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CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Interest income:        
Loans $ 58,684 $ 38,344 $ 113,460 $ 73,232
Taxable investment securities 8,773 4,632 14,485 9,240
Tax-exempt investment securities 13,720 10,605 27,636 20,824
MBS 3,830 3,238 8,159 7,255
FHLB stock and equity investments 379 77 624 190
Other interest earning assets 1,490 204 3,360 232
Total interest income 86,876 57,100 167,724 110,973
Interest expense:        
Deposits 21,679 4,264 41,585 7,501
FHLB borrowings 1,032 224 4,173 590
Subordinated notes 994 1,000 1,993 1,998
Trust preferred subordinated debentures 1,100 471 2,131 827
Other borrowings 8,155 63 10,573 73
Total interest expense 32,960 6,022 60,455 10,989
Net interest income 53,916 51,078 107,269 99,984
Provision for (reversal of) credit losses (74) (633) (114) (339)
Net interest income after provision for credit losses 53,990 51,711 107,383 100,323
Noninterest income:        
Deposit services 6,291 6,496 12,713 13,124
Net gain (loss) on sale of securities AFS (3,455) (2,177) (5,601) (3,720)
Net gain on sale of equity securities 2,642 0 5,058 0
Gain on sale of loans 185 208 289 386
Trust fees 1,490 1,520 2,957 3,014
BOLI 756 720 2,431 1,411
Brokerage services 904 1,098 1,601 1,907
Other 1,651 1,232 3,049 3,700
Total noninterest income 10,464 9,097 22,497 19,822
Noninterest expense:        
Salaries and employee benefits 21,376 20,329 43,232 40,298
Net occupancy 3,690 3,654 7,424 7,310
Advertising, travel & entertainment 854 716 1,904 1,453
ATM expense 320 356 675 637
Professional fees 1,192 1,147 2,564 2,074
Software and data processing 2,264 1,739 4,319 3,370
Communications 348 509 675 1,012
FDIC insurance 1,220 477 1,764 949
Amortization of intangibles 442 586 920 1,208
Other 3,287 2,593 6,365 4,990
Total noninterest expense 34,993 32,106 69,842 63,301
Income before income tax expense 29,461 28,702 60,038 56,844
Income tax expense 4,568 3,297 9,111 6,443
Net income $ 24,893 $ 25,405 $ 50,927 $ 50,401
Earnings per common share - basic (in dollars per share) $ 0.81 $ 0.79 $ 1.64 $ 1.56
Earnings per common share - diluted (in dollars per share) 0.81 0.79 1.64 1.56
Cash dividends paid per common share (in dollars per share) $ 0.35 $ 0.34 $ 0.70 $ 0.68