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Consolidated Statements of Income (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Interest and fees on loans $ 115,405 $ 90,731 $ 333,356 $ 248,041
Interest and dividends on investment securities:        
Taxable 4,128 4,063 12,386 8,487
Tax-exempt 1,136 1,083 3,475 2,708
Dividends 907 438 2,750 943
Interest on federal funds sold and other short-term investments 2,110 665 9,141 1,098
Total interest income 123,686 96,980 361,108 261,277
Interest expense        
Deposits 56,043 13,299 146,844 24,018
Borrowings 5,286 5,520 20,980 13,149
Total interest expense 61,329 18,819 167,824 37,167
Net interest income 62,357 78,161 193,284 224,110
Provision for credit losses 1,500 10,000 5,500 14,450
Net interest income after provision for credit losses 60,857 68,161 187,784 209,660
Noninterest income        
Deposit, loan and other income 1,605 1,969 4,553 5,578
Income on bank owned life insurance 1,597 1,521 4,681 4,069
Net gains on sale of loans held-for-sale 633 262 1,232 1,519
Net losses on equity securities (273) (430) (674) (1,431)
Total noninterest income 3,562 3,322 9,792 9,735
Noninterest expenses        
Salaries and employee benefits 22,276 21,025 66,289 59,470
Occupancy and equipment 2,738 2,600 8,176 7,262
FDIC insurance 1,800 720 4,465 2,051
Professional and consulting 1,834 1,980 5,960 5,896
Marketing and advertising 554 461 1,642 1,238
Information technology and communications 3,487 2,747 10,192 8,414
Amortization of intangibles 347 409 1,090 1,276
Other components of net periodic pension expense (25) (143) (76) (429)
Increase in value of acquisition price 0 0 0 1,516
Other expenses 2,773 2,344 8,366 6,382
Total noninterest expenses 35,784 32,143 106,104 93,076
Income before income tax expense 28,635 39,340 91,472 126,319
Income tax expense 7,228 10,425 23,742 33,665
Net income 21,407 28,915 67,730 92,654
Preferred dividends 1,509 1,509 4,527 4,527
Net income available to common stockholders $ 19,898 $ 27,406 $ 63,203 $ 88,127
Earnings per common share        
Basic (in dollars per share) $ 0.51 $ 0.7 $ 1.62 $ 2.24
Diluted (in dollars per share) $ 0.51 $ 0.7 $ 1.61 $ 2.23