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CONSOLIDATED STATEMENTS OF INCOME - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Interest and dividend income:        
Interest and fees on loans $ 74,626 $ 42,274 $ 216,949 $ 111,091
Interest and dividends on securities:        
Taxable interest and dividends 7,685 8,723 24,311 23,247
Tax exempt interest 2,929 2,875 8,825 8,077
Interest on federal funds sold and interest-bearing deposits in other banks 441 2 2,128 47
Total interest income 85,681 53,874 252,213 142,462
Interest expense:        
Interest on deposits 19,572 2,748 46,611 6,937
Interest on borrowed funds 5,405 1,978 13,942 5,638
Total interest expense 24,977 4,726 60,553 12,575
Net interest income 60,704 49,148 191,660 129,887
Provision for credit losses, LHFI 1,000 4,300 12,500 4,750
Provision for credit losses, OBSC exposures 0 0 750 150
Net interest income after provision for credit losses 59,704 44,848 178,410 124,987
Non-interest income:        
Service charges on deposit accounts 3,646 2,219 10,728 6,297
(Loss) gain on securities 2 1 (46) (82)
Gain on acquisition 0 0 0 281
Government awards/grants 6,197 0 6,197 873
BOLI death proceeds 0 0 0 1,630
(Loss) gain on sale of premises and equipment (104) 0 559 (114)
Other 9,583 6,802 26,921 19,958
Total non-interest income 19,324 9,022 44,359 28,843
Non-interest expense:        
Salaries and employee benefits 22,807 19,099 69,695 53,135
Occupancy and equipment 5,343 3,826 15,680 11,530
Acquisition expense/charter conversion 588 3,640 8,482 5,220
Other 18,986 9,338 46,436 25,563
Total non-interest expense 47,724 35,903 140,293 95,448
Income before income taxes 31,304 17,967 82,476 58,382
Income tax expense 6,944 3,924 18,066 11,758
Net income available to common stockholders, basic 24,360 14,043 64,410 46,624
Net income available to common stockholders, diluted $ 24,360 $ 14,043 $ 64,410 $ 46,624
Earnings per share:        
Basic earnings per share (in dollars per share) $ 0.78 $ 0.61 $ 2.05 $ 2.18
Diluted earnings per share (in dollars per share) $ 0.77 $ 0.61 $ 2.04 $ 2.17