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Consolidated Statements of Income - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
INTEREST INCOME    
Interest and fees on loans $ 38,695 $ 21,448
Interest on deposits with banks 3,153 227
Interest on investment securities 1,848 648
Interest on tax-exempt loans and securities 1,067 939
Total interest income 44,763 23,262
INTEREST EXPENSE    
Interest on deposits 10,153 656
Interest on short-term borrowings 888 5
Interest on subordinated debt 799 753
Interest on senior term loan 194 0
Total interest expense 12,034 1,414
NET INTEREST INCOME 32,729 21,848
Provision for credit losses 4,576 1,280
Net interest income after provision for credit losses 28,153 20,568
NONINTEREST INCOME    
Payment card and service charge income 3,610 2,642
Insurance and investment services income 92 254
Gain (loss) on sale of available-for-sale securities, net (1,536) 650
Loss on derivatives, net (100) 0
Gain (loss) on sale of loans, net (356) 1,083
Holding (loss) on equity securities (308) (59)
Compliance and consulting income 1,016 1,234
Equity method investments income (loss) (1,193) 1,138
Equity method investment gain 0 1,803
Other operating income 1,842 535
Total noninterest income 3,067 9,280
NONINTEREST EXPENSES    
Salaries and employee benefits 16,746 15,727
Occupancy expense 792 972
Equipment depreciation and maintenance 1,457 1,212
Data processing and communications 1,148 1,016
Professional fees 2,951 4,017
Insurance, tax and assessment expense 904 536
Travel, entertainment, dues and subscriptions 1,922 1,668
Other operating expenses 2,397 2,110
Total noninterest expense 28,317 27,258
Income before income taxes 2,903 2,590
Income taxes 465 680
Net income (loss) from continuing operations 2,438 1,910
Income from discontinued operations, before income taxes 11,831 986
Income taxes - discontinued operations 3,049 225
Net income from discontinued operations 8,782 761
Net income (loss) 11,220 2,671
Net loss attributable to noncontrolling interest 122 193
Net income attributable to parent $ 11,342 $ 2,864
Earnings per share from continuing operations - basic (in dollars per share) $ 0.20 $ 0.17
Earnings per share from discontinued operations - basic (in dollars per share) 0.70 0.06
Earnings per common shareholder - basic (in dollars per share) 0.90 0.24
Earnings per share from continuing operations - diluted (in dollars per share) 0.20 0.16
Earnings per share from discontinued operations - diluted (in dollars per share) 0.67 0.06
Earnings per common shareholder - diluted (in dollars per share) $ 0.87 $ 0.22
Weighted average shares outstanding - basic (in shares) 12,623,361 12,093,179
Weighted average shares outstanding - diluted (in shares) 13,016,082 12,927,811