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CONSOLIDATED STATEMENTS OF INCOME - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Interest and dividend income:        
Loans/leases, including fees $ 69,855 $ 44,858 $ 173,855 $ 128,639
Securities:        
Taxable 3,304 2,347 8,792 6,521
Nontaxable 4,955 4,160 13,750 12,146
Interest-bearing deposits at financial institutions 380 39 584 110
Restricted investment securities 673 262 1,439 718
Federal funds sold 100 1 114 1
Total interest and dividend income 79,267 51,667 198,534 148,135
Interest expense:        
Deposits 12,570 3,273 21,231 9,935
Short-term borrowings 84 1 87 4
Federal Home Loan Bank advances 2,584 41 3,447 66
Other borrowings 53   53  
Subordinated notes 2,518 1,554 5,888 4,718
Junior subordinated debentures 689 569 1,926 1,692
Total interest expense 18,498 5,438 32,632 16,415
Net interest income 60,769 46,229 165,902 131,720
Provision for credit losses     8,284 6,713
Net interest income after provision for credit losses 60,769 46,229 157,618 125,007
Noninterest income:        
Revenue 100,362 86,319 258,044 225,572
Gains on sales of residential real estate loans, net 641 954 1,943 3,475
Gains on sales of government guaranteed portions of loans, net 50   69  
Swap fee income/capital markets revenue 10,545 24,885 29,971 48,010
Securities losses, net       (88)
Earnings on bank-owned life insurance 605 446 1,301 1,368
Loan related fee income 652 550 1,814 1,732
Fair value gain (loss) on derivatives 904 (17) 2,242 73
Other 384 1,128 572 2,991
Total noninterest income 21,095 34,652 59,510 77,437
Noninterest expense:        
Salaries and employee benefits 29,175 28,207 82,774 76,098
Occupancy and equipment expense 6,033 4,122 15,948 12,195
Professional and data processing fees 4,477 3,568 12,513 10,713
Acquisition costs 315   4,139  
Post-acquisition compensation, transition and integration costs 62   4,858  
Disposition costs       8
FDIC insurance, other insurance and regulatory fees 1,497 1,108 4,201 3,159
Loan/lease expense 390 308 1,418 1,065
Net cost of (income from) and gains/losses on operations of other real estate 19 (1,346) 77 (1,420)
Advertising and marketing 1,437 1,095 3,396 2,575
Communication 639 457 1,626 1,317
Supplies 289 298 772 779
Bank service charges 568 525 1,719 1,620
Correspondent banking expense 218 201 630 599
Intangibles amortization 787 508 2,067 1,524
Payment card processing 477 346 1,365 1,114
Trust expense 227 188 609 550
Other 1,136 1,802 2,207 2,394
Total noninterest expense 47,746 41,387 140,319 114,290
Net income before income taxes 34,118 39,494 76,809 88,154
Federal and state income tax expense 4,824 7,929 8,649 16,258
Net income $ 29,294 $ 31,565 $ 68,160 $ 71,896
Basic earnings per common share $ 1.73 $ 2.02 $ 4.25 $ 4.54
Diluted earnings per common share $ 1.71 $ 1.99 $ 4.20 $ 4.48
Weighted average common shares outstanding 16,900,968 15,635,123 16,030,371 15,829,124
Weighted average common and common equivalent shares outstanding 17,110,691 15,869,798 16,243,921 16,058,420
Cash dividends declared per common share $ 0.06 $ 0.06 $ 0.18 $ 0.18
Trust department fees        
Noninterest income:        
Revenue $ 2,537 $ 2,714 $ 7,997 $ 8,363
Investment advisory and management fees        
Noninterest income:        
Revenue 921 1,054 2,940 3,033
Deposit service fees        
Noninterest income:        
Revenue 2,214 1,588 5,992 4,488
Debit card fees        
Noninterest income:        
Revenue 1,453 1,085 3,959 3,144
Correspondent banking fees        
Noninterest income:        
Revenue $ 189 $ 265 $ 710 $ 848