Annual report [Section 13 and 15(d), not S-K Item 405]

Consolidated Statements of Income

v3.25.4
Consolidated Statements of Income - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Interest and dividend income:      
Interest and fees on loans $ 375,760 $ 366,153 $ 339,811
Interest on securities 25,345 21,583 16,938
Dividends on FHLB stock 1,433 1,436 1,229
Interest on deposits in other banks 8,390 9,611 11,350
Total interest and dividend income 410,928 398,783 369,328
Interest expense:      
Interest on deposits 164,705 182,692 134,708
Interest on borrowings 3,727 6,746 6,867
Interest on subordinated debentures 6,306 6,571 6,482
Total interest expense 174,738 196,009 148,057
Net interest income before credit loss expense 236,190 202,774 221,271
Credit loss expense 14,439 4,419 4,342
Net interest income after credit loss expense 221,751 198,355 216,929
Noninterest income:      
Service charges on deposit accounts 8,742 9,381 10,147
Trade finance and other service charges and fees 6,144 5,309 4,832
Gain on sale of SBA loans 7,808 6,112 5,701
Gain on sale of residential mortgage loans 1,913 1,469  
Net loss on sales of securities     (1,871)
Other operating income 9,368 9,314 15,370
Total noninterest income 33,975 31,585 34,179
Noninterest expense:      
Salaries and employee benefits 87,676 83,368 81,398
Occupancy and equipment 17,639 18,146 18,340
Data processing 15,472 14,876 13,695
Professional fees 7,514 6,956 6,255
Supplies and communications 2,028 2,261 2,479
Advertising and promotion 3,104 3,028 3,105
Other operating expenses 14,366 12,700 11,255
Total noninterest expense 147,799 141,335 136,527
Income before tax 107,927 88,605 114,581
Income tax expense 31,838 26,404 34,540
Net income $ 76,089 $ 62,201 $ 80,041
Basic earnings per share [1] $ 2.53 $ 2.06 $ 2.63
Diluted earnings per share [1] $ 2.51 $ 2.05 $ 2.62
Weighted-average shares outstanding:      
Basic 29,852,149 30,019,815 30,269,740
Diluted 30,042,274 30,102,336 30,330,258
[1] Per share amounts may not be able to be recalculated using net income and weighted-average shares presented above due to rounding.