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CONSOLIDATED STATEMENTS OF INCOME - USD ($)
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
INTEREST INCOME      
Loans, including fees $ 147,814,000 $ 155,790,000 $ 165,663,000
Taxable securities 11,577,000 8,782,000 10,228,000
Tax-exempt securities 131,000 210,000 322,000
Interest-earning deposits 545,000 968,000 4,457,000
Total interest income 160,067,000 165,750,000 180,670,000
INTEREST EXPENSE      
Savings and interest-bearing deposit accounts 7,383,000 13,527,000 32,286,000
Certificates of deposit 4,058,000 11,476,000 14,210,000
Borrowed funds 473,000 3,976,000 3,941,000
Finance lease liability 300,000 343,000 382,000
Subordinated debt 7,013,000 4,992,000 4,895,000
Subtotal – interest expense 19,227,000 34,314,000 55,714,000
Interest-bearing demand - brokered 1,721,000 2,773,000 3,457,000
Interest on certificates of deposits – brokered 1,058,000 1,061,000 1,225,000
Total interest expense 22,006,000 38,148,000 60,396,000
Net interest income before provision for loan and lease losses 138,061,000 127,602,000 120,274,000
Provision for loan and lease losses 6,475,000 32,400,000 4,000,000
Net interest income after provision for loan and lease losses 131,586,000 95,202,000 116,274,000
OTHER INCOME      
Wealth management fee income 52,987,000 40,861,000 38,363,000
Service charges and fees 3,697,000 3,155,000 3,488,000
Bank owned life insurance 1,696,000 1,273,000 1,321,000
Gain on loans held for sale at fair value (mortgage banking) 2,194,000 3,266,000 721,000
Gain/(loss) on loans held for sale at lower of cost or fair value 1,142,000 7,426,000 (10,000)
Fee income related to loan level, back-to-back swaps   1,620,000 5,799,000
Gain on sale of SBA loans 4,939,000 1,766,000 2,145,000
Corporate advisory fee income 3,483,000 265,000 444,000
Loss on swap termination (842,000)    
Other income 3,379,000 1,847,000 2,308,000
Securities gains/(losses), net (432,000) 281,000 117,000
Total other income 72,243,000 61,760,000 54,696,000
OPERATING EXPENSES      
Compensation and employee benefits 81,864,000 77,516,000 70,129,000
Premises and equipment 17,165,000 16,377,000 14,735,000
FDIC insurance expense 2,071,000 1,975,000 277,000
FHLB prepayment penalty   4,784,000  
Valuation allowance loans held for sale   4,425,000  
Swap valuation allowance 2,243,000    
Other operating expenses 22,824,000 19,882,000 19,707,000
Total operating expenses 126,167,000 124,959,000 104,848,000
Income before income tax expense 77,662,000 32,003,000 66,122,000
Income tax expense 21,040,000 5,811,000 18,688,000
Net income $ 56,622,000 $ 26,192,000 $ 47,434,000
EARNINGS PER SHARE      
Basic $ 3.01 $ 1.39 $ 2.46
Diluted $ 2.93 $ 1.37 $ 2.44