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CONSOLIDATED STATEMENTS OF INCOME - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
INTEREST INCOME        
Interest and Fees on Loans $ 55,196 $ 43,128 $ 156,459 $ 122,050
Interest on Federal Funds Sold and Other Short-term Investments 199 2,053 1,204 3,565
Interest and Dividends on Securities:        
Taxable 4,871 5,276 15,490 14,909
Non-taxable 5,376 6,067 16,492 17,541
TOTAL INTEREST INCOME 65,642 56,524 189,645 158,065
INTEREST EXPENSE        
Interest on Deposits 15,578 3,597 37,906 6,475
Interest on FHLB Advances and Other Borrowings 2,505 1,229 6,913 3,387
TOTAL INTEREST EXPENSE 18,083 4,826 44,819 9,862
NET INTEREST INCOME 47,559 51,698 144,826 148,203
Provision for Credit Losses 900 350 2,550 5,850
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES 46,659 51,348 142,276 142,353
NON-INTEREST INCOME        
Company Owned Life Insurance 446 416 1,276 1,768
Other Operating Income 1,270 1,365 3,943 3,858
Net Gains on Sales of Loans 614 854 1,831 3,324
Net Gains on Securities 0 23 40 473
TOTAL NON-INTEREST INCOME 14,804 14,097 44,667 45,465
NON-INTEREST EXPENSE        
Salaries and Employee Benefits 20,347 19,751 62,296 63,223
Occupancy Expense 2,813 2,764 8,270 8,446
Furniture and Equipment Expense 878 921 2,684 2,820
FDIC Premiums 700 477 2,128 1,418
Data Processing Fees 2,719 2,712 8,277 12,896
Professional Fees 1,229 1,188 4,405 5,124
Advertising and Promotion 1,278 1,215 3,706 3,380
Intangible Amortization 685 897 2,204 2,871
Other Operating Expenses 4,772 4,791 14,793 18,399
TOTAL NON-INTEREST EXPENSE 35,421 34,716 108,763 118,577
Income before Income Taxes 26,042 30,729 78,180 69,241
Income Tax Expense 4,591 6,133 13,799 11,831
NET INCOME $ 21,451 $ 24,596 $ 64,381 $ 57,410
Basic Earnings Per Share (in dollars per share) $ 0.73 $ 0.83 $ 2.18 $ 1.95
Diluted Earnings Per Share (in dollars per share) $ 0.73 $ 0.83 $ 2.18 $ 1.95
Wealth Management Fees        
NON-INTEREST INCOME        
Non-interest income $ 2,957 $ 2,376 $ 8,513 $ 7,656
Service Charges on Deposit Accounts        
NON-INTEREST INCOME        
Non-interest income 2,982 3,014 8,653 8,568
Insurance Revenues        
NON-INTEREST INCOME        
Non-interest income 2,065 1,995 7,330 7,970
Interchange Fee Income        
NON-INTEREST INCOME        
Non-interest income $ 4,470 $ 4,054 $ 13,081 $ 11,848