XML 54 R38.htm IDEA: XBRL DOCUMENT
v3.22.4

Nature of Operations and Summary of Significant Accounting Policies (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Summary of Computation of Basic and Diluted Earnings Per Share | The following table shows computation of basic and diluted earnings per share.
| Years Ended December 31
| 2022 |  | 2021 |  | 2020
Basic earnings per share |  |  |  |  |
Net income | $ | 93,408 |  |  | $ | 87,091 |  |  | $ | 68,499 |
Weighted average common shares outstanding | 43,568,823 |  |  | 43,802,733 |  |  | 44,044,737 |
Basic earnings per share | $ | 2.14 |  |  | $ | 1.99 |  |  | $ | 1.56 |
Diluted earnings per share |  |  |  |  |
Net income available to common shareholders | $ | 93,408 |  |  | $ | 87,091 |  |  | $ | 68,499 |
Weighted average common shares outstanding | 43,568,823 |  |  | 43,802,733 |  |  | 44,044,737 |
Effect of dilutive securities: |  |  |  |  |
Restricted stock | 92,381 |  |  | 107,988 |  |  | 41,817 |
Stock options | 37,911 |  |  | 44,559 |  |  | 36,522 |
Weighted average common shares outstanding | 43,699,115 |  |  | 43,955,280 |  |  | 44,123,076 |
Diluted earnings per share | $ | 2.14 |  |  | $ | 1.98 |  |  | $ | 1.55 |
Schedule of Impact of ASC 326 | The following table illustrates the impact of ASC 326.
| January 1, 2020
| As Reported Under ASC 326 |  | Pre–ASC 326 Adoption |  | Impact of ASC 326 Adoption
Loans |  |  |  |  |
Commercial | $ | 25,614 |  |  | $ | 11,996 |  |  | $ | 13,618 |
Real estate | 4,971 |  |  | 923 |  |  | 4,048 |
Mortgage warehouse | 1,077 |  |  | 1,077 |  |  | — |
Consumer | 8,582 |  |  | 3,671 |  |  | 4,911 |
Allowance for credit losses on loans | $ | 40,244 |  |  | $ | 17,667 |  |  | $ | 22,577 |
Schedule of Error Corrections and Prior Period Adjustments | The following tables present the revisions to the line items of our previously issued financial statements to reflect the correction of the errors:
Consolidated Balance Sheets
December 31, 2021
| As Reported |  | Sold Commercial Loan Participation Adjustment |  | Indirect Loan Dealer Reserve Adjustment |  | As Revised
Loans, net of allowance for credit losses | $ | 3,553,345 |  |  | $ | 36,986 |  |  | $ | 13,917 |  |  | $ | 3,604,248 |
Other assets | 80,753 |  |  | — |  |  | (13,917) |  |  | 66,836 |
Total assets | 7,374,903 |  |  | 36,986 |  |  | — |  |  | 7,411,889 |
Borrowings | 675,753 |  |  | 36,986 |  |  | — |  |  | 712,739 |
Total liabilities | 6,651,694 |  |  | 36,986 |  |  | — |  |  | 6,688,680 |
Total liabilities and stockholders' equity | 7,374,903 |  |  | 36,986 |  |  | — |  |  | 7,411,889 |
Consolidated Statements of Income
Year Ended December 31, 2021
| As Reported |  | Indirect Loan Dealer Reserve Adjustment |  | As Revised
Interest Income |  |  |  |  |
Loans receivable | $ | 161,617 |  |  | $ | (5,885) |  |  | $ | 155,732 |
Total interest income | 199,995 |  |  | (5,885) |  |  | 194,110 |
Net Interest Income | 181,690 |  |  | (5,885) |  |  | 175,805 |
Net Interest Income after Credit Loss Expense | 183,774 |  |  | (5,885) |  |  | 177,889 |
Non–interest Expense |  |  |  |  |
Loan expense | 11,377 |  |  | (5,885) |  |  | 5,492 |
Total non–interest expense | 139,279 |  |  | (5,885) |  |  | 133,394 |
Net Income Available to Common Shareholders | 87,091 |  |  | — |  |  | 87,091 |
Consolidated Statements of Income
Year Ended December 31, 2020
| As Reported |  | Indirect Loan Dealer Reserve Adjustment |  | As Revised
Interest Income |  |  |  |  |
Loans receivable | $ | 179,672 |  |  | $ | (5,410) |  |  | $ | 174,262 |
Total interest income | 205,378 |  |  | (5,410) |  |  | 199,968 |
Net Interest Income | 170,940 |  |  | (5,410) |  |  | 165,530 |
Net Interest Income after Credit Loss Expense | 150,189 |  |  | (5,410) |  |  | 144,779 |
Non–interest Expense |  |  |  |  |
