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Consolidated Statements of Income - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
INTEREST INCOME        
Interest and fees on loans $ 31,789 $ 18,530 $ 79,074 $ 54,175
Interest on deposits with banks 114 112 654 332
Interest on investment securities 897 575 2,383 1,831
Interest on tax-exempt loans and securities 1,103 1,267 3,144 4,042
Total interest income 33,903 20,484 85,255 60,380
INTEREST EXPENSE        
Interest on deposits 2,974 898 4,291 3,182
Interest on short-term borrowings 312 9 326 105
Interest on subordinated debt 771 481 2,284 1,437
Total interest expense 4,057 1,388 6,901 4,724
NET INTEREST INCOME 29,846 19,096 78,354 55,656
Provision (release of allowance) for loan losses 5,120 380 11,500 (542)
Net interest income after provision (release of allowance) for loan losses 24,726 18,716 66,854 56,198
NONINTEREST INCOME        
Payment card and service charge income 3,313 1,685 9,970 5,104
Insurance and investment services income 195 236 667 707
Gain on sale of available-for-sale securities, net 0 529 650 3,380
Gain (loss) on sale of equity securities, net (156) 0 (56) 5
Gain on sale of loans, net 1,298 908 3,786 3,125
Holding gain (loss) on equity securities, net (61) 536 (146) 1,750
Compliance and consulting income 3,736 3,013 11,355 6,162
Equity method investment income (loss) (1,021) 3,573 666 14,570
Gains on acquisition and divestiture activity 0 10,783 0 10,783
Equity method investment gain 0 0 1,874 0
Other operating income 887 688 3,204 2,467
Total noninterest income 8,191 21,951 31,970 48,053
NONINTEREST EXPENSES        
Salaries and employee benefits 18,316 16,528 55,260 42,100
Occupancy expense 1,130 1,024 3,009 3,297
Equipment depreciation and maintenance 1,519 1,250 4,012 3,497
Data processing and communications 1,039 1,080 3,110 3,409
Marketing, contributions and sponsorships 226 207 746 418
Professional fees 2,684 2,665 8,034 6,857
Insurance, tax and assessment expense 627 532 1,777 1,570
Travel, entertainment, dues and subscriptions 2,034 1,437 6,355 3,525
Other operating expenses 2,390 1,106 6,343 3,677
Total noninterest expense 29,965 25,829 88,646 68,350
Income before income taxes 2,952 14,838 10,178 35,901
Income taxes 397 3,164 2,161 7,006
Net income before noncontrolling interest 2,555 11,674 8,017 28,895
Net loss attributable to noncontrolling interest 163 154 521 265
Net income attributable to parent 2,718 11,828 8,538 29,160
Preferred dividends 0 0 0 35
Net income available to common shareholders $ 2,718 $ 11,828 $ 8,538 $ 29,125
Earnings per common shareholder - basic (in dollars per share) $ 0.22 $ 1.00 $ 0.70 $ 2.49
Earnings per common shareholder - diluted (in dollars per share) $ 0.21 $ 0.92 $ 0.66 $ 2.32
Weighted average shares outstanding - basic (in shares) 12,238,505 11,880,348 12,170,028 11,684,570
Weighted average shares outstanding - diluted (in shares) 12,854,951 12,824,309 12,852,574 12,565,809