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CONDENSED 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 DIVIDEND INCOME:        
Interest and fees on loans receivable $ 66,899 $ 44,666 $ 129,226 $ 85,816
Processing fees on PPP loans 2 559 3 1,796
Securities:        
Taxable 5,083 4,254 9,113 7,868
Tax-exempt 180 227 377 446
Dividends 168 35 253 69
Total interest and dividend income 72,332 49,741 138,972 95,995
INTEREST EXPENSE:        
Deposits 23,578 2,487 40,277 5,193
Borrowed funds and finance lease liabilities 445 5 1,708 10
Subordinated notes and debentures (includes $(51), $51, $(96), and $118 accumulated other comprehensive income reclassification for change in fair value of interest rate swap agreements, respectively) 1,049 948 2,088 1,874
Total interest expense 25,072 3,440 44,073 7,077
NET INTEREST INCOME 47,260 46,301 94,899 88,918
PROVISION FOR CREDIT LOSS EXPENSE 2,405 2,905 3,695 4,548
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSS EXPENSE 44,855 43,396 91,204 84,370
NON-INTEREST INCOME:        
Service charges on deposit accounts 1,913 1,771 3,708 3,528
Other service charges and fees 1,085 784 1,716 1,439
Wealth and asset management fees 1,917 1,803 3,734 3,586
Net realized gains on available-for-sale securities (includes $30, $0, $52, and $651 accumulated other comprehensive income reclassifications for net realized gains on available-for-sale securities, respectively) 30 0 52 651
Net realized and unrealized losses on equity securities (244) (641) (530) (1,035)
Mortgage banking 176 292 344 767
Bank owned life insurance 693 1,390 1,457 2,084
Card processing and interchange income 2,062 1,992 4,121 3,801
Other non-interest income 661 755 1,733 2,979
Total non-interest income 8,293 8,146 16,335 17,800
NON-INTEREST EXPENSES:        
Compensation and benefits 17,059 16,771 34,104 33,759
Net occupancy expense 3,628 3,335 7,194 6,565
Technology expense 5,187 4,024 9,445 7,396
State and local taxes 1,030 1,037 2,080 2,085
Legal, professional, and examination fees 1,002 1,176 1,847 2,013
Advertising 701 537 1,245 1,157
FDIC insurance premiums 1,001 710 1,874 1,433
Card processing and interchange expenses 1,572 1,256 3,062 2,285
Other non-interest expenses 4,808 3,763 9,127 7,808
Total non-interest expenses 35,988 32,609 69,978 64,501
INCOME BEFORE INCOME TAXES 17,160 18,933 37,561 37,669
INCOME TAX EXPENSE (includes $17, $(11), $31 and $113 income tax expense from reclassification items, respectively) 3,333 3,495 7,245 6,986
NET INCOME 13,827 15,438 30,316 30,683
PREFERRED STOCK DIVIDENDS 1,075 1,075 2,150 2,150
NET INCOME AVAILABLE TO COMMON SHAREHOLDERS $ 12,752 $ 14,363 $ 28,166 $ 28,533
AVERAGE COMMON SHARES OUTSTANDING, Basic (in share) 20,916,861 16,781,743 20,979,373 16,796,154
AVERAGE COMMON SHARES OUTSTANDING, Diluted (in shares) 20,956,575 16,815,124 21,019,178 16,829,535
PER COMMON SHARE DATA:        
Basic Earnings Per Common Share (in dollars per share) $ 0.61 $ 0.85 $ 1.34 $ 1.69
Diluted Earnings Per Common Share (in dollars per share) 0.61 0.85 1.33 1.69
Cash Dividends Declared (in dollars per share) $ 0.175 $ 0.175 $ 0.350 $ 0.350