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CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
INTEREST INCOME        
Interest and fees on loans $ 36,497 $ 39,321 $ 71,881 $ 81,626
Interest on investments:        
Taxable 3,020 2,108 5,649 4,567
Tax-exempt 36 57 79 115
Interest on loans held for sale 36 54 91 75
Interest on interest-earning deposits 97 109 225 661
Total interest income 39,686 41,649 77,925 87,044
INTEREST EXPENSE        
Interest on savings and interest-bearing deposit accounts 1,689 3,131 3,478 9,574
Interest on certificates of deposit 1,027 3,147 2,497 6,841
Interest on borrowed funds 182 1,127 391 2,139
Interest on finance lease liability 76 87 155 177
Interest on subordinated debt 2,147 1,222 4,292 2,445
Subtotal - interest expense 5,121 8,714 10,813 21,176
Interest on interest-bearing demand - brokered 456 700 949 1,623
Interest on certificates of deposits - brokered 264 264 525 527
Total interest expense 5,841 9,678 12,287 23,326
NET INTEREST INCOME BEFORE PROVISION FOR LOAN AND LEASE LOSSES 33,845 31,971 65,638 63,718
Provision for loan and lease losses 900 4,900 1,125 24,900
NET INTEREST INCOME AFTER PROVISION FOR LOAN AND LEASE LOSSES 32,945 27,071 64,513 38,818
OTHER INCOME        
Wealth management fee income 13,034 9,996 25,165 19,951
Service charges and fees 896 695 1,742 1,511
Bank owned life insurance 466 318 1,077 646
Gain on loans held for sale at fair value (mortgage banking) 409 550 1,434 842
Gain/(loss) on loans held for sale at lower of cost or fair value 1,125   1,407 (3)
Fee income related to loan level, back-to-back swaps   202   1,620
Gain on sale of SBA loans 932 258 2,381 1,312
Corporate advisory fee income 121 65 1,219 140
Loss on swap termination (842)   (842)  
Other income 1,495 417 2,138 801
Securities gains/(losses), net 42 125 (223) 323
Total other income 17,678 12,626 35,498 27,143
OPERATING EXPENSES        
Compensation and employee benefits 19,910 19,186 41,900 38,412
Premises and equipment 4,074 4,036 8,187 8,079
FDIC insurance expense 529 455 1,114 705
Other operating expense 6,171 5,337 11,077 10,053
Total operating expenses 30,684 29,014 62,278 57,249
INCOME BEFORE INCOME TAX EXPENSE/(BENEFIT) 19,939 10,683 37,733 8,712
Income tax expense/(benefit) 5,521 2,441 10,137 (903)
NET INCOME $ 14,418 $ 8,242 $ 27,596 $ 9,615
EARNINGS PER SHARE        
Basic $ 0.76 $ 0.44 $ 1.46 $ 0.51
Diluted $ 0.74 $ 0.43 $ 1.42 $ 0.51
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING        
Basic 18,963,237 18,872,070 18,956,807 18,865,206
Diluted 19,439,439 19,059,822 19,473,150 18,991,056