XML 13 R4.htm IDEA: XBRL DOCUMENT v3.23.3
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 $ 68,273 $ 44,408 $ 189,423 $ 119,578
Interest and dividends on investment securities 5,703 6,079 17,637 18,409
Other interest income 724 188 2,526 315
Total interest income 74,700 50,675 209,586 138,302
Interest expense:        
Deposits 29,217 5,875 72,565 9,946
Short-term borrowings 2,235 672 6,596 952
Long-term borrowings 1,571 1,060 4,596 3,181
Total interest expense 33,023 7,607 83,757 14,079
Net interest income 41,677 43,068 125,829 124,223
Provision for credit losses 966 4,314 8,410 7,196
Net interest income after provision for credit losses 40,711 38,754 117,419 117,027
Noninterest income:        
Service charges on deposits 1,207 1,597 3,457 4,403
Insurance income 1,678 1,571 5,093 4,902
Card interchange income 2,094 2,076 6,140 6,131
Investment advisory 2,544 2,722 8,286 8,669
Company owned life insurance 1,027 2,965 2,974 4,667
Investments in limited partnerships 391 65 1,111 1,102
Loan servicing 135 139 395 383
Income from derivative instruments, net 219 99 1,418 1,263
Net gain on sale of loans held for sale 115 308 349 1,045
Net loss on investment securities 0 0 0 (15)
Net (loss) gain on other assets (1) (22) 31 (15)
Net loss on tax credit investments (333) (385) (45) (704)
Other 1,410 1,517 3,667 3,503
Total noninterest income 10,486 12,652 32,876 35,334
Noninterest expense:        
Salaries and employee benefits 18,160 17,950 54,047 51,532
Occupancy and equipment 3,791 3,793 11,059 11,564
Professional services 1,076 1,247 3,844 4,172
Computer and data processing 5,107 4,407 14,548 12,959
Supplies and postage 455 440 1,418 1,450
FDIC assessments 1,232 651 3,586 1,785
Advertising and promotions 744 651 1,556 1,437
Amortization of intangibles 225 244 689 747
Restructuring (recoveries) charges (55) 0 (74) 1,269
Other 4,000 3,444 11,505 8,934
Total noninterest expense 34,735 32,827 102,178 95,849
Income (loss) before income taxes 16,462 18,579 48,117 56,512
Income tax expense 2,440 4,725 7,633 12,027
Net income (loss) 14,022 13,854 40,484 44,485
Preferred stock dividends 365 365 1,094 1,095
Net income available to common shareholders $ 13,657 $ 13,489 $ 39,390 $ 43,390
Earnings per common share (Note 3):        
Basic $ 0.89 $ 0.88 $ 2.56 $ 2.82
Diluted 0.88 0.88 2.55 2.8
Cash dividends declared per common share $ 0.3 $ 0.29 $ 0.9 $ 0.87