XML 15 R4.htm IDEA: XBRL DOCUMENT v3.24.3
CONSOLIDATED STATEMENTS OF INCOME (unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Interest and fees on loans        
Taxable $ 86,118 $ 78,910 $ 252,386 $ 223,499
Tax exempt 298 1,008 1,830 2,869
Interest and dividends on securities        
Taxable 2,908 3,077 9,051 9,966
Tax exempt 3,921 4,023 11,800 12,387
Other interest income 1,773 1,605 4,721 3,604
Total interest income 95,018 88,623 279,788 252,325
Interest on deposits 45,556 37,108 131,083 95,637
Interest on short-term borrowings 189 3,122 3,720 8,252
Total interest expense 45,745 40,230 134,803 103,889
NET INTEREST INCOME 49,273 48,393 144,985 148,436
Provision for credit losses 3,059 400 13,059 5,550
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES 46,214 47,993 131,926 142,886
NONINTEREST INCOME        
Wealth advisory fees 2,718 2,298 7,770 6,769
Investment brokerage fees 438 408 1,438 1,370
Service charges on deposit accounts 2,835 2,735 8,332 8,091
Loan and service fees 2,955 2,934 8,855 8,782
Merchant and interchange fee income 898 938 2,653 2,744
Bank owned life insurance income 1,068 1,009 2,994 2,393
Interest rate swap fee income 0 0 0 794
Mortgage banking income (loss) (7) (50) 68 (184)
Net securities gains (losses) 0 (35) (46) (16)
Equity securities, realized net gain (15) 0 8,996 0
Other income 1,027 598 3,908 1,907
Total noninterest income 11,917 10,835 44,968 32,650
NONINTEREST EXPENSE        
Salaries and employee benefits 16,476 15,977 49,467 43,414
Net occupancy expense 1,721 1,621 5,159 4,874
Equipment costs 1,452 1,325 4,207 4,189
Data processing fees and supplies 3,768 3,379 11,419 10,305
Corporate and business development 1,369 1,201 4,015 3,930
FDIC insurance and other regulatory fees 966 871 2,571 2,469
Professional fees 2,089 2,114 6,675 6,284
Wire fraud loss 0 0 0 18,058
Other expense 2,552 2,609 10,918 7,742
Total noninterest expense 30,393 29,097 94,431 101,265
INCOME BEFORE INCOME TAX EXPENSE 27,738 29,731 82,463 74,271
Income tax expense 4,400 4,479 13,175 10,130
NET INCOME $ 23,338 $ 25,252 $ 69,288 $ 64,141
BASIC WEIGHTED AVERAGE COMMON SHARES (in shares) 25,684,407 25,613,456 25,673,275 25,601,493
BASIC EARNINGS PER COMMON SHARE (in dollars per share) $ 0.91 $ 0.99 $ 2.70 $ 2.51
DILUTED WEIGHTED AVERAGE COMMON SHARES (in shares) 25,767,739 25,693,535 25,754,357 25,709,841
DILUTED EARNINGS PER COMMON SHARE (in dollars per share) $ 0.91 $ 0.98 $ 2.69 $ 2.49