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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
Loans/leases, including fees:        
Taxable $ 82,149 $ 73,396 $ 239,023 $ 208,449
Nontaxable 27,416 23,725 77,595 60,582
Securities:        
Taxable 4,440 3,788 12,986 10,847
Nontaxable 8,488 5,510 23,350 15,715
Interest-bearing deposits at financial institutions 1,915 1,206 4,254 3,151
Restricted investment securities 840 659 2,383 1,677
Federal funds sold 172 284 624 741
Total interest and dividend income 125,420 108,568 360,215 301,162
Interest expense:        
Deposits 55,386 43,575 159,855 111,800
Short-term borrowings 32 10 76 142
Federal Home Loan Bank advances 5,971 5,724 16,948 11,898
Subordinated notes 3,616 3,307 10,678 9,922
Junior subordinated debentures 693 697 2,074 2,130
Total interest expense 65,698 53,313 189,631 135,892
Net interest income 59,722 55,255 170,584 165,270
Provision for credit losses 3,484 3,806 11,949 11,340
Net interest income after provision for credit losses 56,238 51,449 158,635 153,930
Noninterest income:        
Revenue 152,577 135,161 445,119 386,117
Gains on sales of residential real estate loans, net 385 476 1,307 1,288
Gains on sales of government guaranteed portions of loans, net     36 30
Capital markets revenue 16,290 15,596 50,505 55,109
Securities losses, net       (451)
Earnings on bank-owned life insurance 814 1,807 4,646 3,352
Loan related fee income 949 800 2,747 2,221
Fair value loss on derivatives and trading securities (886) (336) (998) (680)
Other 730 299 1,102 656
Total noninterest income 27,157 26,593 84,904 84,955
Noninterest expense:        
Salaries and employee benefits 31,637 32,098 94,576 95,560
Occupancy and equipment expense 6,168 6,228 19,059 18,242
Professional and data processing fees 4,457 4,456 13,893 12,048
Post-acquisition compensation, transition and integration costs       207
Restructuring expense 1,954   1,954  
FDIC insurance, other insurance and regulatory fees 1,711 1,721 5,510 5,022
Loan/lease expense 587 826 1,116 2,034
Net cost of (income from) and gains/losses on operations of other real estate (42) 3 (44) (64)
Advertising and marketing 2,124 1,429 5,172 4,401
Communication and data connectivity 333 478 1,052 1,614
Supplies 278 335 812 921
Bank service charges 603 605 1,793 1,831
Correspondent banking expense 325 232 993 663
Intangibles amortization 690 691 2,070 2,222
Goodwill impairment 432   432  
Payment card processing 785 733 2,137 1,820
Trust expense 395 432 1,199 983
Other 1,128 814 2,419 2,089
Total noninterest expense 53,565 51,081 154,143 149,593
Net income before income taxes 29,830 26,961 89,396 89,292
Federal and state income tax expense 2,045 1,840 5,771 8,589
Net income $ 27,785 $ 25,121 $ 83,625 $ 80,703
Basic earnings per common share (in dollars per share) $ 1.65 $ 1.50 $ 4.97 $ 4.82
Diluted earnings per common share (in dollars per share) $ 1.64 $ 1.49 $ 4.94 $ 4.79
Weighted average common shares outstanding, Basic 16,846,200 16,717,303 16,814,787 16,731,847
Weighted average common and common equivalent shares outstanding, Diluted 16,982,400 16,847,951 16,938,309 16,863,203
Cash dividends declared per common share $ 0.06 $ 0.06 $ 0.18 $ 0.18
Fiduciary and Trust        
Noninterest income:        
Revenue $ 3,270 $ 2,863 $ 9,572 $ 8,613
Investment Advisory, Management and Administrative Service        
Noninterest income:        
Revenue 1,229 947 3,544 2,812
Deposit Account        
Noninterest income:        
Revenue 2,294 2,107 6,302 6,169
Debit Card        
Noninterest income:        
Revenue 1,575 1,584 4,612 4,639
Correspondent Clearing        
Noninterest income:        
Revenue $ 507 $ 450 $ 1,529 $ 1,197