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Consolidated Statements of Income - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Interest Income      
Loans receivable $ 173,500 $ 155,732 $ 174,262
Investment securities – taxable 33,202 14,437 8,071
Investment securities – tax exempt 29,025 23,246 17,213
Other 306 695 422
Total interest income 236,033 194,110 199,968
Interest Expense      
Deposits 17,809 7,867 18,556
Borrowed funds 12,465 4,701 11,430
Subordinated notes 3,522 3,522 1,824
Junior subordinated debentures issued to capital trusts 2,719 2,215 2,628
Total interest expense 36,515 18,305 34,438
Net Interest Income 199,518 175,805 165,530
Credit loss expense (recovery) (1,816) (2,084) 20,751
Net Interest Income after Credit Loss Expense (Recovery) 201,334 177,889 144,779
Non–interest Income      
Service charges on deposit accounts 11,598 9,192 8,848
Wire transfer fees 595 892 1,000
Interchange fees 12,402 10,901 9,306
Fiduciary activities 5,381 7,419 9,145
Gains (losses) on sale of investment securities 0 914 4,297
Gain on sale of mortgage loans 7,165 19,163 26,721
Mortgage servicing income net of impairment 4,800 2,352 (3,716)
Increase in cash value of bank owned life insurance 2,594 2,094 2,243
Death benefit on bank owned life insurance 644 783 264
Other income 2,272 4,242 1,513
Total non–interest income 47,451 57,952 59,621
Non–interest Expense      
Salaries and employee benefits 80,283 74,051 71,082
Net occupancy expenses 13,323 12,541 12,811
Data processing 10,567 9,962 9,200
Professional fees 1,843 2,216 2,433
Outside services and consultants 10,850 8,449 7,318
Loan expense 5,411 5,492 5,218
FDIC insurance expense 2,558 2,377 1,855
Core deposit intangible amortization 3,702 3,644 3,723
Other losses 1,046 2,283 1,162
Other expense 13,618 12,379 11,229
Total non–interest expense 143,201 133,394 126,031
Income Before Income Taxes 105,584 102,447 78,369
Income tax expense 12,176 15,356 9,870
Net Income Available to Common Shareholders $ 93,408 $ 87,091 $ 68,499
Basic Earnings Per Share (in USD per share) $ 2.14 $ 1.99 $ 1.56
Diluted Earnings Per Share (in USD per share) $ 2.14 $ 1.98 $ 1.55