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Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2023

Accounting Policies [Abstract]

Schedule of Computation of Basic and Diluted Earnings Per Share

The following table shows computation of basic and diluted earnings per share.

			Three Months Ended												Nine Months Ended
			September 30												September 30
			2023						2022						2023						2022
Basic earnings per share
Net income			$	16,205					$	23,821					$	53,196					$	72,243
Weighted average common shares outstanding			43,646,609						43,573,370						43,623,614						43,567,028
Basic earnings per share			$	0.37					$	0.55					$	1.22					$	1.66
Diluted earnings per share
Net income			$	16,205					$	23,821					$	53,196					$	72,243
Weighted average common shares outstanding			43,646,609						43,573,370						43,623,614						43,567,028
Effect of dilutive securities:
Restricted stock			143,673						92,405						182,559						92,718
Stock options			5,787						38,018						7,774						39,289
Weighted average common shares outstanding			43,796,069						43,703,793						43,813,947						43,699,035
Diluted earnings per share			$	0.37					$	0.55					$	1.21					$	1.65

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 Statements of Income
Three Months Ended September 30, 2022
			As Reported						Indirect Loan Dealer Reserve Adjustment						As Revised
Interest income
Loans receivable			$	47,051					$	(1,534)					$	45,517
Total interest income			63,030						(1,534)						61,496
Net interest income			53,395						(1,534)						51,861
Net interest income after credit loss expense (recovery)			53,996						(1,534)						52,462
Non–interest expense
Loan expense			2,926						(1,534)						1,392
Total non–interest expense			38,350						(1,534)						36,816
Net income			23,821						—						23,821

Consolidated Statements of Income
Nine Months Ended September 30, 2022
			As Reported						Indirect Loan Dealer Reserve Adjustment						As Revised
Interest income
Loans receivable			$	126,479					$	(3,838)					$	122,641
Total interest income			172,684						(3,838)						168,846
Net interest income			154,574						(3,838)						150,736
Net interest income after credit loss expense (recovery)			156,321						(3,838)						152,483
Non–interest expense
Loan expense			7,968						(3,838)						4,130
Total non–interest expense			111,328						(3,838)						107,490
Net income			72,243						—						72,243

Additional immaterial reclassifications made to the 2022 condensed consolidated financial statements to be comparable to 2023 are not included within the revision to the consolidated statement of cash flows noted below.

Consolidated Statements of Cash Flows
Nine Months Ended September 30, 2022
			As Reported						Indirect Loan Dealer Reserve Adjustment						Transfer of AFS Securities to HTM Securities						As Revised
Operating Activities
Net change in other assets			$	(12,865)					$	5,400					$	—					$	(7,465)
Net cash provided by operating activities			77,664						5,400						—						83,064
Investing activities
Net change in loans			(370,251)						(5,400)						—						(375,651)
Net cash used in investing activities			(902,327)						(5,400)						—						(907,727)
Net Change in Cash and Cash Equivalents			(483,849)						—						—						(483,849)
Additional Supplemental Information
Transfer of available for sale securities to held to maturity securities			—						—						120,881						120,881

The following tables present loans by credit grades and origination year at December 31, 2022.

			As Reported																		As Revised
			Term						Revolving						Total						Term						Revolving Term						Revolving						Total
Commercial
Owner occupied real estate
Pass			$	490,056					$	76,493					$	566,549					$	484,893					$	76,493					$	5,163					$	566,549
Special Mention			9,413						83						9,496						9,413						83						—						9,496
Substandard			15,641						2,876						18,517						15,641						2,876						—						18,517
Total owner occupied real estate			$	515,110					$	79,452					$	594,562					$	509,947					$	79,452					$	5,163					$	594,562
Non–owner occupied real estate
Pass			$	955,956					$	182,681					$	1,138,637					$	944,105					$	182,681					$	11,851					$	1,138,637
Special Mention			42,419						—						42,419						42,419						—						—						42,419
Substandard			6,021						—						6,021						6,021						—						—						6,021
Total non–owner occupied real estate			$	1,004,396					$	182,681					$	1,187,077					$	992,545					$	182,681					$	11,851					$	1,187,077
Residential spec homes
Pass			$	6,404					$	4,334					$	10,738					$	779					$	4,333					$	5,626					$	10,738
Special Mention			—						—						—						—						—						—						—
Substandard			—						100						100						—						100						—						100
Total residential spec homes			$	6,404					$	4,434					$	10,838					$	779					$	4,433					$	5,626					$	10,838
Development & spec land
Pass			$	13,279					$	13,008					$	26,287					$	13,257					$	13,008					$	22					$	26,287
Special Mention			145						—						145						145						—						—						145
Substandard			178						748						926						178						748						—						926
Total development & spec land			$	13,602					$	13,756					$	27,358					$	13,580					$	13,756					$	22					$	27,358
Commercial & industrial
Pass			$	574,972					$	49,859					$	624,831					$	419,702					$	49,276					$	159,017					$	627,995
Special Mention			4,636						—						4,636						3,427						—						1,208						4,635
Substandard			12,603						5,517						18,120						5,468						2,322						7,167						14,957
Total commercial & industrial			$	592,211					$	55,376					$	647,587					$	428,597					$	51,598					$	167,392					$	647,587
Total commercial			$	2,131,723					$	335,699					$	2,467,422					$	1,945,448					$	331,920					$	190,054					$	2,467,422

			As Reported																		As Revised
			Term						Revolving						Total						Term						Revolving Term						Revolving						Total
Real estate
Residential mortgage
Performing			$	603,636					$	792					$	604,428					$	604,428					$	—					$	—					$	604,428
Non–performing			8,123						—						8,123						8,123						—						—						8,123
Total residential mortgage			$	611,759					$	792					$	612,551					$	612,551					$	—					$	—					$	612,551
Residential construction
Performing			$	187					$	40,554					$	40,741					$	—					$	40,741					$	—					$	40,741
Non–performing			—						—						—						—						—						—						—
Total residential construction			$	187					$	40,554					$	40,741					$	—					$	40,741					$	—					$	40,741
Mortgage warehouse
Performing			$	—					$	69,529					$	69,529					$	—					$	—					$	69,529					$	69,529
Non–performing			—						—						—						—						—						—						—
Total mortgage warehouse			$	—					$	69,529					$	69,529					$	—					$	—					$	69,529					$	69,529
Total real estate			$	611,946					$	110,875					$	722,821					$	612,551					$	40,741					$	69,529					$	722,821
Consumer
Direct installment
Performing			$	56,441					$	9					$	56,450					$	54,290					$	9					$	2,151					$	56,450
Non–performing			164						—						164						164						—						—						164
Total direct installment			$	56,605					$	9					$	56,614					$	54,454					$	9					$	2,151					$	56,614
Indirect installment
Performing			$	499,781					$	—					$	499,781					$	499,781					$	—					$	—					$	499,781
Non–performing			768						—						768						768						—						—						768
Total indirect installment			$	500,549					$	—					$	500,549					$	500,549					$	—					$	—					$	500,549
Home equity
Performing			$	400,048					$	7,089					$	407,137					$	53,226					$	7,089					$	346,822					$	407,137
Non–performing			1,512						1,943						3,455						1,512						1,943						—						3,455
Total home equity			$	401,560					$	9,032					$	410,592					$	54,738					$	9,032					$	346,822					$	410,592
Total consumer			$	958,714					$	9,041					$	967,755					$	609,741					$	9,041					$	348,973					$	967,755

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