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CONSOLIDATED STATEMENTS OF INCOME - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Interest and dividend income:        
Taxable $ 68,419 $ 51,795 $ 135,053 $ 89,222
Nontaxable 19,545 8,009 36,857 14,778
Securities:        
Taxable 3,693 3,090 7,059 5,488
Nontaxable 4,868 4,645 10,205 8,795
Interest-bearing deposits at financial institutions 1,124 169 1,945 204
Restricted investment securities 505 485 1,018 766
Federal funds sold 223 12 457 14
Total interest and dividend income 98,377 68,205 192,594 119,267
Interest expense:        
Deposits 38,445 5,524 68,225 8,661
Short-term borrowings 33 3 132 3
Federal Home Loan Bank advances 2,653 781 6,174 863
Subordinated notes 3,304 1,816 6,615 3,370
Junior subordinated debentures 737 681 1,433 1,237
Total interest expense 45,172 8,805 82,579 14,134
Net interest income 53,205 59,400 110,015 105,133
Provision for credit losses 3,606 11,200 7,534 8,284
Net interest income after provision for credit losses 49,599 48,200 102,481 96,849
Noninterest income:        
Revenue 130,897 90,987 250,956 157,682
Gains on sales of residential real estate loans, net 500 809 812 1,302
Gains on sales of government guaranteed portions of loans, net     30 19
Capital markets revenue 22,490 13,004 39,513 19,426
Securities gains (losses), net 12   (451)  
Earnings on bank-owned life insurance 838 350 1,545 696
Loan related fee income 770 682 1,421 1,162
Fair value gain (loss) on derivatives 83 432 (344) 1,338
Other 18 59 357 188
Total noninterest income 32,520 22,782 58,362 38,415
Noninterest expense:        
Salaries and employee benefits 31,459 29,972 63,462 53,599
Occupancy and equipment expense 6,100 5,978 12,014 9,915
Professional and data processing fees 4,078 4,365 7,592 8,036
Acquisition costs   1,973   3,824
Post-acquisition compensation, transition and integration costs   4,796 207 4,796
FDIC insurance, other insurance and regulatory fees 1,927 1,394 3,301 2,704
Loan/lease expense 652 761 1,208 1,028
Net cost of (income from) and gains/losses on operations of other real estate   59 (67) 58
Advertising and marketing 1,735 1,198 2,972 1,959
Communication and data connectivity 471 584 1,136 987
Supplies 281 237 586 483
Bank service charges 621 610 1,226 1,151
Correspondent banking expense 221 213 431 412
Intangibles amortization 765 787 1,531 1,280
Payment card processing 542 626 1,087 888
Trust expense 337 195 551 382
Other 538 500 1,275 1,071
Total noninterest expense 49,727 54,248 98,512 92,573
Net income before income taxes 32,392 16,734 62,331 42,691
Federal and state income tax expense 3,967 1,492 6,749 3,825
Net income $ 28,425 $ 15,242 $ 55,582 $ 38,866
Basic earnings per common share $ 1.70 $ 0.88 $ 3.32 $ 2.36
Diluted earnings per common share $ 1.69 $ 0.87 $ 3.29 $ 2.33
Weighted average common shares outstanding 16,701,950 17,345,324 16,739,120 16,485,218
Weighted average common and common equivalent shares outstanding 16,799,527 17,549,107 16,870,830 16,700,682
Cash dividends declared per common share $ 0.06 $ 0.06 $ 0.12 $ 0.12
Trust fees        
Noninterest income:        
Revenue $ 2,844 $ 2,497 $ 5,750 $ 5,460
Investment advisory and management fees        
Noninterest income:        
Revenue 986 983 1,865 2,019
Deposit service fees        
Noninterest income:        
Revenue 2,034 2,223 4,062 3,778
Debit card fees        
Noninterest income:        
Revenue 1,589 1,499 3,055 2,506
Correspondent banking fees        
Noninterest income:        
Revenue $ 356 $ 244 $ 747 $ 521