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CONSOLIDATED STATEMENTS OF INCOME (unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Interest and fees on loans        
Taxable $ 84,226 $ 75,047 $ 166,268 $ 144,589
Tax exempt 632 960 1,532 1,861
Interest and dividends on securities        
Taxable 3,104 3,376 6,143 6,889
Tax exempt 3,932 4,064 7,879 8,364
Other interest income 1,842 1,035 2,948 1,999
Total interest income 93,736 84,482 184,770 163,702
Interest on deposits 44,363 33,611 85,527 58,529
Interest on short-term borrowings 1,077 2,347 3,531 5,130
Total interest expense 45,440 35,958 89,058 63,659
NET INTEREST INCOME 48,296 48,524 95,712 100,043
Provision for credit losses 8,480 800 10,000 5,150
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES 39,816 47,724 85,712 94,893
NONINTEREST INCOME        
Wealth advisory fees 2,597 2,271 5,052 4,471
Investment brokerage fees 478 428 1,000 962
Service charges on deposit accounts 2,806 2,726 5,497 5,356
Loan and service fees 3,048 3,002 5,900 5,848
Merchant and interchange fee income 892 929 1,755 1,806
Bank owned life insurance income 890 693 1,926 1,384
Interest rate swap fee income 0 794 0 794
Mortgage banking income (loss) 23 (35) 75 (134)
Net securities gains (losses) 0 3 (46) 19
Equity securities, realized net gain 9,011 0 9,011 0
Other income 694 690 2,881 1,309
Total noninterest income 20,439 11,501 33,051 21,815
NONINTEREST EXPENSE        
Salaries and employee benefits 16,158 11,374 32,991 27,437
Net occupancy expense 1,698 1,681 3,438 3,253
Equipment costs 1,343 1,426 2,755 2,864
Data processing fees and supplies 3,812 3,474 7,651 6,926
Corporate and business development 1,265 1,298 2,646 2,729
FDIC insurance and other regulatory fees 816 803 1,605 1,598
Professional fees 2,123 2,049 4,586 4,170
Wire fraud loss 0 18,058 0 18,058
Other expense 6,118 2,571 8,366 5,133
Total noninterest expense 33,333 42,734 64,038 72,168
INCOME BEFORE INCOME TAX EXPENSE 26,922 16,491 54,725 44,540
Income tax expense 4,373 1,880 8,775 5,651
NET INCOME $ 22,549 $ 14,611 $ 45,950 $ 38,889
BASIC WEIGHTED AVERAGE COMMON SHARES (in shares) 25,678,231 25,607,663 25,667,647 25,595,412
BASIC EARNINGS PER COMMON SHARE (in dollars per share) $ 0.88 $ 0.57 $ 1.79 $ 1.52
DILUTED WEIGHTED AVERAGE COMMON SHARES (in shares) 25,742,871 25,686,354 25,746,773 25,696,370
DILUTED EARNINGS PER COMMON SHARE (in dollars per share) $ 0.87 $ 0.57 $ 1.78 $ 1.51