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UNAUDITED 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 income        
Interest and fees on loans and leases $ 49,690 $ 38,570 $ 97,698 $ 76,003
Interest and dividends on investment securities 5,445 5,716 11,108 11,011
Interest on deposits with others 5,882 1,409 11,843 1,775
Total interest income 61,017 45,695 120,649 88,789
Interest expense        
Deposits 8,391 873 12,105 1,676
Subordinated debentures 204 103 400 185
Total interest expense 8,595 976 12,505 1,861
Net interest income 52,422 44,719 108,144 86,928
Provision for credit losses 2,557 1,500 4,057 1,500
Net interest income after provision for credit losses 49,865 43,219 104,087 85,428
Non-interest income        
Card processing 1,712 1,847 3,303 3,584
Service charges on deposit accounts 690 830 1,324 1,680
Increase in cash surrender value of BOLI 506 560 950 1,102
Gain on BOLI death benefit 0 0 4,346 0
Net gain/(loss) on sale of securities available-for-sale 0 2 (5,686) 2
Net gain/(loss) on deferred compensation benefits 1,302 (991) 2,198 (579)
Other 1,237 1,264 2,472 2,035
Total non-interest income 5,447 3,512 8,907 7,824
Non-interest expense        
Salaries and employee benefits 17,937 16,403 37,521 33,187
Net gain/(loss) on deferred compensation benefits 1,302 (991) 2,198 (579)
Data Processing 1,307 1,233 2,567 2,448
Occupancy 1,228 1,150 2,408 2,304
FDIC insurance 592 361 1,203 710
Marketing 425 340 895 656
Legal 264 405 524 684
Other 3,767 4,130 7,689 7,409
Total non-interest expense 26,822 23,031 55,005 46,819
INCOME BEFORE INCOME TAXES 28,490 23,700 57,989 46,433
Income tax expense 7,182 5,257 13,134 10,932
NET INCOME $ 21,308 $ 18,443 $ 44,855 $ 35,501
Earnings per common share:        
Basic (in dollars per share) $ 28.03 $ 23.58 $ 58.83 $ 45.28
Diluted (in dollars per share) $ 28.03 $ 23.58 $ 58.83 $ 45.28
Weighted average number of common shares        
Basic (in shares) 760,308 781,880 762,443 783,976
Diluted (in shares) 760,308 781,880 762,443 783,976