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Consolidated Statements of Income - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
INTEREST INCOME        
Interest and fees on loans $ 25,837 $ 18,753 $ 47,285 $ 35,645
Interest on deposits with banks 313 98 540 220
Interest on investment securities 838 625 1,486 1,256
Interest on tax-exempt loans and securities 1,102 1,357 2,041 2,775
Total interest income 28,090 20,833 51,352 39,896
INTEREST EXPENSE        
Interest on deposits 661 1,236 1,317 2,284
Interest on short-term borrowings 9 52 14 96
Interest on subordinated debt 760 490 1,513 956
Total interest expense 1,430 1,778 2,844 3,336
NET INTEREST INCOME 26,660 19,055 48,508 36,560
Provision (release of allowance) for loan losses 5,100 (1,540) 6,380 (922)
Net interest income after provision for loan losses 21,560 20,595 42,128 37,482
NONINTEREST INCOME        
Payment card and service charge income 4,015 1,926 6,657 3,419
Insurance and investment services income 218 247 472 471
Gain on sale of available-for-sale securities, net 0 1,708 650 2,851
Gain on sale of equity securities, net 100 5 100 5
Gain on sale of loans, net 1,405 1,447 2,488 2,217
Holding gain (loss) on equity securities, net (26) 699 (85) 1,214
Compliance and consulting income 3,750 1,868 7,619 3,149
Equity method investment income 549 4,528 1,687 10,997
Equity method investment gain 71 0 1,874 0
Other operating income 1,827 1,216 2,317 1,779
Total noninterest income 11,909 13,644 23,779 26,102
NONINTEREST EXPENSES        
Salaries and employee benefits 18,983 13,661 36,944 25,572
Occupancy expense 907 1,115 1,879 2,273
Equipment depreciation and maintenance 1,267 1,206 2,493 2,247
Data processing and communications 1,055 1,420 2,071 2,329
Marketing, contributions and sponsorships 195 146 520 211
Professional fees 2,529 2,450 5,350 4,192
Insurance, tax and assessment expense 614 500 1,150 1,038
Travel, entertainment, dues and subscriptions 2,343 1,204 4,321 2,088
Other operating expenses 1,926 1,701 3,953 2,571
Total noninterest expense 29,819 23,403 58,681 42,521
Income before income taxes 3,650 10,836 7,226 21,063
Income taxes 859 1,673 1,764 3,842
Net income before noncontrolling interest 2,791 9,163 5,462 17,221
Net loss attributable to noncontrolling interest 165 84 358 111
Net income attributable to parent 2,956 9,247 5,820 17,332
Preferred dividends 0 0 0 35
Net income available to common shareholders $ 2,956 $ 9,247 $ 5,820 $ 17,297
Earnings per common shareholder - basic (in dollars per share) $ 0.24 $ 0.79 $ 0.48 $ 1.49
Earnings per common shareholder - diluted (in dollars per share) $ 0.23 $ 0.73 $ 0.45 $ 1.39
Weighted average shares outstanding - basic (in shares) 12,176,805 11,639,237 12,135,223 11,585,059
Weighted average shares outstanding - diluted (in shares) 12,895,581 12,612,030 12,870,892 12,449,973