XML 10 R4.htm IDEA: XBRL DOCUMENT v3.24.2.u1
CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
INTEREST INCOME        
Interest and fees on loans $ 71,645 $ 68,490 $ 144,176 $ 132,962
Interest on investments:        
Taxable 5,168 4,900 10,304 9,371
Tax-exempt   9   17
Interest on loans held for sale 7 2 12 4
Interest on interest-earning deposits 2,418 1,451 3,940 2,989
Total interest income 79,238 74,852 158,432 145,343
INTEREST EXPENSE        
Interest on savings and interest-bearing deposit accounts 35,364 26,117 68,411 47,500
Interest on certificates of deposit 5,367 2,462 10,222 4,191
Interest on borrowed funds 381 5,384 3,848 6,680
Interest on finance lease liability 22 50 60 103
Interest on subordinated debt 1,686 1,597 3,370 3,236
Subtotal - interest expense 42,820 35,610 85,911 61,710
Interest on interest-bearing demand - brokered 134 125 260 333
Interest on certificates of deposits - brokered 1,242 196 2,844 401
Total interest expense 44,196 35,931 89,015 62,444
NET INTEREST INCOME BEFORE PROVISION FOR CREDIT LOSSES 35,042 38,921 69,417 82,899
Provision for credit losses 3,911 1,696 4,538 3,209
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES 31,131 37,225 64,879 79,690
OTHER INCOME        
Wealth management fee income 16,419 14,252 30,826 28,014
Service charges and fees 1,345 1,320 2,667 2,578
Bank owned life insurance 328 305 831 602
Gain on loans held for sale at fair value (mortgage banking) 34 15 90 36
Gain on loans held for sale at lower of cost or fair value 23   23  
Gain on sale of SBA loans 449 838 849 1,703
Corporate advisory fee income 103 15 921 95
Other income 2,938 2,039 4,244 3,606
Fair value adjustment for CRA equity security (84) (209) (195)  
Total other income 21,555 18,575 40,256 36,634
OPERATING EXPENSES        
Compensation and employee benefits 29,884 26,354 58,360 50,940
Premises and equipment 5,776 4,729 10,857 9,103
FDIC insurance expense 870 729 1,815 1,440
Other operating expense 6,596 5,880 12,135 11,783
Total operating expenses 43,126 37,692 83,167 73,266
INCOME BEFORE INCOME TAX EXPENSE 9,560 18,108 21,968 43,058
Income tax expense 2,030 4,963 5,807 11,558
NET INCOME $ 7,530 $ 13,145 $ 16,161 $ 31,500
EARNINGS PER SHARE        
Basic $ 0.42 $ 0.73 $ 0.91 $ 1.76
Diluted $ 0.42 $ 0.73 $ 0.91 $ 1.74
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING        
Basic 17,747,070 17,930,611 17,729,355 17,886,154
Diluted 17,792,296 18,078,848 17,811,895 18,153,267