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Condensed Consolidated Statements of 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 receivable $ 71,880 $ 60,594 $ 138,834 $ 115,958
Investment securities – taxable 7,986 8,740 15,348 17,465
Investment securities – tax exempt 6,377 7,059 12,828 14,615
Other 738 475 5,235 628
Total interest income 86,981 76,868 172,245 148,666
Interest Expense        
Deposits 28,447 18,958 56,437 33,777
Borrowed funds 11,213 9,718 23,143 19,489
Subordinated notes 829 881 1,660 1,761
Junior subordinated debentures issued to capital trusts 1,213 1,151 2,438 2,242
Total interest expense 41,702 30,708 83,678 57,269
Net Interest Income 45,279 46,160 88,567 91,397
Credit loss expense 2,369 680 3,174 922
Net Interest Income after Credit Loss Expense 42,910 45,480 85,393 90,475
Non–interest Income        
Service charges on deposit accounts 3,130 3,021 6,344 6,049
Wire transfer fees 113 116 214 225
Interchange fees 3,826 3,584 6,935 6,451
Fiduciary activities 1,372 1,247 2,687 2,522
Gain (loss) on sale of investment securities 0 20 0 (480)
Gain on sale of mortgage loans 896 1,005 1,522 1,790
Mortgage servicing income, net 450 640 889 1,353
Increase in cash value of bank owned life insurance 318 1,015 616 1,996
Other income 380 349 1,207 711
Total non–interest income 10,485 10,997 20,414 20,617
Non–interest Expense        
Salaries and employee benefits 20,583 20,162 40,851 38,874
Net occupancy expenses 3,192 3,249 6,738 6,812
Data processing 2,579 3,016 5,043 5,685
Professional fees 714 633 1,321 1,166
Outside services and consultants 3,058 2,515 6,417 5,232
Loan expense 1,038 1,397 1,757 2,515
FDIC insurance expense 1,315 840 2,635 1,380
Core deposit intangible amortization 844 903 1,716 1,806
Other losses 515 134 531 355
Other expense 3,684 3,413 7,620 6,961
Total non–interest expense 37,522 36,262 74,629 70,786
Income Before Income Taxes 15,873 20,215 31,178 40,306
Income tax expense 1,733 1,452 3,047 3,315
Net Income $ 14,140 $ 18,763 $ 28,131 $ 36,991
Basic earnings per share (in USD per share) $ 0.32 $ 0.43 $ 0.64 $ 0.85
Diluted earnings per share (in USD per share) $ 0.32 $ 0.43 $ 0.64 $ 0.85