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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Interest income:        
Loans, including fees $ 50,571 $ 42,864 $ 99,503 $ 82,461
Securities:        
Taxable 5,285 5,365 10,796 10,605
Non-taxable 807 1,108 1,616 2,224
Federal funds sold and interest-bearing deposits in banks 2,545 1,484 6,020 2,979
Total interest income 59,208 50,821 117,935 98,269
Interest expense:        
Deposits 21,629 14,433 43,292 25,803
Notes payable & other borrowings 0 5 0 5
Subordinated debt 835 1,013 1,670 2,025
Junior subordinated deferrable interest debentures 856 789 1,717 1,540
Total interest expense 23,320 16,240 46,679 29,373
Net interest income 35,888 34,581 71,256 68,896
Provision for credit losses 1,775 3,700 2,605 4,710
Net interest income, after provision for credit losses 34,113 30,881 68,651 64,186
Noninterest income:        
Service charges on deposit accounts 1,949 1,745 3,762 3,446
Income from insurance activities 30 37 64 1,448
Net gain on sales of loans 2,788 3,528 5,442 6,446
Bank card services and interchange fees 4,052 4,043 7,113 6,999
Other mortgage banking income 609 1,731 1,900 1,098
Investment commissions 450 420 884 809
Fiduciary fees 720 597 1,474 1,197
Gain on sale of subsidiary 0 33,488 0 33,488
Other 2,111 1,523 3,479 2,872
Total noninterest income 12,709 47,112 24,118 57,803
Noninterest expense:        
Salaries and employee benefits 19,199 23,437 38,187 42,691
Occupancy and equipment, net 4,029 4,303 7,949 8,135
Professional services 1,738 1,716 3,221 3,364
Marketing and development 860 784 1,614 1,720
IT and data services 1,086 888 2,076 1,752
Bank card expenses 1,516 1,316 2,913 2,668
Appraisal expenses 229 301 456 579
Realized loss on sale of securities 0 3,409 0 3,409
Other 3,915 4,345 8,086 8,542
Total noninterest expense 32,572 40,499 64,502 72,860
Income before income taxes 14,250 37,494 28,267 49,129
Income tax expense 3,116 7,811 6,259 10,202
Net income $ 11,134 $ 29,683 $ 22,008 $ 38,927
Earnings per share:        
Basic (in dollars per share) $ 0.68 $ 1.74 $ 1.34 $ 2.28
Diluted (in dollars per share) $ 0.66 $ 1.71 $ 1.3 $ 2.23
Net income $ 11,134 $ 29,683 $ 22,008 $ 38,927
Other comprehensive income (loss):        
Unrealized gains (losses) on securities available for sale 561 (7,109) (10,269) 1,514
Less: Change in fair value on hedged state and municipal securities (463) 1,866 920 (771)
Reclassification adjustment for loss on sale of securities 0 3,409 0 3,409
Tax effect (21) 385 1,963 (872)
Other comprehensive income (loss) 77 (1,449) (7,386) 3,280
Comprehensive income $ 11,211 $ 28,234 $ 14,622 $ 42,207