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CONSOLIDATED STATEMENTS OF INCOME - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Interest income:        
Loans and leases $ 61,696 $ 58,318 $ 176,704 $ 178,659
Investment securities, taxable 4,533 4,103 12,676 14,140
Investment securities, tax-exempt 140 207 468 703
Other 360 289 943 951
Total interest income 66,729 62,917 190,791 194,453
Interest expense:        
Deposits 2,924 6,532 9,652 25,648
Short-term borrowings 25 83 90 427
Subordinated notes 816 824 2,448 2,543
Long-term debt and mandatorily redeemable securities 740 610 2,030 2,122
Total interest expense 4,505 8,049 14,220 30,740
Net interest income 62,224 54,868 176,571 163,713
(Recovery of) provision for credit losses* (2,559) 9,303 [1] (3,186) 31,031 [2]
Net interest income after provision for loan and lease losses 64,783 45,565 179,757 132,682
Noninterest income:        
Mortgage banking 3,149 6,474 9,909 12,125
Insurance commissions 1,862 1,825 5,698 5,401
Equipment rental 3,946 5,593 12,830 18,213
(Losses) gains on investment securities available-for-sale 0 0 (680) 279
Other 3,317 2,641 9,446 8,452
Total noninterest income 25,497 28,041 76,264 77,904
Noninterest expense:        
Salaries and employee benefits 26,974 25,609 77,680 74,009
Net occupancy 2,654 2,512 7,900 7,737
Furniture and equipment 6,444 6,247 19,239 18,912
Depreciation - leased equipment 3,239 4,694 10,562 15,263
Professional fees 1,815 2,041 5,574 4,741
Supplies and communication 1,427 1,305 4,332 4,329
FDIC and other insurance 396 868 1,833 1,755
Business development and marketing 4,465 923 6,813 3,403
Loan and lease collection and repossession (585) 1,054 30 2,655
Other 1,235 1,790 3,439 5,599
Total noninterest expense 48,064 47,043 137,402 138,403
Income before income taxes 42,216 26,563 118,619 72,183
Income tax expense 9,735 6,509 27,797 17,185
Net income 32,481 20,054 90,822 54,998
Net loss (income) attributable to noncontrolling interests 2 4 (11) (25)
Net income available to common shareholders $ 32,483 $ 20,058 $ 90,811 $ 54,973
Per common share:        
Basic net income per common share (in dollars per share) $ 1.29 $ 0.78 $ 3.59 $ 2.14
Diluted net income per common share (in dollars per share) 1.29 0.78 3.59 2.14
Cash dividends (in dollars per share) $ 0.31 $ 0.28 $ 0.90 $ 0.85
Basic weighted average common shares outstanding (in shares) 24,919,956 25,552,374 25,126,703 25,538,910
Diluted weighted average common shares outstanding (in shares) 24,919,956 25,552,374 25,126,703 25,538,910
Trust and wealth advisory        
Noninterest income:        
Trust and wealth advisory, service charges on deposit accounts, and debit card income $ 5,886 $ 5,153 $ 17,833 $ 15,590
Service charges on deposit accounts        
Noninterest income:        
Trust and wealth advisory, service charges on deposit accounts, and debit card income 2,767 2,336 7,722 6,851
Debit card        
Noninterest income:        
Trust and wealth advisory, service charges on deposit accounts, and debit card income $ 4,570 $ 4,019 $ 13,506 $ 10,993
[1] *ASU 2016-13 adopted during the fourth quarter of 2020 therefore September 30, 2020 provision amount reflects the incurred loss method.
[2] *ASU 2016-13 adopted during the fourth quarter of 2020 therefore September 30, 2020 provision amount reflects the incurred loss method.