XML 14 R4.htm IDEA: XBRL DOCUMENT v3.23.3
Condensed Consolidated Statements of Income (unaudited) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Interest income:        
Interest and fees on loans $ 69,143,000 $ 49,278,000 $ 183,747,000 $ 132,741,000
Interest on investment securities 9,284,000 7,302,000 23,604,000 22,095,000
Interest on certificates of deposit investments 15,000 8,000 44,000 29,000
Interest on federal funds sold 114,000 38,000 297,000 45,000
Interest on deposits with other financial institutions 1,882,000 128,000 2,547,000 272,000
Total interest income 80,438,000 56,754,000 210,239,000 155,182,000
Interest expense:        
Interest on deposits 22,047,000 4,915,000 51,394,000 9,586,000
Interest on securities sold under agreements to repurchase 1,625,000 428,000 4,811,000 632,000
Interest on FHLB borrowings 4,761,000 1,926,000 13,719,000 2,842,000
Interest on other borrowings (12,000) 1,000 (3,000) 6,000
Interest on junior subordinated debentures 545,000 241,000 1,314,000 553,000
Interest on subordinated debentures 1,029,000 986,000 3,003,000 2,958,000
Total interest expense 29,995,000 8,497,000 74,238,000 16,577,000
Net interest income 50,443,000 48,257,000 136,001,000 138,605,000
Provision for credit losses 5,911,000 142,000 5,552,000 4,001,000
Net interest income after provision for credit losses 44,532,000 48,115,000 130,449,000 134,604,000
Other income:        
Wealth management revenues 4,940,000 4,843,000 15,795,000 16,291,000
Insurance commissions 5,199,000 4,158,000 19,416,000 16,903,000
Service charges 2,994,000 2,445,000 7,583,000 6,737,000
Securities gains, net 3,389,000 79,000 3,337,000 81,000
Mortgage banking revenue, net 846,000 355,000 1,328,000 1,125,000
ATM / debit card revenue 3,766,000 3,101,000 10,114,000 9,213,000
Bank owned life insurance 1,024,000 913,000 3,854,000 2,634,000
Other 895,000 897,000 3,591,000 3,491,000
Total other income 23,053,000 16,791,000 65,018,000 56,475,000
Other expense:        
Salaries and employee benefits 25,422,000 24,877,000 75,037,000 74,984,000
Net occupancy and equipment expense 6,929,000 5,903,000 18,969,000 18,131,000
Net other real estate owned expense 902,000 58,000 1,062,000 243,000
FDIC insurance 785,000 479,000 2,324,000 1,341,000
Amortization of intangible assets 2,568,000 1,598,000 5,567,000 4,753,000
Stationery and supplies 335,000 361,000 942,000 997,000
Legal and professional 1,844,000 1,770,000 5,314,000 5,389,000
ATM / debit card 1,751,000 1,243,000 3,990,000 2,991,000
Marketing and donations 764,000 739,000 2,326,000 2,318,000
Other 5,796,000 4,521,000 13,184,000 12,342,000
Total other expense 47,096,000 41,549,000 128,715,000 123,489,000
Income before income taxes 20,489,000 23,357,000 66,752,000 67,590,000
Income taxes 5,372,000 5,418,000 15,888,000 15,277,000
Net income $ 15,117,000 $ 17,939,000 $ 50,864,000 $ 52,313,000
Per share data:        
Basic net income per common share $ 0.68 $ 0.88 $ 2.41 $ 2.61
Diluted net income per common share 0.68 0.88 2.4 2.6
Cash dividends declared per common share $ 0.23 $ 0.23 $ 0.69 $ 0.67