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Consolidated Statements of Operations - 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 $ 98,982 $ 47,327 $ 188,600 $ 90,055
Available-for-sale securities - taxable 2,622 1,086 4,471 2,130
Available-for-sale securities - tax-exempt 3,571 3,845 7,365 7,537
Deposits with financial institutions 1,609 369 3,623 521
Dividends on bank stocks 364 213 626 357
Total interest income 107,148 52,840 204,685 100,600
Interest Expense        
Deposits 48,663 4,732 85,388 8,243
Fed funds purchased and repurchase agreements 0 74 46 74
Federal Home Loan Bank Advances 3,734 1,294 6,125 2,403
Other borrowings 212 31 366 56
Total interest expense 52,609 6,131 91,925 10,776
Net Interest Income 54,539 46,709 112,760 89,824
Provision for credit losses 2,640 2,135 7,061 1,510
Net Interest Income after Provision for Credit Losses 51,899 44,574 105,699 88,314
Non-Interest Income        
Service charges and fees on customer accounts 2,110 1,546 3,939 2,954
ATM and credit card interchange income 1,213 1,521 2,477 4,185
Realized gains (losses) on available-for-sale securities 0 (12) 63 (38)
Gain on sale of loans 1,205 0 1,392 0
Gains (losses) on equity securities, net 6 (71) 16 (174)
Income from bank-owned life insurance 418 407 829 795
Swap fees and credit valuation adjustments, net 84 12 174 130
Other non-interest income 743 798 1,310 1,291
Total non-interest income 5,779 4,201 10,200 9,143
Non-Interest Expense        
Salaries and employee benefits 24,061 17,095 46,683 35,036
Occupancy 3,054 2,622 6,028 5,115
Professional fees 970 1,068 3,588 1,873
Deposit insurance premiums 1,881 713 3,412 1,450
Data processing 1,057 1,160 2,299 1,972
Advertising 649 757 1,401 1,449
Software and communication 1,655 1,198 3,306 2,468
Foreclosed assets, net (21) 15 128 (38)
Other non-interest expense 3,304 4,555 7,035 7,505
Core deposit intangible amortization 802 20 1,624 39
Total non-interest expense 37,412 29,203 75,504 56,869
Net Income Before Taxes 20,266 19,572 40,395 40,588
Income tax expense 4,219 4,027 8,240 8,215
Net Income $ 16,047 $ 15,545 $ 32,155 $ 32,373
Basic Earnings Per Common Share (in dollars per share) $ 0.33 $ 0.31 $ 0.66 $ 0.65
Diluted Earnings Per Common Share (in dollars per share) $ 0.33 $ 0.31 $ 0.65 $ 0.64