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CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
INTEREST INCOME        
Interest and fees on loans $ 68,490 $ 44,641 $ 132,962 $ 85,113
Interest on investments:        
Taxable 4,900 3,535 9,371 7,142
Tax-exempt 9 18 17 39
Interest on loans held for sale 2 12 4 23
Interest on interest-earning deposits 1,451 314 2,989 343
Total interest income 74,852 48,520 145,343 92,660
INTEREST EXPENSE        
Interest on savings and interest-bearing deposit accounts 26,117 2,914 47,500 4,696
Interest on certificates of deposit 2,462 651 4,191 1,257
Interest on borrowed funds 5,384 10 6,680 74
Interest on finance lease liability 50 64 103 132
Interest on subordinated debt 1,597 1,363 3,236 2,727
Subtotal - interest expense 35,610 5,002 61,710 8,886
Interest on interest-bearing demand - brokered 125 364 333 737
Interest on certificates of deposits - brokered 196 261 401 522
Total interest expense 35,931 5,627 62,444 10,145
NET INTEREST INCOME BEFORE PROVISION FOR CREDIT LOSSES 38,921 42,893 82,899 82,515
Provision for credit losses 1,696 1,449 3,209 3,824
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES 37,225 41,444 79,690 78,691
OTHER INCOME        
Wealth management fee income 14,252 13,891 28,014 28,725
Service charges and fees 1,320 1,063 2,578 2,015
Bank owned life insurance 305 310 602 623
Gain on loans held for sale at fair value (mortgage banking) 15 151 36 398
Gain on sale of SBA loans 838 2,675 1,703 5,519
Corporate advisory fee income 15 33 95 1,594
Other income 2,039 860 3,606 2,114
Loss on securities sale, net       (6,609)
Fair value adjustment for CRA equity security (209) (475)   (1,157)
Total other income 18,575 18,508 36,634 33,222
OPERATING EXPENSES        
Compensation and employee benefits 26,354 21,882 50,940 44,331
Premises and equipment 4,729 4,640 9,103 9,287
FDIC insurance expense 729 503 1,440 974
Swap valuation allowance       673
Other operating expense 5,880 5,634 11,783 11,563
Total operating expenses 37,692 32,659 73,266 66,828
INCOME BEFORE INCOME TAX EXPENSE 18,108 27,293 43,058 45,085
Income tax expense 4,963 7,193 11,558 11,544
NET INCOME $ 13,145 $ 20,100 $ 31,500 $ 33,541
EARNINGS PER SHARE        
Basic $ 0.73 $ 1.10 $ 1.76 $ 1.83
Diluted $ 0.73 $ 1.08 $ 1.74 $ 1.79
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING        
Basic 17,930,611 18,325,605 17,886,154 18,332,272
Diluted 18,078,848 18,637,340 18,153,267 18,782,559