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CONSOLIDATED STATEMENTS OF INCOME (unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Interest and fees on loans        
Taxable $ 52,707 $ 43,025 $ 136,580 $ 128,828
Tax exempt 462 119 911 324
Interest and dividends on securities        
Taxable 3,608 2,470 10,613 6,482
Tax exempt 5,009 3,556 14,609 8,915
Other interest income 772 125 1,501 348
Total interest income 62,558 49,295 164,214 144,897
Interest on deposits 10,066 3,479 18,037 11,587
Interest on borrowings        
Short-term 0 0 0 7
Long-term 0 75 127 222
Total interest expense 10,066 3,554 18,164 11,816
NET INTEREST INCOME 52,492 45,741 146,050 133,081
Provision for credit losses 0 1,300 417 1,077
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES 52,492 44,441 145,633 132,004
NONINTEREST INCOME        
Wealth advisory fees 2,059 2,177 6,550 6,433
Investment brokerage fees 651 521 1,711 1,560
Service charges on deposit accounts 2,990 2,756 8,681 7,768
Loan and service fees 3,047 3,005 9,131 8,823
Merchant card fee income 941 838 2,660 2,226
Bank owned life insurance income (loss) 54 640 (212) 2,101
Interest rate swap fee income 88 180 492 934
Mortgage banking income (loss) (89) (32) 771 1,756
Net securities gains 0 0 0 797
Other income 423 1,029 1,559 2,613
Total noninterest income 10,164 11,114 31,343 35,011
NONINTEREST EXPENSE        
Salaries and employee benefits 14,650 14,230 43,840 44,377
Net occupancy expense 1,476 1,413 4,793 4,343
Equipment costs 1,380 1,371 4,250 4,134
Data processing fees and supplies 3,226 3,169 9,510 9,692
Corporate and business development 1,426 1,000 4,078 3,208
FDIC insurance and other regulatory fees 458 748 1,516 1,707
Professional fees 1,554 1,342 4,527 5,058
Other expense 3,724 2,694 10,262 6,842
Total noninterest expense 27,894 25,967 82,776 79,361
INCOME BEFORE INCOME TAX EXPENSE 34,762 29,588 94,200 87,654
Income tax expense 6,237 5,469 16,360 16,204
NET INCOME $ 28,525 $ 24,119 $ 77,840 $ 71,450
BASIC WEIGHTED AVERAGE COMMON SHARES (in shares) 25,533,832 25,479,654 25,525,734 25,472,185
BASIC EARNINGS PER COMMON SHARE (in dollars per share) $ 1.12 $ 0.95 $ 3.05 $ 2.81
DILUTED WEIGHTED AVERAGE COMMON SHARES (in shares) 25,734,613 25,635,288 25,710,088 25,608,655
DILUTED EARNINGS PER COMMON SHARE (in dollars per share) $ 1.11 $ 0.94 $ 3.03 $ 2.79