v3.25.2
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Interest income:        
Interest and fees on loans and leases $ 108,816 $ 112,433 $ 216,118 $ 223,182
Interest and dividends on taxable investment securities 15,593 14,841 30,965 28,760
Interest on tax-exempt investment securities 960 994 1,928 1,997
Other interest income 1,038 2,502 1,938 4,424
Total interest income 126,407 130,770 250,949 258,363
Interest expense:        
Interest on deposits 33,876 35,269 69,040 67,719
Interest on short-term borrowings 1,388 5,368 1,896 10,406
Interest on long-term borrowings 3,566 3,520 7,181 6,985
Total interest expense 38,830 44,157 78,117 85,110
Net interest income 87,577 86,613 172,832 173,253
Provision for credit losses 16,642 5,683 26,832 11,785
Net interest income after provision for credit losses 70,935 80,930 146,000 161,468
Non-interest income:        
Insurance income 4,549 4,109 10,603 10,607
Lease income 4,189 2,147 7,635 4,163
Bank owned life insurance income 1,112 1,037 2,245 2,537
Mortgage banking income 220 243 616 564
Net loss on investment securities 0 (353) (2) (354)
Net loss on asset disposals and other transactions (280) (428) (641) (769)
Other non-interest income 1,478 1,141 2,950 2,059
Total non-interest income 26,880 23,704 53,979 49,483
Non-interest expense:        
Salaries and employee benefit costs 38,893 36,564 78,714 75,457
Data processing and software expense 7,356 6,743 14,361 12,512
Net occupancy and equipment expense 5,690 6,142 11,302 12,425
Professional fees 3,610 2,935 6,697 5,902
Amortization of other intangible assets 2,211 2,787 4,424 5,575
Electronic banking expense 2,018 1,941 4,043 3,722
Federal Deposit Insurance Corporation ("FDIC") insurance expense 1,251 1,251 2,502 2,437
Other loan expenses 1,213 1,036 2,332 2,112
Operating lease expense 1,053 788 2,038 1,427
Marketing expense 718 681 1,621 1,737
Travel and entertainment expense 713 530 1,213 1,138
Communication expense 712 736 1,446 1,535
Franchise tax expense 678 760 1,607 1,641
Other non-interest expense 4,246 5,864 8,849 9,603
Total non-interest expense 70,362 68,758 141,149 137,223
Income before income taxes 27,453 35,876 58,830 73,728
Income tax expense 6,241 6,869 13,282 15,137
Net income $ 21,212 $ 29,007 $ 45,548 $ 58,591
Earnings per common share - basic (in usd per share) $ 0.60 $ 0.83 $ 1.29 $ 1.67
Earnings per common share - diluted (in usd per share) $ 0.59 $ 0.82 $ 1.28 $ 1.66
Weighted-average number of common shares outstanding - basic (in shares) 34,972,065 34,764,489 34,934,105 34,752,419
Weighted-average number of common shares outstanding - diluted (in shares) 35,331,707 35,117,648 35,299,418 35,071,550
Cash dividends declared $ 14,616 $ 14,197 $ 28,843 $ 27,942
Cash dividends declared per common share (in usd per share) $ 0.41 $ 0.40 $ 0.81 $ 0.79
Electronic banking income        
Non-interest income:        
Revenue from contract with customer $ 6,272 $ 6,470 $ 12,157 $ 12,516
Trust and investment income        
Non-interest income:        
Revenue from contract with customer 5,281 4,999 10,342 9,598
Deposit account service charges        
Non-interest income:        
Revenue from contract with customer $ 4,059 $ 4,339 $ 8,074 $ 8,562