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Condensed Consolidated Statements of Income - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Interest Income    
Loans receivable $ 55,364 $ 36,539
Investment securities – taxable 8,725 7,391
Investment securities – tax exempt 7,556 6,697
Other 153 115
Total interest income 71,798 50,742
Interest Expense    
Deposits 14,819 1,496
Borrowed funds 9,771 1,080
Subordinated notes 880 880
Junior subordinated debentures issued to capital trusts 1,091 455
Total interest expense 26,561 3,911
Net Interest Income 45,237 46,831
Credit loss expense (recovery) 242 (1,386)
Net Interest Income after Credit Loss Expense (Recovery) 44,995 48,217
Non–interest Income    
Service charges on deposit accounts 3,028 2,795
Wire transfer fees 109 159
Interchange fees 2,867 2,780
Fiduciary activities 1,275 1,503
Losses on sale of investment securities (500) 0
Gain on sale of mortgage loans 785 2,027
Mortgage servicing income, net 713 3,489
Increase in cash value of bank owned life insurance 981 510
Other income 362 892
Total non–interest income 9,620 14,155
Non–interest Expense    
Salaries and employee benefits 18,712 19,735
Net occupancy expenses 3,563 3,561
Data processing 2,669 2,537
Professional fees 533 314
Outside services and consultants 2,717 2,525
Loan expense 1,118 1,205
FDIC insurance expense 540 725
Core deposit intangible amortization 903 926
Other losses 221 168
Other expense 3,548 3,574
Total non–interest expense 34,524 35,270
Income Before Income Taxes 20,091 27,102
Income tax expense 1,863 3,539
Net Income $ 18,228 $ 23,563
Basic earnings per share (in USD per share) $ 0.42 $ 0.54
Diluted earnings per share (in USD per share) $ 0.42 $ 0.54