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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        
Taxable $ 75,047 $ 44,138 $ 144,589 $ 83,873
Tax exempt 960 280 1,861 449
Interest and dividends on securities        
Taxable 3,376 3,727 6,889 7,005
Tax exempt 4,064 4,994 8,364 9,600
Other interest income 1,035 483 1,999 729
Total interest income 84,482 53,622 163,702 101,656
Interest on deposits 33,611 4,890 58,529 7,971
Interest on borrowings        
Short-term 2,347 0 5,130 0
Long-term 0 54 0 127
Total interest expense 35,958 4,944 63,659 8,098
NET INTEREST INCOME 48,524 48,678 100,043 93,558
Provision for credit losses 800 0 5,150 417
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES 47,724 48,678 94,893 93,141
NONINTEREST INCOME        
Wealth advisory fees 2,271 2,204 4,471 4,491
Investment brokerage fees 428 541 962 1,060
Service charges on deposit accounts 2,726 2,882 5,356 5,691
Loan and service fees 3,002 3,195 5,848 6,084
Merchant card fee income 929 904 1,806 1,719
Bank owned life insurance income (loss) 693 (183) 1,384 (266)
Interest rate swap fee income 794 354 794 404
Mortgage banking income (loss) (35) 351 (134) 860
Net securities gains 3 0 19 0
Other income 690 244 1,309 1,136
Total noninterest income 11,501 10,492 21,815 21,179
NONINTEREST EXPENSE        
Salaries and employee benefits 11,374 14,798 27,437 29,190
Net occupancy expense 1,681 1,688 3,253 3,317
Equipment costs 1,426 1,459 2,864 2,870
Data processing fees and supplies 3,474 3,203 6,926 6,284
Corporate and business development 1,298 1,433 2,729 2,652
FDIC insurance and other regulatory fees 803 619 1,598 1,058
Professional fees 2,049 1,414 4,170 2,973
Wire fraud loss 18,058 0 18,058 0
Other expense 2,571 3,299 5,133 6,538
Total noninterest expense 42,734 27,913 72,168 54,882
INCOME BEFORE INCOME TAX EXPENSE 16,491 31,257 44,540 59,438
Income tax expense 1,880 5,584 5,651 10,123
NET INCOME $ 14,611 $ 25,673 $ 38,889 $ 49,315
BASIC WEIGHTED AVERAGE COMMON SHARES (in shares) 25,607,663 25,527,896 25,595,412 25,521,618
BASIC EARNINGS PER COMMON SHARE (in dollars per share) $ 0.57 $ 1.00 $ 1.52 $ 1.93
DILUTED WEIGHTED AVERAGE COMMON SHARES (in shares) 25,686,354 25,697,577 25,696,370 25,699,908
DILUTED EARNINGS PER COMMON SHARE (in dollars per share) $ 0.57 $ 1.00 $ 1.51 $ 1.92