XML 10 R4.htm IDEA: XBRL DOCUMENT v3.24.2.u1
Consolidated Statements of Income - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
INTEREST AND DIVIDEND INCOME        
Loans, including fees $ 175,361 $ 145,741 $ 342,335 $ 279,147
Interest and dividends on securities:        
Taxable 16,929 18,483 34,334 37,569
Tax-exempt 4,556 4,723 9,142 9,513
Total interest and dividends on securities 21,485 23,206 43,476 47,082
Other interest income 6,147 7,108 12,516 10,380
Total interest and dividend income 202,993 176,055 398,327 336,609
INTEREST EXPENSE        
Interest bearing demand deposits 26,925 17,203 52,516 28,309
Money market deposits 18,443 7,220 34,557 11,472
Savings deposits 7,883 5,860 15,549 9,860
Certificates of deposit 11,982 2,906 22,229 4,109
Total interest expense on deposits 65,233 33,189 124,851 53,750
Federal Home Loan Bank borrowings 16,227 16,713 33,227 28,013
Other short-term borrowings 896 492 1,570 909
Subordinated debt and junior subordinated debt 4,044 4,094 8,119 8,039
Total interest expense 86,400 54,488 167,767 90,711
NET INTEREST INCOME 116,593 121,567 230,560 245,898
Provision for credit losses 10,541 3,028 14,555 6,605
Net interest income after provision for credit losses 106,052 118,539 216,005 239,293
NON-INTEREST INCOME        
Trust fees 7,303 6,918 15,385 14,412
Service charges on deposits 7,111 6,232 13,895 12,401
Digital banking income 5,040 5,010 9,745 9,615
Net swap fee and valuation income 1,776 2,612 3,339 3,411
Net securities brokerage revenue 2,601 2,523 5,149 5,098
Bank-owned life insurance 2,791 3,189 4,859 5,149
Mortgage banking income 1,069 601 1,762 1,027
Net securities gains 135 205 672 350
Net gain on other real estate owned and other assets 34 871 188 1,104
Other income 3,495 3,680 6,990 6,926
Total non-interest income 31,355 31,841 61,984 59,493
NON-INTEREST EXPENSE        
Salaries and wages 43,991 44,471 86,988 86,422
Employee benefits 10,579 11,511 22,763 23,570
Net occupancy 6,309 6,132 12,932 12,775
Equipment and software 10,457 8,823 20,465 17,885
Marketing 2,371 2,763 4,256 5,088
FDIC insurance 3,523 2,871 6,971 5,755
Amortization of intangible assets 2,072 2,282 4,164 4,583
Restructuring and merger-related expense 3,777 35 3,777 3,188
Other operating expenses 19,313 17,549 37,269 33,294
Total non-interest expense 102,392 96,437 199,585 192,560
Income before provision for income taxes 35,015 53,943 78,404 106,226
Provision for income taxes 6,099 9,063 13,795 19,005
Net income 28,916 44,880 64,609 87,221
Preferred stock dividends 2,531 2,531 5,063 5,063
Net income available to common shareholders $ 26,385 $ 42,349 $ 59,546 $ 82,158
EARNINGS PER COMMON SHARE        
Basic $ 0.44 $ 0.71 $ 1.00 $ 1.39
Diluted $ 0.44 $ 0.71 $ 1.00 $ 1.38
AVERAGE COMMON SHARES OUTSTANDING        
Basic 59,521,872 59,263,949 59,452,315 59,240,958
Diluted 59,656,429 59,385,847 59,592,960 59,389,314
DIVIDENDS DECLARED PER COMMON SHARE $ 0.36 $ 0.35 $ 0.72 $ 0.7