XML 15 R4.htm IDEA: XBRL DOCUMENT v3.24.3
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:        
Loans, including fees: Taxable $ 88,860 $ 93,488 $ 266,107 $ 272,297
Loans, including fees: Tax exempt 382 497 1,156 1,349
Loans held for sale 124 104 263 179
Investment securities:        
Taxable 13,259 7,475 35,921 19,744
Tax exempt 390 275 1,062 1,074
Nonmarketable equity securities 788 710 2,438 2,104
Federal funds sold and cash investments 1,031 1,036 2,857 2,868
Total interest income 104,834 103,585 309,804 299,615
Interest expense:        
Deposits 41,970 37,769 120,660 97,791
Short-term borrowings 602 14 1,746 53
Federal Home Loan Bank advances and other borrowings 4,743 4,557 13,615 15,959
Subordinated debt 1,228 1,280 3,773 3,985
Trust preferred debentures 1,341 1,369 4,088 3,887
Total interest expense 49,884 44,989 143,882 121,675
Net interest income 54,950 58,596 165,922 177,940
Provision for credit losses on loans 5,000 5,168 36,000 14,182
Recapture of credit losses on unfunded commitments 0 0 (200) 0
Total provision for credit losses 5,000 5,168 35,800 14,182
Net interest income after provision for credit losses 49,950 53,428 130,122 163,758
Noninterest income:        
Wealth management revenue 7,104 6,288 21,037 18,968
Service charges on deposit accounts 3,411 3,149 9,648 8,744
Interchange revenue 3,506 3,609 10,427 10,717
Residential mortgage banking revenue 697 507 1,781 1,452
Income on company-owned life insurance 1,982 918 5,708 2,685
Loss on sales of investment securities, net (44) (4,961) (196) (6,478)
Other income 2,683 2,035 9,777 9,989
Total noninterest income 19,339 11,545 58,182 46,077
Noninterest expense:        
Salaries and employee benefits 24,382 22,307 71,356 69,407
Occupancy and equipment 4,393 3,730 12,499 12,052
Data processing 6,955 6,468 20,882 19,323
FDIC insurance 1,402 1,107 3,895 3,632
Professional services 1,744 1,554 6,242 4,977
Marketing 967 950 2,445 2,323
Communications 359 507 1,037 1,514
Loan expense 1,935 866 4,416 3,104
Amortization of intangible assets 951 1,129 3,056 3,628
Other expense 3,645 3,420 13,251 9,454
Total noninterest expense 46,733 42,038 139,079 129,414
Income before income taxes 22,556 22,935 49,225 80,421
Income taxes 4,080 11,533 10,114 25,672
Net income 18,476 11,402 39,111 54,749
Preferred dividends 2,229 2,229 6,685 6,685
Net income available to common shareholders $ 16,247 $ 9,173 $ 32,426 $ 48,064
Per common share data:        
Basic earnings per common share (in dollars per share) $ 0.74 $ 0.41 $ 1.47 $ 2.14
Diluted earnings per common share (in dollars per share) $ 0.74 $ 0.41 $ 1.47 $ 2.14
Weighted average common shares outstanding (in shares) 21,675,818 21,970,372 21,726,143 22,214,862
Weighted average diluted common shares outstanding (in shares) 21,678,242 21,977,196 21,732,093 22,223,986