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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:        
Loans, including fees: Taxable $ 91,350 $ 62,943 $ 178,809 $ 119,529
Loans, including fees: Tax exempt 427 514 852 1,062
Loans held for sale 59 77 75 297
Investment securities:        
Taxable 6,899 4,055 12,269 7,952
Tax exempt 305 692 799 1,534
Nonmarketable equity securities 599 487 1,394 971
Federal funds sold and cash investments 852 468 1,832 639
Total interest income 100,491 69,236 196,030 131,984
Interest expense:        
Deposits 33,617 3,810 60,022 5,971
Short-term borrowings 14 22 39 45
Federal Home Loan Bank advances and other borrowings 5,396 1,435 11,402 2,647
Subordinated debt 1,335 2,011 2,705 4,022
Trust preferred debentures 1,289 624 2,518 1,138
Total interest expense 41,651 7,902 76,686 13,823
Net interest income 58,840 61,334 119,344 118,161
Provision for credit losses:        
Provision for credit losses on loans 5,879 4,741 9,014 8,873
Provision for credit losses on unfunded commitments 0 700 0 956
Recapture of other credit losses 0 0 0 (221)
Total provision for credit losses 5,879 5,441 9,014 9,608
Net interest income after provision for credit losses 52,961 55,893 110,330 108,553
Noninterest income:        
Wealth management revenue 6,269 6,143 12,680 13,282
Residential mortgage banking revenue 540 384 945 983
Service charges on deposit accounts 2,677 2,304 5,245 4,372
Interchange revenue 3,696 3,590 7,108 6,870
Loss on sales of investment securities, net (869) (101) (1,517) (101)
Impairment on commercial mortgage servicing rights 0 (869) 0 (1,263)
Company-owned life insurance 891 840 1,767 1,859
Other income 5,549 2,322 8,304 4,224
Total noninterest income 18,753 14,613 34,532 30,226
Noninterest expense:        
Salaries and employee benefits 22,857 22,645 47,100 44,515
Occupancy and equipment 3,879 3,489 8,322 7,244
Data processing 6,544 6,082 12,855 11,955
FDIC insurance 1,196 826 2,525 1,656
Professional 1,663 1,516 3,423 3,488
Marketing 670 733 1,373 1,421
Communications 496 635 1,007 1,347
Loan expense 1,420 1,137 2,238 2,080
Amortization of intangible assets 1,208 1,318 2,499 2,716
Other expense 2,961 2,958 6,034 5,801
Total noninterest expense 42,894 41,339 87,376 82,223
Income before income taxes 28,820 29,167 57,486 56,556
Income taxes 7,245 7,284 14,139 13,924
Net income 21,575 21,883 43,347 42,632
Preferred dividends 2,228 0 4,456 0
Net income available to common shareholders $ 19,347 $ 21,883 $ 38,891 $ 42,632
Per common share data:        
Basic earnings per common share (in dollars per share) $ 0.86 $ 0.97 $ 1.72 $ 1.89
Diluted earnings per common share (in dollars per share) $ 0.86 $ 0.97 $ 1.72 $ 1.89
Weighted average common shares outstanding (in shares) 22,200,917 22,305,590 22,338,627 22,290,486
Weighted average diluted common shares outstanding (in shares) 22,205,079 22,360,819 22,348,981 22,355,936