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CONSOLIDATED STATEMENTS OF INCOME - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Interest and dividend income:        
Loans/leases, including fees $ 44,858 $ 44,768 $ 128,639 $ 130,542
Securities:        
Taxable 2,347 1,938 6,521 5,714
Nontaxable 4,160 3,842 12,146 10,865
Interest-bearing deposits at financial institutions 39 92 110 587
Restricted investment securities 262 249 718 795
Federal funds sold 1 1 1 19
Total interest and dividend income 51,667 50,890 148,135 148,522
Interest expense:        
Deposits 3,273 4,484 9,935 19,457
Short-term borrowings 1 11 4 81
Federal Home Loan Bank advances 41 211 66 1,007
Subordinated notes 1,554 1,031 4,718 3,019
Junior subordinated debentures 569 572 1,692 1,715
Total interest expense 5,438 6,309 16,415 25,279
Net interest income 46,229 44,581 131,720 123,243
Provision for credit losses   20,342 6,713 48,624
Net interest income after provision for loan/lease losses 46,229 24,239 125,007 74,619
Noninterest income:        
Revenue 86,319 88,849 225,572 230,303
Gains on sales of residential real estate loans, net 954 1,370 3,475 3,218
Swap fee income/capital markets revenue 24,885 26,688 48,010 53,419
Securities gains (losses), net   1,802 (88) 1,867
Earnings on bank-owned life insurance 446 502 1,368 1,443
Other 1,661 1,482 4,796 3,345
Total noninterest income 34,652 37,959 77,437 81,781
Noninterest expense:        
Salaries and employee benefits 28,207 25,999 76,098 65,822
Occupancy and equipment expense 4,122 3,807 12,195 11,587
Professional and data processing fees 3,568 3,758 10,713 10,773
Post-acquisition compensation, transition and integration costs       189
Disposition costs   192 8 626
FDIC insurance, other insurance and regulatory fees 1,108 1,301 3,159 2,892
Loan/lease expense 308 403 1,065 970
Net income from and gains/losses on operations of other real estate (1,346) 16 (1,420) (303)
Advertising and marketing 1,095 750 2,575 1,984
Bank service charges 525 488 1,620 1,493
Losses on liability extinguishment   1,874   2,450
Correspondent banking expense 201 205 599 633
Intangibles amortization 508 531 1,524 1,628
Loss on sale of subsidiary   (305)   (305)
Goodwill impairment       500
Other 3,091 1,209 6,154 3,842
Total noninterest expense 41,387 40,838 114,290 105,391
Net income before income taxes 39,494 21,360 88,154 51,009
Federal and state income tax expense 7,929 4,016 16,258 8,698
Net income $ 31,565 $ 17,344 $ 71,896 $ 42,311
Basic earnings per common share $ 2.02 $ 1.10 $ 4.54 $ 2.68
Diluted earnings per common share $ 1.99 $ 1.09 $ 4.48 $ 2.65
Weighted average common shares outstanding 15,635,123 15,767,152 15,829,124 15,770,335
Weighted average common and common equivalent shares outstanding 15,869,798 15,923,578 16,058,420 15,945,832
Cash dividends declared per common share $ 0.06 $ 0.06 $ 0.18 $ 0.18
Trust department fees        
Noninterest income:        
Revenue $ 2,714 $ 2,280 $ 8,363 $ 6,819
Investment advisory and management fees        
Noninterest income:        
Revenue 1,054 1,266 3,033 4,392
Deposit service fees        
Noninterest income:        
Revenue 1,588 1,403 4,488 4,166
Debit card fees        
Noninterest income:        
Revenue 1,085 946 3,144 2,479
Correspondent banking fees        
Noninterest income:        
Revenue $ 265 $ 220 $ 848 $ 633