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CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Interest income:        
Loans $ 45,257 $ 37,034 $ 118,489 $ 108,792
Taxable investment securities 4,896 3,853 14,136 9,097
Tax-exempt investment securities 11,482 9,649 32,306 27,787
MBS 4,770 4,405 12,025 15,140
FHLB stock and equity investments 101 111 291 355
Other interest earning assets 374 24 606 56
Total interest income 66,880 55,076 177,853 161,227
Interest expense:        
Deposits 7,887 2,234 15,388 7,170
FHLB borrowings 1,078 1,865 1,668 5,590
Subordinated notes 1,004 2,417 3,002 7,235
Trust preferred subordinated debentures 669 345 1,496 1,045
Other borrowings 727 9 800 31
Total interest expense 11,365 6,870 22,354 21,071
Net interest income 55,515 48,206 155,499 140,156
Provision for (reversal of) credit losses 1,494 (5,071) 1,155 (13,543)
Net interest income after provision for credit losses 54,021 53,277 154,344 153,699
Noninterest income:        
Deposit services 6,241 6,779 19,365 19,513
Net gain (loss) on sale of securities AFS (99) 1,381 (3,819) 3,399
Gain on sale of loans 109 299 495 1,285
Trust fees 1,407 1,494 4,421 4,373
BOLI 720 637 2,131 1,908
Brokerage services 701 846 2,608 2,476
Other 1,190 1,333 4,890 4,371
Total noninterest income 10,269 12,769 30,091 37,325
Noninterest expense:        
Salaries and employee benefits 21,368 19,777 61,666 59,825
Net occupancy 3,847 3,532 11,157 10,698
Advertising, travel & entertainment 789 579 2,242 1,491
ATM expense 317 311 954 821
Professional fees 1,412 1,135 3,486 3,166
Software and data processing 1,736 1,503 5,106 4,221
Communications 497 552 1,509 1,689
FDIC insurance 485 454 1,434 1,343
Amortization of intangibles 550 695 1,758 2,191
Loss on redemption of subordinated notes 0 1,118 0 1,118
Other 2,463 2,107 7,453 7,133
Total noninterest expense 33,464 31,763 96,765 93,696
Income before income tax expense 30,826 34,283 87,670 97,328
Income tax expense 3,875 4,977 10,318 12,614
Net income $ 26,951 $ 29,306 $ 77,352 $ 84,714
Earnings per common share - basic (in dollars per share) $ 0.84 $ 0.90 $ 2.40 $ 2.60
Earnings per common share - diluted (in dollars per share) 0.84 0.90 2.39 2.59
Cash dividends paid per common share (in dollars per share) $ 0.34 $ 0.33 $ 1.02 $ 0.98