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CONDENSED 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 income:        
Interest and fees on loans $ 151,335 $ 144,274 $ 301,970 $ 284,001
Interest on loans held for sale 309 307 437 459
Interest on deposits with banks 4,424 4,922 11,210 7,608
Interest and dividend income on investment securities:        
Taxable 7,216 6,848 13,879 13,856
Tax-advantaged 1,826 1,795 3,623 3,565
Interest on federal funds sold 3 4 8 8
Total interest income 165,113 158,150 331,127 309,497
Interest expense:        
Interest on deposits 74,409 51,325 147,775 92,113
Interest on retail repurchase agreements and federal funds purchased 1,052 4,191 4,438 6,295
Interest on advances from FHLB 5,420 8,216 11,393 15,423
Interest on subordinated debt 3,947 3,947 7,893 7,893
Total interest expense 84,828 67,679 171,499 121,724
Net interest income 80,285 90,471 159,628 187,773
Provision/ (credit) for credit losses 1,020 5,055 3,408 (16,481)
Net interest income after provision/ (credit) for credit losses 79,265 85,416 156,220 204,254
Non-interest income:        
Investment securities gains 0 0 0 0
Income from bank owned life insurance 1,816 1,251 2,976 2,158
Other income 2,311 2,024 4,956 4,025
Total non-interest income 19,587 17,176 37,954 33,127
Non-interest expense:        
Salaries and employee benefits 37,821 40,931 74,519 79,857
Occupancy expense of premises 4,805 4,764 9,621 9,611
Equipment expense 3,868 3,760 7,831 7,877
Marketing 1,288 1,589 2,030 3,132
Outside data services 3,286 2,853 6,389 5,367
FDIC insurance 2,951 2,375 5,862 4,513
Amortization of intangible assets 2,135 1,269 4,204 2,575
Professional fees and services 4,946 4,161 9,826 7,845
Other expenses 7,004 7,434 15,828 14,664
Total non-interest expense 68,104 69,136 136,110 135,441
Income before income tax expense 30,748 33,456 58,064 101,940
Income tax expense 7,941 8,711 14,885 25,942
Net income $ 22,807 $ 24,745 $ 43,179 $ 75,998
Per share information:        
Basic net income per common share (in dollars per share) $ 0.51 $ 0.55 $ 0.96 $ 1.69
Diluted net income per common share (in dollars per share) 0.51 0.55 0.96 1.69
Dividends declared per share (in dollars per share) $ 0.34 $ 0.34 $ 0.68 $ 0.68
Service charges on deposit accounts        
Non-interest income:        
Fees and commissions, mortgage banking and servicing $ 2,939 $ 2,606 $ 5,756 $ 4,994
Mortgage banking activities        
Non-interest income:        
Fees and commissions, mortgage banking and servicing 1,621 1,817 2,995 3,062
Wealth management income        
Non-interest income:        
Fees and commissions, mortgage banking and servicing 10,455 9,031 20,413 18,023
Bank card fees        
Non-interest income:        
Fees and commissions, mortgage banking and servicing $ 445 $ 447 $ 858 $ 865