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CONDENSED 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 DIVIDEND INCOME:        
Interest and fees on loans receivable $ 75,725 $ 70,980 $ 219,380 $ 200,209
Securities:        
Taxable 7,259 4,247 21,657 13,360
Tax-exempt 156 176 479 553
Dividends 95 113 276 366
Total interest and dividend income 83,235 75,516 241,792 214,488
INTEREST EXPENSE:        
Deposits 34,622 27,113 99,964 67,390
Borrowed funds and finance lease liabilities 3 91 9 1,799
Subordinated notes and debentures (includes $0, $(55), $0 and $(151) accumulated other comprehensive income reclassification for change in fair value of interest rate swap agreements, respectively) 1,124 1,076 3,394 3,164
Total interest expense 35,749 28,280 103,367 72,353
NET INTEREST INCOME 47,486 47,236 138,425 142,135
PROVISION FOR CREDIT LOSS EXPENSE 2,381 1,056 6,292 4,751
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSS EXPENSE 45,105 46,180 132,133 137,384
NON-INTEREST INCOME:        
Service charges on deposit accounts 1,790 1,861 5,278 5,569
Other service charges and fees 796 567 2,203 2,283
Wealth and asset management fees 2,060 1,833 5,869 5,567
Net realized gains (losses) on available-for-sale securities (includes $(9), $0, $(9) and $52 accumulated other comprehensive income reclassifications for net realized gains (losses) on available-for-sale securities, respectively) (9) 0 (9) 52
Net realized and unrealized gains (losses) on equity securities 656 (400) 767 (930)
Mortgage banking 197 172 580 516
Bank owned life insurance 775 754 2,326 2,211
Card processing and interchange income 2,241 2,098 6,444 6,219
Other non-interest income 2,467 978 5,335 2,711
Total non-interest income 10,973 7,863 28,793 24,198
NON-INTEREST EXPENSES:        
Compensation and benefits 19,572 17,758 56,035 51,862
Net occupancy expense 3,701 3,596 10,921 10,790
Technology expense 5,417 5,232 16,062 14,677
State and local taxes 1,256 1,028 3,636 3,108
Legal, professional, and examination fees 940 1,320 3,231 3,167
Advertising 623 840 1,861 2,085
FDIC insurance premiums 846 1,027 2,854 2,901
Card processing and interchange expenses 1,193 1,207 3,250 4,269
Other non-interest expenses 5,236 4,906 14,347 14,033
Total non-interest expenses 38,784 36,914 112,197 106,892
INCOME BEFORE INCOME TAXES 17,294 17,129 48,729 54,690
INCOME TAX EXPENSE (includes $(2), $12, $(2) and $43 income tax expense from reclassification items, respectively) 3,340 3,402 9,218 10,647
NET INCOME 13,954 13,727 39,511 44,043
PREFERRED STOCK DIVIDENDS 1,076 1,076 3,226 3,226
NET INCOME AVAILABLE TO COMMON SHAREHOLDERS $ 12,878 $ 12,651 $ 36,285 $ 40,817
AVERAGE COMMON SHARES OUTSTANDING, Basic (in share) 20,841,808 20,859,872 20,832,064 20,939,102
AVERAGE COMMON SHARES OUTSTANDING, Diluted (in shares) 20,911,862 20,899,744 20,895,538 20,979,032
PER COMMON SHARE DATA:        
Basic Earnings Per Common Share (in dollars per share) $ 0.61 $ 0.60 $ 1.73 $ 1.94
Diluted Earnings Per Common Share (in dollars per share) 0.61 0.60 1.72 1.94
Cash dividends declared (in dollars per share) $ 0.180 $ 0.175 $ 0.530 $ 0.525