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CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Interest income:        
Interest and fees on loans $ 70,896 $ 45,125 $ 196,094 $ 115,657
Interest on mortgage loans held for sale 332 361 725 851
Taxable interest on debt securities 7,271 6,061 21,868 15,209
Dividends on Federal Home Loan Bank stock 878 88 2,333 218
Other interest income 1,344 503 3,693 769
Total interest and dividend income 80,721 52,138 224,713 132,704
Interest expense:        
Deposits 34,069 6,656 83,362 13,722
Federal Home Loan Bank advances 12,497 3,234 35,775 3,891
Junior subordinated debentures 404 206 1,132 443
Total interest expense 46,970 10,096 120,269 18,056
Net interest income [1] 33,751 42,042 104,444 114,648
Provision for credit losses 500 800 2,000 (2,100)
Net interest income after provision for credit losses 33,251 41,242 102,444 116,748
Noninterest income:        
Wealth management revenues [1] 8,948 9,525 26,659 30,122
Mortgage banking revenues [1] 2,108 2,047 5,106 7,630
Card interchange fees [1] 1,267 1,287 3,667 3,754
Service charges on deposit accounts [1] 674 819 2,118 2,250
Loan related derivative income [1] 1,082 1,041 1,278 2,011
Income from bank-owned life insurance [1] 710 684 2,754 1,900
Other income [1] 437 400 1,252 1,147
Total noninterest income [1] 15,226 15,803 42,834 48,814
Noninterest expense:        
Salaries and employee benefits 21,622 21,609 63,994 62,992
Outsourced services 3,737 3,552 10,854 10,169
Net occupancy 2,387 2,234 7,240 6,708
Equipment 1,107 939 3,185 2,795
Legal, audit and professional fees 1,058 693 2,932 2,140
FDIC deposit insurance costs 1,185 430 3,428 1,198
Advertising and promotion 789 799 1,624 1,874
Amortization of intangibles 211 215 635 648
Other expenses 2,294 2,596 7,078 6,839
Total noninterest expense 34,390 33,067 100,970 95,363
Income (loss) before income taxes 14,087 23,978 44,308 70,199
Income tax expense 2,926 5,310 9,079 15,091
Net income 11,161 18,668 35,229 55,108
Net income available to common shareholders $ 11,140 $ 18,615 $ 35,160 $ 54,944
Weighted average common shares outstanding - basic 17,019 17,174 17,034 17,269
Weighted average common shares outstanding - diluted 17,041 17,298 17,063 17,389
Per share information:        
Basic earnings per common share $ 0.65 $ 1.08 $ 2.06 $ 3.18
Diluted earnings per common share $ 0.65 $ 1.08 $ 2.06 $ 3.16
[1] As reported in the Unaudited Consolidated Statements of Income.