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CONDENSED 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 DIVIDEND INCOME:        
Interest and fees on loans receivable $ 70,980 $ 50,552 $ 200,206 $ 136,368
Processing fees on PPP loans 0 74 3 1,870
Securities:        
Taxable 4,247 4,413 13,360 12,281
Tax-exempt 176 219 553 665
Dividends 113 40 366 109
Total interest and dividend income 75,516 55,298 214,488 151,293
INTEREST EXPENSE:        
Deposits 27,113 4,408 67,390 9,601
Borrowed funds and finance lease liabilities 91 5 1,799 15
Subordinated notes and debentures (includes $(55), $26, $(151), and $144 accumulated other comprehensive income reclassification for change in fair value of interest rate swap agreements, respectively) 1,076 977 3,164 2,851
Total interest expense 28,280 5,390 72,353 12,467
NET INTEREST INCOME 47,236 49,908 142,135 138,826
PROVISION FOR CREDIT LOSS EXPENSE 1,056 1,091 4,751 5,639
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSS EXPENSE 46,180 48,817 137,384 133,187
NON-INTEREST INCOME:        
Service charges on deposit accounts 1,861 1,872 5,569 5,400
Other service charges and fees 567 814 2,283 2,253
Wealth and asset management fees 1,833 1,870 5,567 5,456
Net realized gains on available-for-sale securities (includes $0, $0, $52, and $651 accumulated other comprehensive income reclassifications for net realized gains on available-for-sale securities, respectively) 0 0 52 651
Net realized and unrealized losses on equity securities (400) (398) (930) (1,433)
Mortgage banking 172 298 516 1,065
Bank owned life insurance 754 694 2,211 2,778
Card processing and interchange income 2,098 1,975 6,219 5,776
Other non-interest income 978 834 2,711 3,813
Total non-interest income 7,863 7,959 24,198 25,759
NON-INTEREST EXPENSES:        
Compensation and benefits 17,758 18,901 51,862 52,660
Net occupancy expense 3,596 3,375 10,790 9,940
Technology expense 5,232 4,552 14,677 11,948
State and local taxes 1,028 1,036 3,108 3,121
Legal, professional, and examination fees 1,320 1,019 3,167 3,032
Advertising 840 709 2,085 1,866
FDIC insurance premiums 1,027 709 2,901 2,142
Dues and subscriptions 495 476 1,451 1,610
Card processing and interchange expenses 1,207 1,201 4,269 3,486
Other non-interest expenses 4,411 4,122 12,582 10,796
Total non-interest expenses 36,914 36,100 106,892 100,601
INCOME BEFORE INCOME TAXES 17,129 20,676 54,690 58,345
INCOME TAX EXPENSE (includes $12, $(7), $43 and $106 income tax expense from reclassification items, respectively) 3,402 4,051 10,647 11,037
NET INCOME 13,727 16,625 44,043 47,308
PREFERRED STOCK DIVIDENDS 1,076 1,076 3,226 3,226
NET INCOME AVAILABLE TO COMMON SHAREHOLDERS $ 12,651 $ 15,549 $ 40,817 $ 44,082
AVERAGE COMMON SHARES OUTSTANDING, Basic (in share) 20,859,872 17,254,389 20,939,102 16,950,577
AVERAGE COMMON SHARES OUTSTANDING, Diluted (in shares) 20,899,744 17,287,770 20,979,032 16,983,958
PER COMMON SHARE DATA:        
Basic Earnings Per Common Share (in dollars per share) $ 0.60 $ 0.90 $ 1.94 $ 2.59
Diluted Earnings Per Common Share (in dollars per share) 0.60 0.90 1.94 2.59
Cash Dividends Declared (in dollars per share) $ 0.175 $ 0.175 $ 0.525 $ 0.525