XML 14 R4.htm IDEA: XBRL DOCUMENT v3.23.4
CONSOLIDATED STATEMENTS OF (LOSS)/INCOME (UNAUDITED) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
INTEREST INCOME        
Interest and fees on loans $ 64,869 $ 25,924 $ 128,424 $ 71,458
Interest and dividends on taxable investment securities 5,047 3,186 12,840 7,562
Interest and dividends on tax-exempt investment securities 27 0 41 0
Interest on federal funds sold 92 0 92 0
Interest on deposits with other banks 1,213 1,466 1,546 2,546
Total interest income 71,248 30,576 142,943 81,566
INTEREST EXPENSE        
Interest on deposits 23,473 2,561 40,668 5,429
Interest on short-term borrowings 692 0 5,501 2
Interest on long-term borrowings 1,461 700 2,992 1,776
Total interest expense 25,626 3,261 49,161 7,207
NET INTEREST INCOME 45,622 27,315 93,782 74,359
Provision for credit losses 28,176 675 30,056 1,475
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES 17,446 26,640 63,726 72,884
NONINTEREST INCOME        
Service charges on deposit accounts 1,505 1,509 3,981 4,306
Trust and investment fee income 1,933 421 2,764 1,383
Loss on sales and calls of investment securities (2,166) 0 (2,166) 0
Interchange credits 1,557 1,241 4,081 3,532
Mortgage-banking revenue 1,377 680 3,408 3,643
Title Company revenue 89 397 412 1,146
Bargain purchase gain 8,816 0 8,816 0
Other noninterest income 1,873 1,096 4,317 3,214
Total noninterest income 14,984 5,344 25,613 17,224
NONINTEREST EXPENSE        
Salaries and wages 14,183 8,562 31,822 27,022
Employee benefits 3,607 2,191 8,968 7,122
Occupancy expense 2,245 1,496 5,463 4,548
Furniture and equipment expense 750 533 1,761 1,370
Data processing 2,485 1,759 6,022 5,034
Directors' fees 295 217 730 617
Amortization of core deposit intangible 2,634 499 3,510 1,528
FDIC insurance premium expense 618 339 1,747 1,111
Other real estate owned expenses, net 2 1 2 52
Legal and professional fees 1,217 756 2,926 2,204
Merger-related expenses 14,866 159 16,754 1,130
Other noninterest expenses 4,256 2,387 9,956 7,585
Total noninterest expense 47,158 18,899 89,661 59,323
(Loss)/income before income taxes (14,728) 13,085 (322) 30,785
Income tax (benefit) expense (4,991) 3,427 (1,060) 8,016
NET (LOSS) INCOME $ (9,737) $ 9,658 $ 738 $ 22,769
Basic net income per common share (in dollars per share) $ (0.29) $ 0.49 $ 0.03 $ 1.15
Diluted net income per common share (in dollars per share) (0.29) 0.49 0.03 1.15
Dividends paid per common share (in dollars per share) $ 0.12 $ 0.12 $ 0.36 $ 0.36