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Consolidated Statements of Income (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Interest and fees on loans $ 111,048 $ 81,285 $ 217,951 $ 157,310
Interest and dividends on investment securities:        
Taxable 4,029 2,551 8,258 4,424
Tax-exempt 1,247 916 2,339 1,625
Dividends 945 291 1,843 505
Interest on federal funds sold and other short-term investments 4,056 313 7,031 433
Total interest income 121,325 85,356 237,422 164,297
Interest expense        
Deposits 50,714 5,709 90,801 10,719
Borrowings 6,768 4,056 15,694 7,629
Total interest expense 57,482 9,765 106,495 18,348
Net interest income 63,843 75,591 130,927 145,949
Provision for credit losses 3,000 3,000 4,000 4,450
Net interest income after provision for credit losses 60,843 72,591 126,927 141,499
Noninterest income        
Deposit, loan and other income 1,545 1,866 2,948 3,609
Income on bank owned life insurance 1,553 1,342 3,084 2,548
Net gains on sale of loans held-for-sale 550 556 599 1,257
Net losses on equity securities (210) (405) (401) (1,001)
Total noninterest income 3,438 3,359 6,230 6,413
Noninterest expenses        
Salaries and employee benefits 21,751 19,662 44,013 38,445
Occupancy and equipment 2,677 2,733 5,438 4,662
FDIC insurance 1,715 725 2,665 1,331
Professional and consulting 1,932 2,124 4,126 3,916
Marketing and advertising 556 426 1,088 777
Information technology and communications 3,644 2,801 6,705 5,667
Amortization of intangibles 371 434 743 867
Other components of net periodic pension expense (25) (143) (51) (286)
Increase in value of acquisition price 0 833 0 1,516
Other expenses 2,829 2,108 5,593 4,038
Total noninterest expenses 35,450 31,703 70,320 60,933
Income before income tax expense 28,831 44,247 62,837 86,979
Income tax expense 7,437 11,889 16,514 23,240
Net income 21,394 32,358 46,323 63,739
Preferred dividends 1,509 1,509 3,018 3,018
Net income available to common stockholders $ 19,885 $ 30,849 $ 43,305 $ 60,721
Earnings per common share        
Basic (in dollars per share) $ 0.51 $ 0.78 $ 1.11 $ 1.54
Diluted (in dollars per share) $ 0.51 $ 0.78 $ 1.10 $ 1.53