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CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
INTEREST INCOME        
Interest and fees on loans $ 71,846 $ 50,978 $ 204,808 $ 136,091
Interest on investments:        
Taxable 5,170 2,853 14,541 9,995
Tax-exempt 5 13 22 52
Interest on loans held for sale 5 7 9 30
Interest on interest-earning deposits 1,463 1,162 4,452 1,505
Total interest income 78,489 55,013 223,832 147,673
INTEREST EXPENSE        
Interest on savings and interest-bearing deposit accounts 28,851 6,689 76,351 11,385
Interest on certificates of deposit 3,459 791 7,650 2,048
Interest on borrowed funds 6,569 29 13,249 103
Interest on finance lease liability 46 61 149 193
Interest on subordinated debt 1,730 1,363 4,966 4,090
Subtotal - interest expense 40,655 8,933 102,365 17,819
Interest on interest-bearing demand - brokered 136 345 469 1,082
Interest on certificates of deposits - brokered 1,183 210 1,584 732
Total interest expense 41,974 9,488 104,418 19,633
NET INTEREST INCOME BEFORE PROVISION FOR CREDIT LOSSES 36,515 45,525 119,414 128,040
Provision for credit losses 5,856 599 9,065 4,423
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES 30,659 44,926 110,349 123,617
OTHER INCOME        
Wealth management fee income 13,975 12,943 41,989 41,668
Service charges and fees 1,319 1,060 3,897 3,075
Bank owned life insurance 310 299 912 922
Gain on loans held for sale at fair value (mortgage banking) 37 60 73 458
Gain on sale of SBA loans 491 622 2,194 6,141
Corporate advisory fee income 85 102 180 1,696
Other income 3,541 1,868 7,147 3,982
Loss on securities sale, net       (6,609)
Fair value adjustment for CRA equity security (404) (571) (404) (1,728)
Total other income 19,354 16,383 55,988 49,605
OPERATING EXPENSES        
Compensation and employee benefits 25,264 22,656 76,204 66,987
Premises and equipment 5,214 4,534 14,317 13,821
FDIC insurance expense 741 510 2,181 1,484
Swap valuation allowance       673
Other operating expense 6,194 5,860 17,977 17,423
Total operating expenses 37,413 33,560 110,679 100,388
INCOME BEFORE INCOME TAX EXPENSE 12,600 27,749 55,658 72,834
Income tax expense 3,845 7,623 15,403 19,167
NET INCOME $ 8,755 $ 20,126 $ 40,255 $ 53,667
EARNINGS PER SHARE        
Basic $ 0.49 $ 1.11 $ 2.25 $ 2.94
Diluted $ 0.49 $ 1.09 $ 2.23 $ 2.88
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING        
Basic 17,856,961 18,072,385 17,876,316 18,244,691
Diluted 18,010,127 18,420,661 18,091,524 18,652,042