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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 6 Months Ended
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Jun. 30, 2023
Accounting Policies [Abstract] |
Schedule of Impact to Financial Statements Upon Adoption of ASC 326 | The following table illustrates the impact to our financial statements as of January 1, 2022 upon adoption of ASC 326:
| January 1, 2022 |
(In thousands) | Impact to Consolidated Statement of Condition from ASC-326 Adoption |  |  | Tax Effect |  |  | Impact to Retained Earnings from ASC-326 Adoption |
Allowance for credit losses on loans | $ | 5,536 |  |  | $ | (1,490 | ) |  | $ | 4,046 |
Allowance for credit losses on off-balance sheet commitments |  | (188 | ) |  |  | 51 |  |  |  | (137 | )
Total impact from ASC 326 adoption | $ | 5,348 |  |  | $ | (1,439 | ) |  | $ | 3,909 |
Schedule of Changes in Options Outstanding | hanges in options outstanding during the six months ended June 30, 2023 were as follows:
|  |  |  |  |  |  |  | Weighted |  |  |
|  |  |  |  | Weighted |  |  | Average |  | Aggregate |
|  |  |  |  | Average |  |  | Remaining |  | Intrinsic |
|  | Number of |  |  | Exercise |  |  | Contractual |  | Value |
|  | Options |  |  | Price |  |  | Term |  | (In thousands) |
Balance, January 1, 2023 |  |  | 6,800 |  |  | $ | 16.53 |  |  |  |  |  |
Exercised during 2023 |  |  | (1,400 | ) |  |  | 15.03 |  |  |  |  |  |
Expired during 2023 |  |  | (2,600 | ) |  |  | 14.85 |  |  |  |  |  |
Forfeited during 2023 |  |  | — |  |  |  | — |  |  |  |  |  |
Balance, June 30, 2023 |  |  | 2,800 |  |  | $ | 18.85 |  |  | 0.54 years |  | $ | 23 |
Vested and expected to vest |  |  | 2,800 |  |  | $ | 18.85 |  |  | 0.54 years |  | $ | 23 |
Exercisable at June 30, 2023 |  |  | 2,800 |  |  | $ | 18.85 |  |  | 0.54 years |  | $ | 23 |
Schedule of Changes in Non-Vested Performance-Based Shares | Changes in non-vested shares dependent on performance criteria for the six months ended June 30, 2023 were as follows:
|  |  |  |  | Weighted |
|  |  |  |  | Average |
|  | Number of |  |  | Grant Date |
|  | Shares |  |  | Fair Value |
Balance, January 1, 2023 |  |  | 233,556 |  |  | $ | 23.77 |
Granted during 2023 |  |  | 126,821 |  |  |  | 26.81 |
Vested during 2023 |  |  | (164,438 | ) |  |  | 15.88 |
Forfeited during 2023 |  |  | — |  |  |  | — |
Balance, June 30, 2023 |  |  | 195,939 |  |  | $ | 32.36 |
Schedule of Changes in Service-Based Restricted Stock Awards/Units | Changes in service-based restricted stock awards/units for the six months ended June 30, 2023 were as follows:
|  |  |  |  | Weighted |
|  |  |  |  | Average |
|  | Number of |  |  | Grant Date |
|  | Shares |  |  | Fair Value |
Balance, January 1, 2023 |  |  | 621,170 |  |  | $ | 27.50 |
Granted during 2023 |  |  | 271,387 |  |  |  | 30.94 |
Vested during 2023 |  |  | (264,223 | ) |  |  | 26.27 |
Forfeited during 2023 |  |  | (2,711 | ) |  |  | 26.20 |
Balance, June 30, 2023 |  |  | 625,623 |  |  | $ | 29.52 |
Schedule of Calculation of Basic and Diluted Earnings per Share | The following is a reconciliation of the calculation of basic and diluted earnings per share. Basic net income per share is calculated by dividing net income available to shareholders by the weighted average shares outstanding during the reporting period. Diluted net income per share is computed similarly to that of basic net income per share, except that the denominator is increased to include the number of additional shares that would have been outstanding utilizing the Treasury Stock Method if all shares underlying potentially dilutive stock options were issued and all shares of restricted stock, stock warrants or restricted stock units were to vest during the reporting period.
| Three Months Ended |  |  | Six Months Ended |
| June 30, |  |  | June 30, |
(Dollars in thousands, except per share data) | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Net income available to common shareholders | $ | 13,145 |  |  | $ | 20,100 |  |  | $ | 31,500 |  |  | $ | 33,541 |
Basic weighted average shares outstanding |  | 17,930,611 |  |  |  | 18,325,605 |  |  |  | 17,886,154 |  |  |  | 18,332,272 |
Plus: common stock equivalents |  | 148,237 |  |  |  | 311,735 |  |  |  | 267,113 |  |  |  | 450,287 |
Diluted weighted average shares outstanding |  | 18,078,848 |  |  |  | 18,637,340 |  |  |  | 18,153,267 |  |  |  | 18,782,559 |
Net income per share |  |  |  |  |  |  |  |  |  |  |
Basic | $ | 0.73 |  |  | $ | 1.10 |  |  | $ | 1.76 |  |  | $ | 1.83 |
Diluted |  | 0.73 |  |  |  | 1.08 |  |  |  | 1.74 |  |  |  | 1.79 |

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