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CONDENSED 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 DIVIDEND INCOME:        
Interest and fees on loans receivable $ 50,552 $ 39,573 $ 136,368 $ 116,876
Processing fees on PPP loans 74 2,447 1,870 6,817
Securities:        
Taxable 4,413 3,125 12,281 8,465
Tax-exempt 219 268 665 889
Dividends 40 35 109 224
Total interest and dividend income 55,298 45,448 151,293 133,271
INTEREST EXPENSE:        
Deposits 4,408 3,433 9,601 11,785
Finance lease liabilities 5 6 15 18
Subordinated notes and debentures (includes $26, $73, $144 and $204 accumulated other comprehensive income reclassification for change in fair value of interest rate swap agreements, respectively) 977 1,714 2,851 3,747
Total interest expense 5,390 5,153 12,467 15,550
NET INTEREST INCOME 49,908 40,295 138,826 117,721
PROVISION FOR CREDIT LOSS EXPENSE 1,091 1,100 5,639 5,189
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSS EXPENSE 48,817 39,195 133,187 112,532
NON-INTEREST INCOME:        
Service charges on deposit accounts 1,872 1,595 5,400 4,389
Other service charges and fees 814 614 2,253 1,705
Wealth and asset management fees 1,870 1,734 5,456 5,021
Net realized gains on available-for-sale securities (includes $0, $0, $651 and $0 accumulated other comprehensive income reclassifications for net realized gains on available-for-sale securities, respectively) 0 0 651 0
Net realized and unrealized gains (losses) on equity securities (398) 7 (1,433) 477
Mortgage banking 298 844 1,065 2,615
Bank owned life insurance 694 558 2,778 2,002
Card processing and interchange income 1,975 1,958 5,776 5,871
Other non-interest income 834 1,104 3,813 2,430
Total non-interest income 7,959 8,414 25,759 24,510
NON-INTEREST EXPENSES:        
Compensation and benefits 18,901 15,351 52,660 43,442
Net occupancy expense 3,375 2,950 9,940 9,154
Technology expense 4,552 2,894 11,948 8,452
State and local taxes 1,036 1,050 3,121 3,096
Legal, professional, and examination fees 1,019 735 3,032 2,785
Advertising 709 488 1,866 1,318
FDIC insurance premiums 709 647 2,142 1,820
Dues and subscriptions 476 602 1,610 1,501
Card processing and interchange expenses 1,201 728 3,486 2,816
Other non-interest expenses 4,122 3,754 10,796 9,584
Total non-interest expenses 36,100 29,199 100,601 83,968
INCOME BEFORE INCOME TAXES 20,676 18,410 58,345 53,074
INCOME TAX EXPENSE (includes $(7), $(15), $106 and $(43) income tax expense from reclassification items, respectively) 4,051 3,503 11,037 9,996
NET INCOME 16,625 14,907 47,308 43,078
PREFERRED STOCK DIVIDENDS 1,076 1,076 3,226 3,226
NET INCOME AVAILABLE TO COMMON SHAREHOLDERS $ 15,549 $ 13,831 $ 44,082 $ 39,852
PER COMMON SHARE DATA:        
Basic (in dollars per share) $ 0.90 $ 0.82 $ 2.59 $ 2.36
Diluted (in dollars per share) 0.90 0.82 2.59 2.36
Cash dividends per share (in dollars per share) $ 0.175 $ 0.170 $ 0.525 $ 0.510