XML 14 R4.htm IDEA: XBRL DOCUMENT v3.24.3
CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
INTEREST INCOME        
Interest and fees on loans $ 73,111 $ 71,846 $ 217,287 $ 204,808
Interest on investments:        
Taxable 6,107 5,170 16,411 14,541
Tax-exempt   5   22
Interest on loans held for sale 3 5 15 9
Interest on interest-earning deposits 3,982 1,463 7,922 4,452
Total interest income 83,203 78,489 241,635 223,832
INTEREST EXPENSE        
Interest on savings and interest-bearing deposit accounts 38,042 28,851 106,453 76,351
Interest on certificates of deposit 5,540 3,459 15,762 7,650
Interest on borrowed funds   6,569 3,848 13,249
Interest on finance lease liability 15 46 75 149
Interest on subordinated debt 1,685 1,730 5,055 4,966
Subtotal - interest expense 45,282 40,655 131,193 102,365
Interest on interest-bearing demand - brokered 134 136 394 469
Interest on certificates of deposits - brokered 106 1,183 2,950 1,584
Total interest expense 45,522 41,974 134,537 104,418
NET INTEREST INCOME BEFORE PROVISION FOR CREDIT LOSSES 37,681 36,515 107,098 119,414
Provision for credit losses 1,224 5,856 5,762 9,065
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES 36,457 30,659 101,336 110,349
OTHER INCOME        
Wealth management fee income 15,150 13,975 45,976 41,989
Service charges and fees 1,327 1,319 3,994 3,897
Bank owned life insurance 390 310 1,221 912
Gain on loans held for sale at fair value (mortgage banking) 15 37 105 73
Gain on loans held for sale at lower of cost or fair value     23  
Gain on sale of SBA loans 365 491 1,214 2,194
Corporate advisory fee income 55 85 976 180
Other income 1,162 3,541 5,406 7,147
Fair value adjustment for CRA equity security 474 (404) 279 (404)
Total other income 18,938 19,354 59,194 55,988
OPERATING EXPENSES        
Compensation and employee benefits 31,050 25,264 89,410 76,204
Premises and equipment 5,633 5,214 16,490 14,317
FDIC insurance expense 870 741 2,685 2,181
Other operating expense 7,096 6,194 19,231 17,977
Total operating expenses 44,649 37,413 127,816 110,679
INCOME BEFORE INCOME TAX EXPENSE 10,746 12,600 32,714 55,658
Income tax expense 3,159 3,845 8,966 15,403
NET INCOME $ 7,587 $ 8,755 $ 23,748 $ 40,255
EARNINGS PER SHARE        
Basic $ 0.43 $ 0.49 $ 1.34 $ 2.25
Diluted $ 0.43 $ 0.49 $ 1.34 $ 2.23
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING        
Basic 17,616,046 17,856,961 17,691,309 17,876,316
Diluted 17,700,042 18,010,127 17,746,560 18,091,524