v3.25.2
CONSOLIDATED STATEMENTS OF INCOME - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Interest income:      
Loans, including fees: Taxable $ 365,892 $ 378,333 $ 285,577
Loans, including fees: Tax exempt 1,536 1,764 2,082
Loans held for sale 392 260 404
Investment securities:      
Taxable 49,769 28,653 15,801
Tax exempt 1,511 1,349 2,746
Nonmarketable equity securities 3,070 2,819 2,198
Federal funds sold and cash investments 3,958 3,922 3,907
Total interest income 426,128 417,100 312,715
Interest expense:      
Deposits 160,676 136,947 36,061
Short-term borrowings 1,960 68 104
Federal Home Loan Bank advances and other borrowings 16,495 20,709 9,335
Subordinated debt 5,271 5,266 7,495
Trust preferred debentures 5,380 5,289 3,025
Total interest expense 189,782 168,279 56,020
Net interest income 236,346 248,821 256,695
Provision for Loan, Lease, and Other Losses [Abstract]      
Provision for credit losses on loans 119,262 82,560 75,435
Provision for credit losses on unfunded commitments 1,070 0 1,550
Recapture of other credit losses 0 0 (221)
Total provision for credit losses 120,332 82,560 76,764
Net interest income after provision for credit losses 116,014 166,261 179,931
Noninterest income:      
Wealth management revenue 28,697 25,572 25,708
Service charges on deposit accounts 13,154 11,990 10,237
Interchange revenue 13,955 14,302 13,879
Residential mortgage banking revenue 2,418 1,903 1,509
Income on company-owned life insurance 7,683 4,439 3,584
Loss on sales of investment securities, net (230) (9,372) (230)
Gain on termination of hedged interest rate swaps 0 0 17,531
Impairment on commercial mortgage servicing rights 0 0 (1,263)
Credit enhancement income 60,998 48,194 69,976
Other income 12,066 17,756 8,936
Total noninterest income 138,741 114,784 149,867
Noninterest expense:      
Salaries and employee benefits 93,639 93,438 90,305
Occupancy and equipment 16,785 15,986 14,842
Data processing 28,160 26,286 24,350
FDIC insurance 5,278 4,779 3,336
Professional services 7,822 7,049 6,907
Marketing 3,926 3,158 3,318
Communications 1,364 1,741 2,382
Loan expense 5,954 4,206 4,586
Loan servicing fees 12,864 19,181 22,750
Amortization of intangible assets 4,008 4,758 5,410
Other real estate owned 5,569 333 5,188
Loss on mortgage servicing rights held for sale 0 0 3,250
Impairment on leased assets and surrendered assets 7,858 0 0
Other expense 14,628 12,168 11,788
Total noninterest expense 207,855 193,083 198,412
Income before income taxes 46,900 87,962 131,386
Income tax expense 8,856 26,807 31,149
Net income 38,044 61,155 100,237
Preferred dividends 8,913 8,913 3,169
Net income available to common shareholders $ 29,131 $ 52,242 $ 97,068
Per common share data:      
Basic (loss) earnings per common share (in dollars per share) $ 1.32 $ 2.33 $ 4.29
Diluted (loss) earnings per common share (in dollars per share) $ 1.32 $ 2.33 $ 4.28
Weighted average common shares outstanding (in shares) 21,731,689 22,115,869 22,341,498
Weighted average diluted common shares outstanding (in shares) 21,737,958 22,124,402 22,395,698