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CONSOLIDATED STATEMENTS OF INCOME - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Interest income:      
Interest and fees on loans $ 234,765 $ 166,081 $ 140,090
Interest and dividends on taxable investment securities 28,903 15,033 14,188
Interest on tax-exempt investment securities 4,176 3,362 2,484
Other interest income 1,710 313 342
Total interest income 269,554 184,789 157,104
Interest expense:      
Interest on deposits 9,171 9,922 13,500
Interest on short-term borrowings 2,661 541 2,571
Interest on long-term borrowings 4,280 1,773 2,110
Total interest expense 16,112 12,236 18,181
Net interest income 253,442 172,553 138,923
(Recovery of) provision for credit losses [1] (3,510) 731 26,254
Net interest income after provision for credit losses 256,952 171,822 112,669
Non-interest income:      
Insurance income 15,727 15,252 14,042
Lease income 4,267 1,293 0
Bank owned life insurance income 2,624 1,767 1,977
Mortgage banking income 1,397 3,439 6,499
Net (loss) gain on asset disposals and other transactions (616) 493 (290)
Net loss on investment securities (61) (862) (368)
Other non-interest income [2] 3,430 2,894 4,486
Total non-interest income 78,836 68,885 63,672
Non-interest expense:      
Salaries and employee benefit costs 112,690 94,612 76,361
Net occupancy and equipment expense 19,516 14,918 12,808
Data processing and software expense 14,241 10,542 7,441
Professional fees 12,094 15,783 6,912
Electronic banking expense 9,231 8,885 7,777
Amortization of other intangible assets 7,763 4,775 3,223
Marketing expense 3,728 3,658 2,101
FDIC insurance expense 3,702 1,976 1,302
Franchise tax expense 3,487 3,357 3,506
Other loan expenses 2,735 2,001 1,584
Communication expense 2,484 1,657 1,134
Other non-interest expense 15,476 21,573 9,546
Total non-interest expense 207,147 183,737 133,695
Income before income taxes 128,641 56,970 42,646
Income tax expense 27,349 9,415 7,879
Net income $ 101,292 $ 47,555 $ 34,767
Earnings per common share – basic (in usd per share) $ 3.61 $ 2.17 $ 1.74
Earnings per common share – diluted (in usd per share) $ 3.60 $ 2.15 $ 1.73
Weighted-average number of common shares outstanding – basic (in shares) 27,908,022 21,816,511 19,721,772
Weighted-average number of common shares outstanding – diluted (in shares) 27,999,602 21,959,883 19,843,806
Electronic banking income      
Non-interest income:      
Revenue from contract with customer, including assessed tax $ 21,094 $ 18,010 $ 14,246
Trust and investment income      
Non-interest income:      
Revenue from contract with customer, including assessed tax 16,391 16,456 13,662
Deposit account service charges      
Non-interest income:      
Revenue from contract with customer, including assessed tax $ 14,583 $ 10,143 $ 9,418
[1] The provision for credit losses includes changes related to the allowance for credit losses on loans, held-to-maturity investment securities, and the unfunded commitment liability.
[2] Includes realized and unrealized gains on equity investment securities recorded in other non-interest income of $2, $111, and $660 for the years ended December 31, 2022, December 31, 2021, and December 31, 2020, respectively.