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CONSOLIDATED STATEMENTS OF INCOME - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Interest income:      
Interest and fees on loans $ 383,032 $ 234,765 $ 166,081
Interest and dividends on taxable investment securities 49,282 28,903 15,033
Interest on tax-exempt investment securities 4,326 4,176 3,362
Other interest income 2,763 1,710 313
Total interest income 439,403 269,554 184,789
Interest expense:      
Interest on deposits 72,147 9,171 9,922
Interest on short-term borrowings 19,722 2,661 541
Interest on long-term borrowings 8,160 4,280 1,773
Total interest expense 100,029 16,112 12,236
Net interest income 339,374 253,442 172,553
Provision for (recovery of) credit losses [1] 15,174 (3,510) 731
Net interest income after provision for (recovery of) credit losses 324,200 256,952 171,822
Non-interest income:      
Insurance income 18,016 15,727 15,252
Lease income 5,552 4,267 1,293
Bank owned life insurance income 4,151 2,624 1,767
Mortgage banking income 1,078 1,397 3,439
Net (loss) gain on asset disposals and other transactions (2,837) (616) 493
Net loss on investment securities (3,700) (61) (862)
Other non-interest income [2] 6,101 3,430 2,894
Total non-interest income 87,413 78,836 68,885
Non-interest expense:      
Salaries and employee benefit costs 144,031 112,690 94,612
Net occupancy and equipment expense 21,368 19,516 14,918
Data processing and software expense 21,607 14,241 10,542
Professional fees 17,041 12,094 15,783
Amortization of other intangible assets 11,222 7,763 4,775
Electronic banking expense 7,150 9,231 8,885
Marketing expense 5,017 3,728 3,658
FDIC insurance expense 4,785 3,702 1,976
Franchise tax expense 3,540 3,487 3,357
Other loan expenses 2,859 2,735 2,001
Communication expense 2,834 2,484 1,657
Other non-interest expense 25,033 15,476 21,573
Total non-interest expense 266,487 207,147 183,737
Income before income taxes 145,126 128,641 56,970
Income tax expense 31,763 27,349 9,415
Net income $ 113,363 $ 101,292 $ 47,555
Earnings per common share – basic (in usd per share) $ 3.46 $ 3.61 $ 2.17
Earnings per common share – diluted (in usd per share) $ 3.44 $ 3.60 $ 2.15
Weighted-average number of common shares outstanding – basic (in shares) 32,533,086 27,908,022 21,816,511
Weighted-average number of common shares outstanding – diluted (in shares) 32,760,808 27,999,602 21,959,883
Electronic banking income      
Non-interest income:      
Revenue from contract with customer $ 25,210 $ 21,094 $ 18,010
Trust and investment income      
Non-interest income:      
Revenue from contract with customer 17,160 16,391 16,456
Deposit account service charges      
Non-interest income:      
Revenue from contract with customer $ 16,682 $ 14,583 $ 10,143
[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 losses on equity investment securities recorded in other non-interest income of $141 for the year ended December 31, 2023, and realized and unrealized gains of $2 and $111 for the years ended December 31, 2022 and December 31, 2021, respectively.