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Consolidated Statements of Income - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Interest Income      
Loans receivable $ 179,672 $ 183,631 $ 147,478
Investment securities – taxable 8,493 12,606 10,621
Investment securities – tax exempt 17,213 12,095 8,069
Total interest income 205,378 208,332 166,168
Interest Expense      
Deposits 18,556 33,690 18,225
Borrowed funds 11,430 10,672 11,009
Subordinated notes 1,824 0 0
Junior subordinated debentures issued to capital trusts 2,628 3,179 2,365
Total interest expense 34,438 47,541 31,599
Net Interest Income 170,940 160,791 134,569
Credit loss expense 20,751 1,976 2,906
Net Interest Income after Credit Loss Expense 150,189 158,815 131,663
Non–interest Income      
Service charges on deposit accounts 8,848 9,959 7,762
Wire transfer fees 1,000 653 612
Interchange fees 9,306 7,655 5,715
Fiduciary activities 9,145 8,580 7,827
Gains (losses) on sale of investment securities (includes $4,297, $(75) and $(443) for the years ended December 31, 2020, 2019 and 2018, respectively, related to accumulated other comprehensive earnings reclassifications) 4,297 (75) (443)
Gain on sale of mortgage loans 26,721 9,208 6,613
Mortgage servicing income net of impairment (3,716) 1,914 2,120
Increase in cash value of bank owned life insurance 2,243 2,190 1,912
Death benefit on bank owned life insurance 264 580 154
Other income 1,513 2,394 2,141
Total non–interest income 59,621 43,058 34,413
Non–interest Expense      
Salaries and employee benefits 71,082 65,206 56,623
Net occupancy expenses 12,811 12,157 10,482
Data processing 9,200 8,480 6,816
Professional fees 2,433 1,946 1,926
Outside services and consultants 7,318 8,152 5,271
Loan expense 10,628 8,633 6,341
FDIC insurance expense 1,855 252 1,444
Other losses 1,162 740 665
Other expense 14,952 16,466 12,948
Total non–interest expense 131,441 122,032 102,516
Income Before Income Taxes 78,369 79,841 63,560
Income tax expense (includes $902, $(16) and $(93) for the years ended December 31, 2020, 2019 and 2018, respectively, related to income tax expense (benefit) from reclassification items) 9,870 13,303 10,443
Net Income Available to Common Shareholders $ 68,499 $ 66,538 $ 53,117
Basic Earnings Per Share (in USD per share) $ 1.56 $ 1.53 $ 1.39
Diluted Earnings Per Share (in USD per share) $ 1.55 $ 1.53 $ 1.38