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CONSOLIDATED STATEMENTS OF INCOME - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Interest income:        
Loans and leases $ 100,206 $ 69,027 $ 280,195 $ 184,650
Investment securities, taxable 5,918 6,691 18,512 19,324
Investment securities, tax-exempt 319 339 1,131 630
Other 883 421 2,498 1,952
Total interest income 107,326 76,478 302,336 206,556
Interest expense:        
Deposits 34,405 6,556 84,538 12,485
Short-term borrowings 2,136 380 5,154 427
Subordinated notes 1,060 904 3,108 2,578
Long-term debt and mandatorily redeemable securities 489 (296) 2,219 (948)
Total interest expense 38,090 7,544 95,019 14,542
Net interest income 69,236 68,934 207,317 192,014
Provision for credit losses 859 3,167 3,955 7,903
Net interest income after provision for credit losses 68,377 65,767 203,362 184,111
Noninterest income:        
Mortgage banking 971 864 2,699 3,303
Insurance commissions 1,714 1,695 5,384 5,168
Equipment rental 2,101 2,761 6,930 9,718
Losses on investment securities available-for-sale 0 0 (44) 0
Other 6,347 3,321 14,781 9,937
Total noninterest income 24,455 22,007 70,547 67,982
Noninterest expense:        
Salaries and employee benefits 28,866 26,386 85,699 77,415
Net occupancy 2,867 2,582 8,165 7,917
Furniture and equipment 1,217 1,372 3,938 4,051
Information Technology and Data Processing 6,289 5,802 18,714 16,412
Depreciation - leased equipment 1,672 2,233 5,570 7,912
Professional fees 1,763 1,539 4,149 5,241
FDIC and other insurance 1,598 939 4,302 2,682
Business development and marketing 1,201 1,415 4,822 4,352
Other 4,693 3,063 13,393 10,340
Total noninterest expense 50,166 45,331 148,752 136,322
Income before income taxes 42,666 42,443 125,157 115,771
Income tax expense 9,727 9,698 28,640 26,295
Net income 32,939 32,745 96,517 89,476
Net (income) loss attributable to noncontrolling interests 0 (8) (19) (35)
Net income available to common shareholders $ 32,939 $ 32,737 $ 96,498 $ 89,441
Per common share:        
Basic net income per common share (in dollars per share) $ 1.32 $ 1.32 $ 3.87 $ 3.59
Diluted net income per common share (in dollars per share) 1.32 1.32 3.87 3.59
Cash dividends (in dollars per share) $ 0.32 $ 0.32 $ 0.96 $ 0.94
Basic weighted average common shares outstanding (in shares) 24,660,508 24,656,736 24,677,914 24,697,106
Diluted weighted average common shares outstanding (in shares) 24,660,508 24,656,736 24,677,914 24,697,106
Trust and wealth advisory        
Noninterest income:        
Trust and wealth advisory, service charges on deposit accounts, and debit card income $ 5,648 $ 5,498 $ 17,794 $ 17,499
Service charges on deposit accounts        
Noninterest income:        
Trust and wealth advisory, service charges on deposit accounts, and debit card income 3,297 3,240 9,418 8,974
Debit card        
Noninterest income:        
Trust and wealth advisory, service charges on deposit accounts, and debit card income $ 4,377 $ 4,628 $ 13,585 $ 13,383