v3.25.2
CONSOLIDATED STATEMENTS OF INCOME - (UNAUDITED) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Interest income:    
Loans, including fees: Taxable $ 77,668 $ 92,846
Loans, including fees: Tax exempt 356 390
Loans held for sale 4,563 55
Investment securities:    
Taxable 14,975 10,179
Tax exempt 428 418
Nonmarketable equity securities 647 687
Federal funds sold and cash investments 718 951
Total interest income 99,355 105,526
Interest expense:    
Deposits 34,615 39,214
Short-term borrowings 700 836
Federal Home Loan Bank advances and other borrowings 3,163 3,036
Subordinated debt 1,387 1,280
Trust preferred debentures 1,200 1,389
Total interest expense 41,065 45,755
Net interest income 58,290 59,771
Provision for credit losses:    
Provision for credit losses on loans 10,850 19,942
Net interest income after provision for credit losses 47,440 39,829
Noninterest income:    
Wealth management revenue 7,350 7,132
Service charges on deposit accounts 3,305 3,116
Interchange revenue 3,151 3,358
Residential mortgage banking revenue 676 527
Income on company-owned life insurance 2,334 1,801
Credit enhancement (loss) income (578) 16,654
Other income 1,525 5,253
Total noninterest income 17,763 37,841
Noninterest expense:    
Salaries and employee benefits 26,416 24,102
Occupancy and equipment 4,498 4,142
Data processing 6,919 6,722
FDIC insurance 1,463 1,274
Professional services 2,741 2,255
Marketing 793 737
Communications 329 342
Loan expense 1,335 1,231
Loan servicing fees 750 3,741
Impairment on goodwill 153,977 0
Amortization of intangible assets 911 1,089
Other expense 2,873 2,973
Total noninterest expense 203,005 48,608
(Loss) income before income taxes (137,802) 29,062
Income Tax Expense (Benefit) 3,172 6,399
Net (loss) income (140,974) 22,663
Preferred dividends 2,228 2,228
Net (loss) income available to common shareholders $ (143,202) $ 20,435
Per common share data:    
Basic (loss) earnings per common share (in dollars per share) $ (6.58) $ 0.92
Diluted (loss) earnings per common share (in dollars per share) $ (6.58) $ 0.92
Weighted average common shares outstanding (in shares) 21,795,570 21,774,647
Weighted average diluted common shares outstanding (in shares) 21,795,570 21,787,691