XML 17 R4.htm IDEA: XBRL DOCUMENT v3.25.0.1
CONSOLIDATED STATEMENTS OF INCOME - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
INTEREST INCOME      
Loans, including fees $ 290,755 $ 278,170 $ 195,197
Taxable securities 23,402 19,743 13,854
Tax-exempt securities   22 61
Interest-earning deposits 13,644 6,075 2,763
Total interest income 327,801 304,010 211,875
INTEREST EXPENSE      
Savings and interest-bearing deposit accounts 143,758 107,490 24,000
Certificates of deposit 20,984 11,736 2,970
Borrowed funds 3,848 18,204 600
Finance lease liability 89 191 251
Subordinated debt 6,644 6,651 5,453
Subtotal – interest expense 175,323 144,272 33,274
Interest-bearing demand - brokered 522 611 1,579
Interest on certificates of deposits – brokered 2,950 3,038 942
Total interest expense 178,795 147,921 35,795
Net interest income before provision for credit losses 149,006 156,089 176,080
Provision for credit losses [1] 7,500 14,091 6,353
Net interest income after provision for credit losses 141,506 141,998 169,727
OTHER INCOME      
Wealth management fee income 61,458 55,747 54,651
Service charges and fees 5,317 5,152 4,225
Bank owned life insurance 1,556 1,269 1,243
Gain on loans held for sale at fair value (mortgage banking) 163 91 483
Gain on loans held for sale at lower of cost or fair value 23    
Fee income related to loan level, back-to-back swaps     293
Gain on sale of SBA loans 1,214 2,433 6,765
Corporate advisory fee income 1,032 219 1,704
Other income 7,531 8,486 5,362
Loss on securities sale, net     (6,609)
Fair value adjustment for equity securities 828 181 (1,700)
Total other income 79,122 73,578 66,417
OPERATING EXPENSES      
Compensation and employee benefits 122,325 100,524 89,476
Premises and equipment 22,485 19,733 18,719
FDIC insurance expense 3,510 2,946 1,939
Swap valuation allowance     673
Other operating expenses 27,356 25,092 22,993
Total operating expenses 175,676 148,295 133,800
Income before income tax expense 44,952 67,281 102,344
Income tax expense 11,964 18,427 28,098
Net income $ 32,988 $ 48,854 $ 74,246
EARNINGS PER SHARE      
Basic $ 1.87 $ 2.74 $ 4.09
Diluted $ 1.85 $ 2.71 $ 4
[1] Commencing on January 1, 2022, the allowance calculation is based on the CECL methodology. Prior to January 1, 2022, the calculation was based on the incurred loss methodology.