loans $ 64,138 $ 56,119 $ 182,608 $ 160,192
Taxable interest on investment securities 13,472 14,590 42,462 44,021
Nontaxable interest on investment securities 159 448 505 1,554
Interest on interest earning deposits 2,048 2,310 5,177 4,436
Total interest income 79,817 73,467 230,752 210,203
INTEREST EXPENSE:        
Deposits 20,256 11,877 55,097 25,012
Junior subordinated debentures 541 540 1,627 1,521
Securities sold under agreement to repurchase 0 38 0 148
Borrowings 6,062 5,394 18,427 12,238
Interest Expense, Operating, Total 26,859 17,849 75,151 38,919
Net interest income 52,958 55,618 155,601 171,284
Provision for (reversal of) credit losses 2,439 (878) 5,099 2,856
Net interest income after provision for (reversal of) credit losses 50,519 56,496 150,502 168,428
NONINTEREST INCOME:        
Loss on sale of investment securities, net (6,945) (1,940) (18,839) (2,226)
Gain on sale of loans, net 0 157 26 307
Interest rate swap fees 0 62 52 230
Bank owned life insurance income 860 734 2,711 2,280
Gain on sale of other assets, net 1,480 0 1,529 2
Other income 1,520 2,129 4,408 6,659
Total noninterest income 1,837 6,271 4,183 21,810
NONINTEREST EXPENSE:        
Compensation and employee benefits 24,367 25,008 74,291 75,325
Occupancy and equipment 4,850 4,814 14,547 14,372
Data processing 3,915 4,116 10,732 12,427
Marketing 128 389 583 1,232
Professional services 490 582 1,852 1,961
State/municipal business and use taxes 1,249 1,088 3,709 3,150
Federal deposit insurance premium 824 818 2,431 2,465
Amortization of intangible assets 399 595 1,241 1,841
Other expense 3,068 3,560 9,370 11,127
Total noninterest expense 39,290 40,970 118,756 123,900
Income before income taxes 13,066 21,797 35,929 66,338
Income tax expense 1,643 3,578 4,599 10,816
Net income $ 11,423 $ 18,219 $ 31,330 $ 55,522
Basic earnings per share (in dollars per share) $ 0.33 $ 0.52 $ 0.91 $ 1.58
Diluted earnings per share (in dollars per share) 0.33 0.51 0.90 1.57
Dividends declared per share (in dollars per share) $ 0.23 $ 0.22 $ 0.69 $ 0.66
Average Number of Basic Common Shares Outstanding (in shares) 34,322,069 35,022,676 34,584,851 35,062,760
Average number of diluted shares outstanding (in shares) 34,658,674 35,115,165 35,002,375 35,305,456
Net Income $ 11,423 $ 18,219 $ 31,330 $ 55,522
Service charges and other fees        
NONINTEREST INCOME:        
Service charges, other fees and card revenue 2,788 2,856 8,393 8,162
Card revenue        
NONINTEREST INCOME:        
Service charges, other fees and card revenue $ 2,134 $ 2,273 $ 5,903 $ 6,396