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Consolidated Statements of Income - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Interest Income      
Interest and fees on loans $ 291,069 $ 244,544 $ 173,500
Investment securities – taxable 30,295 34,410 33,202
Investment securities – tax exempt 25,439 28,384 29,025
Other 9,680 4,967 306
Total interest income 356,483 312,305 236,033
Interest Expense      
Deposits 115,042 85,857 17,809
Short and long-term borrowings 44,930 42,478 12,465
Subordinated notes 3,319 3,511 3,522
Junior subordinated debentures issued to capital trusts 4,588 4,715 2,719
Total interest expense 167,879 136,561 36,515
Net Interest Income 188,604 175,744 199,518
Credit loss expense (recovery) 5,389 2,459 (1,816)
Net Interest Income after Credit Loss Expense (Recovery) 183,215 173,285 201,334
Non–interest Income      
Service charges on deposit accounts 12,940 12,227 11,598
Wire transfer fees 461 448 595
Interchange fees 13,799 12,861 12,402
Fiduciary activities 5,394 5,080 5,381
Gains (losses) on sale of investment securities (39,140) (32,052) 0
Gain on sale of mortgage loans 4,215 4,323 7,165
Mortgage servicing income, net 1,677 2,708 4,800
Increase in cash value of bank owned life insurance 1,300 3,709 2,594
Death benefit on bank owned life insurance 0 0 644
Other income 2,325 2,694 2,272
Total non–interest income 2,971 11,998 47,451
Non–interest Expense      
Salaries and employee benefits 88,244 80,809 80,283
Net occupancy expenses 13,376 13,355 13,323
Data processing 10,861 11,626 10,567
Professional fees 2,733 2,645 1,843
Outside services and consultants 14,564 9,942 10,850
Loan expense 4,076 4,980 5,411
FDIC insurance expense 5,032 3,880 2,558
Core deposit intangible amortization 3,403 3,612 3,702
Other losses 1,199 1,051 1,046
Other expense 15,348 14,384 13,618
Total non–interest expense 158,836 146,284 143,201
Income Before Income Taxes 27,350 38,999 105,584
Income tax (benefit) expense (8,079) 11,018 12,176
Net Income Available to Common Shareholders $ 35,429 $ 27,981 $ 93,408
Basic earnings per share (in USD per share) $ 0.81 $ 0.64 $ 2.14
Diluted earnings per share (in USD per share) $ 0.80 $ 0.64 $ 2.14