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CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Interest and dividend income:        
Taxable $ 73,396 $ 58,143 $ 208,449 $ 147,366
Nontaxable 23,725 11,712 60,582 26,489
Securities:        
Taxable 3,788 3,304 10,847 8,792
Nontaxable 5,510 4,955 15,715 13,750
Interest-bearing deposits at financial institutions 1,206 380 3,151 584
Restricted investment securities 659 673 1,677 1,439
Federal funds sold 284 100 741 114
Total interest and dividend income 108,568 79,267 301,162 198,534
Interest expense:        
Deposits 43,575 12,570 111,800 21,231
Short-term borrowings 10 84 142 87
Federal Home Loan Bank advances 5,724 2,584 11,898 3,447
Other borrowings   53   53
Subordinated notes 3,307 2,518 9,922 5,888
Junior subordinated debentures 697 689 2,130 1,926
Total interest expense 53,313 18,498 135,892 32,632
Net interest income 55,255 60,769 165,270 165,902
Provision for credit losses 3,806   11,340 8,284
Net interest income after provision for credit losses 51,449 60,769 153,930 157,618
Noninterest income:        
Revenue 135,161 100,362 386,117 258,044
Gains on sales of residential real estate loans, net 476 641 1,288 1,943
Gains on sales of government guaranteed portions of loans, net   50 30 69
Capital markets revenue 15,596 10,545 55,109 29,971
Securities losses, net     (451)  
Earnings on bank-owned life insurance 1,807 605 3,352 1,301
Loan related fee income 800 652 2,221 1,814
Fair value gain (loss) on derivatives (336) 904 (680) 2,242
Other 299 384 656 572
Total noninterest income 26,593 21,095 84,955 59,510
Noninterest expense:        
Salaries and employee benefits 32,098 29,175 95,560 82,774
Occupancy and equipment expense 6,228 6,033 18,242 15,948
Professional and data processing fees 4,456 4,477 12,048 12,513
Acquisition costs   315   4,139
Post-acquisition compensation, transition and integration costs   62 207 4,858
FDIC insurance, other insurance and regulatory fees 1,721 1,497 5,022 4,201
Loan/lease expense 826 390 2,034 1,418
Net cost of (income from) and gains/losses on operations of other real estate 3 19 (64) 77
Advertising and marketing 1,429 1,437 4,401 3,396
Communication and data connectivity 478 639 1,614 1,626
Supplies 335 289 921 772
Bank service charges 605 568 1,831 1,719
Correspondent banking expense 232 218 663 630
Intangibles amortization 691 787 2,222 2,067
Payment card processing 733 477 1,820 1,365
Trust expense 432 227 983 609
Other 814 1,136 2,089 2,207
Total noninterest expense 51,081 47,746 149,593 140,319
Net income before income taxes 26,961 34,118 89,292 76,809
Federal and state income tax expense 1,840 4,824 8,589 8,649
Net income $ 25,121 $ 29,294 $ 80,703 $ 68,160
Basic earnings per common share $ 1.50 $ 1.73 $ 4.82 $ 4.25
Diluted earnings per common share $ 1.49 $ 1.71 $ 4.79 $ 4.20
Weighted average common shares outstanding 16,717,303 16,900,968 16,731,847 16,030,371
Weighted average common and common equivalent shares outstanding 16,847,951 17,110,691 16,863,203 16,243,921
Cash dividends declared per common share $ 0.06 $ 0.06 $ 0.18 $ 0.18
Trust fees        
Noninterest income:        
Revenue $ 2,863 $ 2,537 $ 8,613 $ 7,997
Investment advisory and management fees        
Noninterest income:        
Revenue 947 921 2,812 2,940
Deposit service fees        
Noninterest income:        
Revenue 2,107 2,214 6,169 5,992
Debit card fees        
Noninterest income:        
Revenue 1,584 1,453 4,639 3,959
Correspondent banking fees        
Noninterest income:        
Revenue $ 450 $ 189 $ 1,197 $ 710