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Condensed Consolidated Statements of Income - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Interest Income        
Loans receivable $ 60,594 $ 40,585 $ 115,958 $ 77,124
Investment securities – taxable 8,740 8,673 17,465 16,064
Investment securities – tax exempt 7,059 7,307 14,615 14,004
Other 475 43 628 158
Total interest income 76,868 56,608 148,666 107,350
Interest Expense        
Deposits 18,958 1,677 33,777 3,173
Borrowed funds 9,718 1,450 19,489 2,530
Subordinated notes 881 881 1,761 1,761
Junior subordinated debentures issued to capital trusts 1,151 556 2,242 1,011
Total interest expense 30,708 4,564 57,269 8,475
Net Interest Income 46,160 52,044 91,397 98,875
Credit loss expense (recovery) 680 240 922 (1,146)
Net Interest Income after Credit Loss Expense (Recovery) 45,480 51,804 90,475 100,021
Non–interest Income        
Service charges on deposit accounts 3,021 2,833 6,049 5,628
Wire transfer fees 116 170 225 329
Interchange fees 3,584 3,582 6,451 6,362
Fiduciary activities 1,247 1,405 2,522 2,908
Gain (loss) on sale of investment securities 20 0 (480) 0
Gain on sale of mortgage loans 1,005 2,501 1,790 4,528
Mortgage servicing income, net 640 319 1,353 3,808
Increase in cash value of bank owned life insurance 1,015 519 1,996 1,029
Death benefit on bank owned life insurance 0 644 0 644
Other income 349 461 711 1,353
Total non–interest income 10,997 12,434 20,617 26,589
Non–interest Expense        
Salaries and employee benefits 20,162 19,957 38,874 39,692
Net occupancy expenses 3,249 3,190 6,812 6,751
Data processing 3,016 2,607 5,685 5,144
Professional fees 633 283 1,166 597
Outside services and consultants 2,515 2,485 5,232 5,010
Loan expense 1,397 1,533 2,515 2,738
FDIC insurance expense 840 775 1,380 1,500
Core deposit intangible amortization 903 925 1,806 1,851
Other losses 134 362 355 530
Other expense 3,413 3,287 6,961 6,861
Total non–interest expense 36,262 35,404 70,786 70,674
Income Before Income Taxes 20,215 28,834 40,306 55,936
Income tax expense 1,452 3,975 3,315 7,514
Net Income $ 18,763 $ 24,859 $ 36,991 $ 48,422
Basic Earnings Per Share (in USD per share) $ 0.43 $ 0.57 $ 0.85 $ 1.11
Diluted Earnings Per Share (in USD per share) $ 0.43 $ 0.57 $ 0.85 $ 1.11