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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Interest income:        
Loans, including fees $ 46,242 $ 34,463 $ 128,703 $ 99,260
Securities:        
Taxable 5,422 4,224 16,027 10,142
Non-taxable 833 1,128 3,057 3,409
Federal funds sold and interest-bearing deposits in banks 4,031 1,293 7,010 2,129
Total interest income 56,528 41,108 154,797 114,940
Interest expense:        
Deposits 18,965 4,537 44,768 8,744
Notes payable & other borrowings 0 0 5 0
Subordinated debt 1,012 1,012 3,037 3,037
Junior subordinated deferrable interest debentures 862 457 2,402 1,005
Total interest expense 20,839 6,006 50,212 12,786
Net interest income 35,689 35,102 104,585 102,154
Provision for credit losses (700) (782) 4,010 (2,867)
Net interest income, after provision for credit losses 36,389 35,884 100,575 105,021
Noninterest income:        
Service charges on deposit accounts 1,840 1,764 5,286 5,149
Income from insurance activities 30 4,856 1,478 8,003
Net gain on sales of loans 2,631 4,452 9,077 17,924
Bank card services and interchange fees 3,157 3,156 10,156 9,856
Other mortgage banking income 1,971 1,836 3,069 10,670
Investment commissions 430 391 1,239 1,403
Fiduciary fees 582 568 1,779 1,815
Gain on sale of subsidiary 290 0 33,778 0
Other 1,346 3,914 4,218 8,649
Total noninterest income 12,277 20,937 70,080 63,469
Noninterest expense:        
Salaries and employee benefits 18,709 22,927 61,400 67,620
Occupancy and equipment, net 4,111 4,132 12,246 11,902
Professional services 1,560 2,523 4,924 7,795
Marketing and development 853 913 2,573 2,391
IT and data services 818 908 2,570 2,902
Bank card expenses 1,451 1,399 4,119 4,050
Appraisal expenses 283 359 862 1,432
Realized loss on sale of securities 0 0 3,409 0
Other 3,704 4,240 12,246 13,289
Total noninterest expense 31,489 37,401 104,349 111,381
Income before income taxes 17,177 19,420 66,306 57,109
Income tax expense 3,683 3,962 13,885 11,490
Net income $ 13,494 $ 15,458 $ 52,421 $ 45,619
Earnings per share:        
Basic (in dollars per share) $ 0.8 $ 0.89 $ 3.09 $ 2.61
Diluted (in dollars per share) $ 0.78 $ 0.86 $ 3.01 $ 2.52
Net income $ 13,494 $ 15,458 $ 52,421 $ 45,619
Other comprehensive loss:        
Unrealized losses on securities available for sale (30,907) (39,102) (29,393) (126,076)
Less: Change in fair value on hedged state and municipal securities 2,091 5,332 1,320 15,681
Reclassification adjustment for loss on sale of securities 0 0 3,409 0
Tax effect 6,051 7,092 5,179 23,183
Other comprehensive loss (22,765) (26,678) (19,485) (87,212)
Comprehensive income (loss) $ (9,271) $ (11,220) $ 32,936 $ (41,593)