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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Interest income:        
Loans, including fees $ 42,864 $ 35,419 $ 82,461 $ 64,797
Securities:        
Taxable 5,365 3,542 10,605 5,918
Non-taxable 1,108 1,137 2,224 2,281
Federal funds sold and interest-bearing deposits in banks 1,484 654 2,979 836
Total interest income 50,821 40,752 98,269 73,832
Interest expense:        
Deposits 14,433 2,317 25,803 4,207
Notes payable & other borrowings 5 0 5 0
Subordinated debt 1,013 1,013 2,025 2,025
Junior subordinated deferrable interest debentures 789 317 1,540 548
Total interest expense 16,240 3,647 29,373 6,780
Net interest income 34,581 37,105 68,896 67,052
Provision for credit losses 3,700 0 4,710 (2,085)
Net interest income, after provision for credit losses 30,881 37,105 64,186 69,137
Noninterest income:        
Service charges on deposit accounts 1,745 1,612 3,446 3,385
Income from insurance activities 37 1,577 1,448 3,147
Net gain on sales of loans 3,528 5,979 6,446 13,472
Bank card services and interchange fees 4,043 3,478 6,999 6,700
Other mortgage banking income 1,731 2,690 1,098 8,834
Investment commissions 420 466 809 1,012
Fiduciary fees 597 635 1,197 1,247
Gain on sale of subsidiary 33,488 0 33,488 0
Other 1,523 2,398 2,872 4,735
Total noninterest income 47,112 18,835 57,803 42,532
Noninterest expense:        
Salaries and employee benefits 23,437 21,990 42,691 44,693
Occupancy and equipment, net 4,303 4,033 8,135 7,770
Professional services 1,716 2,647 3,364 5,272
Marketing and development 784 758 1,720 1,478
IT and data services 888 941 1,752 1,994
Bank card expenses 1,316 1,328 2,668 2,651
Appraisal expenses 301 508 579 1,073
Realized loss on sale of securities 3,409 0 3,409 0
Other 4,345 3,851 8,542 9,049
Total noninterest expense 40,499 36,056 72,860 73,980
Income before income taxes 37,494 19,884 49,129 37,689
Income tax expense 7,811 4,001 10,202 7,528
Net income $ 29,683 $ 15,883 $ 38,927 $ 30,161
Earnings per share:        
Basic (in dollars per share) $ 1.74 $ 0.91 $ 2.28 $ 1.71
Diluted (in dollars per share) $ 1.71 $ 0.88 $ 2.23 $ 1.66
Net income $ 29,683 $ 15,883 $ 38,927 $ 30,161
Other comprehensive income (loss):        
Unrealized gains (losses) on securities available for sale (7,109) (42,097) 1,514 (86,974)
Less: Change in fair value on hedged state and municipal securities 1,866 3,450 (771) 10,349
Reclassification adjustment for loss on sale of securities 3,409 0 3,409 0
Tax effect 385 8,116 (872) 16,091
Other comprehensive income (loss) (1,449) (30,531) 3,280 (60,534)
Comprehensive income (loss) $ 28,234 $ (14,648) $ 42,207 $ (30,373)