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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        
Taxable $ 78,910 $ 52,707 $ 223,499 $ 136,580
Tax exempt 1,008 462 2,869 911
Interest and dividends on securities        
Taxable 3,077 3,608 9,966 10,613
Tax exempt 4,023 5,009 12,387 14,609
Other interest income 1,605 772 3,604 1,501
Total interest income 88,623 62,558 252,325 164,214
Interest on deposits 37,108 10,066 95,637 18,037
Interest on borrowings        
Short-term 3,122 0 8,252 0
Long-term 0 0 0 127
Total interest expense 40,230 10,066 103,889 18,164
NET INTEREST INCOME 48,393 52,492 148,436 146,050
Provision for credit losses 400 0 5,550 417
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES 47,993 52,492 142,886 145,633
NONINTEREST INCOME        
Wealth advisory fees 2,298 2,059 6,769 6,550
Investment brokerage fees 408 651 1,370 1,711
Service charges on deposit accounts 2,735 2,990 8,091 8,681
Loan and service fees 2,934 3,047 8,782 9,131
Merchant card fee income 938 941 2,744 2,660
Bank owned life insurance income (loss) 1,009 54 2,393 (212)
Interest rate swap fee income 0 88 794 492
Mortgage banking income (loss) (50) (89) (184) 771
Net securities gains (losses) (35) 0 (16) 0
Other income 598 423 1,907 1,559
Total noninterest income 10,835 10,164 32,650 31,343
NONINTEREST EXPENSE        
Salaries and employee benefits 15,977 14,650 43,414 43,840
Net occupancy expense 1,621 1,476 4,874 4,793
Equipment costs 1,325 1,380 4,189 4,250
Data processing fees and supplies 3,379 3,226 10,305 9,510
Corporate and business development 1,201 1,426 3,930 4,078
FDIC insurance and other regulatory fees 871 458 2,469 1,516
Professional fees 2,114 1,554 6,284 4,527
Wire fraud loss 0 0 18,058 0
Other expense 2,609 3,724 7,742 10,262
Total noninterest expense 29,097 27,894 101,265 82,776
INCOME BEFORE INCOME TAX EXPENSE 29,731 34,762 74,271 94,200
Income tax expense 4,479 6,237 10,130 16,360
NET INCOME $ 25,252 $ 28,525 $ 64,141 $ 77,840
BASIC WEIGHTED AVERAGE COMMON SHARES (in shares) 25,613,456 25,533,832 25,601,493 25,525,734
BASIC EARNINGS PER COMMON SHARE (in dollars per share) $ 0.99 $ 1.12 $ 2.51 $ 3.05
DILUTED WEIGHTED AVERAGE COMMON SHARES (in shares) 25,693,535 25,734,613 25,709,841 25,710,088
DILUTED EARNINGS PER COMMON SHARE (in dollars per share) $ 0.98 $ 1.11 $ 2.49 $ 3.03