Loan expense | 10,628 |  |  | (5,410) |  |  | 5,218 |
Total non–interest expense | 131,441 |  |  | (5,410) |  |  | 126,031 |
Net Income Available to Common Shareholders | 68,499 |  |  | — |  |  | 68,499 |
Consolidated Statements of Cash Flows
Year Ended December 31, 2021
| As Reported |  | Sold Commercial Loan Participation Adjustment |  | Indirect Loan Dealer Reserve Adjustment |  | Repurchase of Outstanding Stock Adjustment |  | As Revised
Operating Activities |  |  |  |  |  |  |  |  |
Net change in other assets | $ | 10,964 |  |  | $ | — |  |  | $ | 618 |  |  | $ | — |  |  | $ | 11,582 |
Net cash provided by operating activities | 105,348 |  |  | — |  |  | 618 |  |  | — |  |  | 105,966 |
Investing Activities |  |  |  |  |  |  |  |  |
Net change in loans | 469,412 |  |  | 11,234 |  |  | (618) |  |  | — |  |  | 480,028 |
Repurchase of outstanding stock | (7,607) |  |  | — |  |  | — |  |  | 7,607 |  |  | — |
Net cash used in investing activities | (363,076) |  |  | 11,234 |  |  | (618) |  |  | 7,607 |  |  | (344,853) |
Financing Activities |  |  |  |  |  |  |  |  |
Proceeds from borrowings | 201,137 |  |  | (11,234) |  |  | — |  |  | — |  |  | 189,903 |
Repurchase of outstanding stock | — |  |  | — |  |  | — |  |  | (7,607) |  |  | (7,607) |
Net cash provided by (used in) financing activities | 601,525 |  |  | (11,234) |  |  | — |  |  | (7,607) |  |  | 582,684 |
Net Change in Cash and Cash Equivalents | 343,797 |  |  | — |  |  | — |  |  | — |  |  | 343,797 |
Consolidated Statements of Cash Flows
Year Ended December 31, 2020
| As Reported |  | Sold Commercial Loan Participation Adjustment |  | Indirect Loan Dealer Reserve Adjustment |  | Repurchase of Outstanding Stock Adjustment |  | As Revised
Operating Activities |  |  |  |  |  |  |  |  |
Net change in other assets | $ | (13,987) |  |  | $ | — |  |  | $ | 77 |  |  | $ | — |  |  | $ | (13,910) |
Net cash provided by operating activities | 78,765 |  |  | — |  |  | 77 |  |  | — |  |  | 78,842 |
Investing Activities |  |  |  |  |  |  |  |  |
Net change in loans | (234,166) |  |  | (5,695) |  |  | (77) |  |  | — |  |  | (239,938) |
Repurchase of outstanding stock | (19,636) |  |  | — |  |  | — |  |  | 19,636 |  |  | — |
Net cash used in investing activities | (492,322) |  |  | (5,695) |  |  | (77) |  |  | 19,636 |  |  | (478,458) |
Financing Activities |  |  |  |  |  |  |  |  |
Proceeds from borrowings | (74,725) |  |  | 5,695 |  |  | — |  |  | — |  |  | (69,030) |
Repurchase of outstanding stock | — |  |  | — |  |  | — |  |  | (19,636) |  |  | (19,636) |
Net cash provided by (used in) financing activities | 564,437 |  |  | 5,695 |  |  | — |  |  | (19,636) |  |  | 550,496 |
Net Change in Cash and Cash Equivalents | 150,880 |  |  | — |  |  | — |  |  | — |  |  | 150,880 |
Note 4 – Securities |  |  |  |  |
As of December 31, 2021 | Amortized Cost
| As Reported |  | Adjustment |  | As Revised
Federal agency mortgage–backed pools | $ | 225,329 |  |  | $ | 31,856 |  |  | $ | 257,185 |
Private labeled mortgage–backed pools | 31,856 |  |  | (31,856) |  |  | — |
Total available for sale investment securities | $ | 257,185 |  |  | $ | — |  |  | $ | 257,185 |
Federal agency mortgage–backed pools | $ | 188,426 |  |  | $ | 59,511 |  |  | $ | 247,937 |
Private labeled mortgage–backed pools | 99,958 |  |  | (59,511) |  |  | 40,447 |
Total held to maturity investment securities | $ | 288,384 |  |  | $ | — |  |  | $ | 288,384 |
| Gross Unrealized Gains
| As Reported |  | Adjustment |  | As Revised
Federal agency mortgage–backed pools | $ | 1,777 |  |  | $ | 137 |  |  | $ | 1,914 |
Private labeled mortgage–backed pools | 137 |  |  | (137) |  |  | — |
Total available for sale investment securities | $ | 1,914 |  |  | $ | — |  |  | $ | 1,914 |
Federal agency mortgage–backed pools | $ | 151 |  |  | $ | 58 |  |  | $ | 209 |
