XML 31 R4.htm IDEA: XBRL DOCUMENT v3.25.0.1
Consolidated Statements of Income - USD ($)
shares in Thousands
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Interest income:      
Loans, including fees $ 369,362,000 $ 302,044,000 $ 216,138,000
Federal funds sold and interest bearing due from banks 9,256,000 8,411,000 6,018,000
Mortgage loans held for sale 232,000 211,000 190,000
Federal Home Loan Bank stock 2,306,000 1,560,000 505,000
Investment securities:      
Taxable 29,896,000 32,706,000 27,302,000
Tax-exempt 1,827,000 1,764,000 1,499,000
Total interest income 412,879,000 346,696,000 251,652,000
Interest expense:      
Deposits 133,541,000 81,585,000 16,412,000
Securities sold under agreements to repurchase 3,432,000 2,087,000 567,000
Federal funds purchased and other short-term borrowing 471,000 689,000 154,000
Federal Home Loan Bank advances 16,444,000 12,768,000 12,000
Subordinated debentures 1,951,000 2,235,000 1,124,000
Total interest expense 155,839,000 99,364,000 18,269,000
Net interest income 257,040,000 247,332,000 233,383,000
Provision for credit losses 9,725,000 13,796,000 10,257,000
Net interest income after provision expense 247,315,000 233,536,000 223,126,000
Non-interest income:      
Mortgage banking income [1] 3,858,000 3,705,000 3,210,000
Loss on sale of securities AFS debt securities 0 [1] (44,000) [1] 0
Bank owned life insurance [1] 2,443,000 2,253,000 1,597,000
Gain (loss) on sale of premises and equipment [1] (100,000) (30,000) 4,341,000
Total non-interest income 95,230,000 92,220,000 89,149,000
Non-interest expenses:      
Compensation 100,842,000 91,876,000 86,640,000
Employee benefits 20,268,000 18,451,000 16,568,000
Net occupancy and equipment 15,193,000 16,384,000 14,298,000
Technology and communication 19,207,000 17,318,000 14,897,000
Debit and credit card processing 7,262,000 6,481,000 5,909,000
Marketing and business development 6,924,000 5,990,000 5,005,000
Postage, printing and supplies 3,645,000 3,604,000 3,354,000
Legal and professional 4,111,000 3,958,000 2,943,000
FDIC insurance 4,539,000 3,911,000 2,758,000
Capital and deposit based taxes 2,781,000 2,476,000 2,621,000
Intangible amortization 4,485,000 4,686,000 5,544,000
Amortization of investments in tax credit partnerships 0 1,294,000 353,000
Merger expenses 0 0 19,500,000
Loss on disposition of LFA 0 0 870,000
Other 8,922,000 11,400,000 10,531,000
Total non-interest expenses 198,179,000 187,829,000 191,791,000
Income before income tax expense 144,366,000 137,927,000 120,484,000
Income tax expense 29,827,000 30,179,000 27,190,000
Net income 114,539,000 107,748,000 93,294,000
Less net income attributed to non-controlling interest 0 0 322,000
Net income available to stockholders $ 114,539,000 $ 107,748,000 $ 92,972,000
Net income per share - basic (in dollars per share) $ 3.91 $ 3.69 $ 3.24
Net income per share - diluted (in dollars per share) $ 3.89 $ 3.67 $ 3.21
Weighted average outstanding shares:      
Basic (in shares) 29,288 29,212 28,672
Diluted (in shares) 29,421 29,343 28,922
Fiduciary and Trust [Member]      
Non-interest income:      
Non-interest income $ 42,843,000 $ 39,802,000 $ 36,111,000
Deposit Account [Member]      
Non-interest income:      
Non-interest income 8,906,000 8,866,000 8,286,000
Credit and Debit Card [Member]      
Non-interest income:      
Non-interest income 20,082,000 19,438,000 18,623,000
Treasury Management [Member]      
Non-interest income:      
Non-interest income 11,064,000 10,033,000 8,590,000
Investment Advisory, Management and Administrative Service [Member]      
Non-interest income:      
Non-interest income 3,571,000 3,205,000 3,063,000
Product and Service, Other [Member]      
Non-interest income:      
Non-interest income $ 2,563,000 $ 4,992,000 $ 5,328,000
[1] Outside of the scope of ASC 606.