XML 13 R4.htm IDEA: XBRL DOCUMENT v3.23.1
CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
INTEREST INCOME    
Interest and fees on loans $ 64,472 $ 40,472
Interest on investments:    
Taxable 4,471 3,607
Tax-exempt 8 21
Interest on loans held for sale 2 11
Interest on interest-earning deposits 1,538 29
Total interest income 70,491 44,140
INTEREST EXPENSE    
Interest on savings and interest-bearing deposit accounts 21,383 1,782
Interest on certificates of deposit 1,729 606
Interest on borrowed funds 1,296 64
Interest on finance lease liability 53 68
Interest on subordinated debt 1,639 1,364
Subtotal - interest expense 26,100 3,884
Interest on interest-bearing demand - brokered 208 373
Interest on certificates of deposits - brokered 205 261
Total interest expense 26,513 4,518
NET INTEREST INCOME BEFORE PROVISION FOR CREDIT LOSSES 43,978 39,622
Provision for credit losses 1,513 2,375
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES 42,465 37,247
OTHER INCOME    
Wealth management fee income 13,762 14,834
Service charges and fees 1,258 952
Bank owned life insurance 297 313
Gain on loans held for sale at fair value (mortgage banking) 21 247
Gain on sale of SBA loans 865 2,844
Corporate advisory fee income 80 1,561
Other income 1,567 1,254
Loss on securities sale, net   (6,609)
Fair value adjustment for CRA equity security 209 (682)
Total noninterest other income 18,059 14,714
OPERATING EXPENSES    
Compensation and employee benefits 24,586 22,449
Premises and equipment 4,374 4,647
FDIC insurance expense 711 471
Swap valuation allowance   673
Other operating expense 5,903 5,929
Total operating expenses 35,574 34,169
INCOME BEFORE INCOME TAX EXPENSE 24,950 17,792
Income tax expense 6,595 4,351
NET INCOME $ 18,355 $ 13,441
EARNINGS PER SHARE    
Basic $ 1.03 $ 0.73
Diluted $ 1.01 $ 0.71
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING    
Basic 17,841,203 18,339,013
Diluted 18,263,310 18,946,683