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UNAUDITED CONSOLIDATED STATEMENTS OF INCOME - 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 and leases $ 52,153 $ 41,868 $ 149,851 $ 117,871
Interest and dividends on investment securities 5,485 5,686 16,593 16,697
Interest on deposits with others 8,075 4,159 19,918 5,934
Total interest income 65,713 51,713 186,362 140,502
Interest expense        
Deposits 12,051 1,122 24,156 2,798
Subordinated debentures 221 134 621 319
Total interest expense 12,272 1,256 24,777 3,117
Net interest income 53,441 50,457 161,585 137,385
Provision for credit losses 3,000 1,500 7,057 3,000
Net interest income after provision for credit losses 50,441 48,957 154,528 134,385
Non-interest income        
Card processing 1,693 1,791 4,996 5,375
Service charges on deposit accounts 722 638 2,046 2,318
Increase in cash surrender value of BOLI 512 566 1,462 1,668
Gain on BOLI death benefit 0 0 4,346 0
Net loss on sale of securities available-for-sale 0 (2,987) (5,686) (2,985)
Net (loss)/gain on deferred compensation benefits (304) 352 1,894 (227)
Other 983 1,199 3,455 3,234
Total non-interest income 3,606 1,559 12,513 9,383
Non-interest expense        
Salaries and employee benefits 17,172 15,994 54,693 49,181
Net (loss)/gain on deferred compensation benefits (304) 352 1,894 (227)
Data Processing 1,254 1,250 3,821 3,698
Occupancy 1,191 1,196 3,599 3,500
FDIC insurance 582 366 1,785 1,076
Marketing 440 303 1,335 959
Legal 256 49 780 733
Other 3,877 4,865 11,566 12,274
Total non-interest expense 24,468 24,375 79,473 71,194
INCOME BEFORE INCOME TAXES 29,579 26,141 87,568 72,574
Income tax expense 7,545 6,605 20,679 17,537
NET INCOME $ 22,034 $ 19,536 $ 66,889 $ 55,037
Earnings per common share:        
Basic (in dollars per share) $ 29.23 $ 25.2 $ 88.06 $ 70.47
Diluted (in dollars per share) $ 29.23 $ 25.2 $ 88.06 $ 70.47
Weighted average number of common shares        
Basic (in shares) 753,780 775,109 759,600 780,988
Diluted (in shares) 753,780 775,109 759,600 780,988