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CONSOLIDATED STATEMENTS OF INCOME - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Interest income:        
Loans $ 106,306,000 $ 94,045,000 $ 285,828,000 $ 269,715,000
Securities 7,374,000 6,030,000 21,572,000 15,537,000
Other short-term investments 847,000 583,000 1,956,000 2,562,000
Total interest income 114,527,000 100,658,000 309,356,000 287,814,000
Interest expense:        
Deposits and escrow 10,154,000 3,565,000 16,416,000 13,666,000
Borrowed funds 3,483,000 2,265,000 9,334,000 8,225,000
Derivative cash collateral 452,000   547,000  
Total interest expense 14,089,000 5,830,000 26,297,000 21,891,000
Net interest income 100,438,000 94,828,000 283,059,000 265,923,000
Provision (credit) for credit losses 6,587,000 (5,187,000) 5,039,000 6,344,000
Net interest income after provision (credit) for credit losses 93,851,000 100,015,000 278,020,000 259,579,000
Non-interest income:        
Service charges and other fees 3,866,000 4,581,000 12,261,000 11,377,000
Title fees 474,000 482,000 1,578,000 1,603,000
Loan level derivative income 549,000 445,000 2,240,000 2,796,000
BOLI income 2,177,000 2,249,000 8,159,000 5,181,000
Gain on sale of Small Business Administration ("SBA") loans 211,000 348,000 1,176,000 22,182,000
Gain on sale of residential loans 54,000 304,000 393,000 1,533,000
Net gain on equity securities 0 0 0 131,000
Net gain on sale of securities and other assets 1,397,000   1,397,000 730,000
Loss on termination of derivatives       (16,505,000)
Other 634,000 1,319,000 1,485,000 2,861,000
Total non-interest income 9,362,000 9,728,000 28,689,000 31,889,000
Non-interest expense:        
Salaries and employee benefits 29,188,000 28,276,000 88,476,000 80,693,000
Severance     2,193,000 1,875,000
Occupancy and equipment 7,884,000 7,814,000 22,864,000 22,913,000
Data processing costs 3,434,000 3,573,000 11,152,000 12,132,000
Marketing 1,531,000 1,054,000 4,341,000 2,702,000
Professional services 2,116,000 2,751,000 6,238,000 7,154,000
Federal deposit insurance premiums 800,000 1,173,000 3,100,000 3,046,000
Loss from extinguishment of debt     740,000 1,751,000
Curtailment loss       1,543,000
Merger expenses and transaction costs   2,472,000   42,250,000
Branch restructuring costs   4,518,000   6,177,000
Amortization of other intangible assets 431,000 715,000 1,447,000 1,907,000
Other 2,918,000 4,437,000 9,477,000 10,327,000
Total non-interest expense 48,302,000 56,783,000 150,028,000 194,470,000
Income before income taxes 54,911,000 52,960,000 156,681,000 96,998,000
Income tax expense 15,430,000 14,565,000 44,184,000 28,359,000
Net income 39,481,000 38,395,000 112,497,000 68,639,000
Preferred stock dividends 1,822,000 1,822,000 5,465,000 5,465,000
Net income available to common stockholders $ 37,659,000 $ 36,573,000 $ 107,032,000 $ 63,174,000
Earnings per common share:        
Basic $ 0.98 $ 0.89 $ 2.74 $ 1.62
Diluted $ 0.98 $ 0.89 $ 2.74 $ 1.62