Private labeled mortgage–backed pools | 58 |  |  | (58) |  |  | — |
Total held to maturity investment securities | $ | 209 |  |  | $ | — |  |  | $ | 209 |
| Gross Unrealized Losses
| As Reported |  | Adjustment |  | As Revised
Federal agency mortgage–backed pools | $ | (1,032) |  |  | $ | (376) |  |  | $ | (1,408) |
Private labeled mortgage–backed pools | (376) |  |  | 376 |  |  | — |
Total available for sale investment securities | $ | (1,408) |  |  | $ | — |  |  | $ | (1,408) |
Federal agency mortgage–backed pools | $ | (2,612) |  |  | $ | (1,398) |  |  | $ | (4,010) |
Private labeled mortgage–backed pools | (1,840) |  |  | 1,398 |  |  | (442) |
Total held to maturity investment securities | $ | (4,452) |  |  | $ | — |  |  | $ | (4,452) |
| Fair Value
| As Reported |  | Adjustment |  | As Revised
Federal agency mortgage–backed pools | $ | 226,074 |  |  | $ | 31,617 |  |  | $ | 257,691 |
Private labeled mortgage–backed pools | 31,617 |  |  | (31,617) |  |  | — |
Total available for sale investment securities | $ | 257,691 |  |  | $ | — |  |  | $ | 257,691 |
Federal agency mortgage–backed pools | $ | 185,965 |  |  | $ | 58,171 |  |  | $ | 244,136 |
Private labeled mortgage–backed pools | 98,176 |  |  | (58,171) |  |  | 40,005 |
Total held to maturity investment securities | $ | 284,141 |  |  | $ | — |  |  | $ | 284,141 |

X
- References No definition available. + Details
Name: | us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of an entity's basic and diluted earnings per share calculations, including a reconciliation of numerators and denominators of the basic and diluted per-share computations for income from continuing operations. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=124432515&loc=d3e3550-109257 + Details
Name: | us-gaap_ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of prior period adjustments to previously issued financial statements including (1) the effect of the correction on each financial statement line item and any per-share amounts affected for each prior period presented (2) the cumulative effect of the change on retained earnings or other appropriate components of equity or net assets in the statement of financial position, as of the beginning of the earliest period presented, and (3) the effect of the prior period adjustments (both gross and net of applicable income tax) on the net income of each prior period presented in the entity's annual report for the year in which the adjustments are made. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 9 -URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22663-107794 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 7 -URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22644-107794 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 8 -URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22658-107794 + Details
Name: | us-gaap_ScheduleOfErrorCorrectionsAndPriorPeriodAdjustmentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of changes in accounting principles, including adoption of new accounting pronouncements, that describes the new methods, amount and effects on financial statement line items. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22499-107794 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 45 -Paragraph 13 -URI https://asc.fasb.org/extlink&oid=126900757&loc=d3e765-108305 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 45 -Paragraph 12 -URI https://asc.fasb.org/extlink&oid=126900757&loc=d3e725-108305 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 3 -URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22583-107794 + Details
Name: | us-gaap_ScheduleOfNewAccountingPronouncementsAndChangesInAccountingPrinciplesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration