XML 15 R4.htm IDEA: XBRL DOCUMENT v3.23.2
Consolidated Statements of Income - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
INTEREST INCOME        
Interest and fees on loans $ 39,321 $ 25,837 $ 78,016 $ 47,285
Interest on deposits with banks 5,542 313 8,695 540
Interest on investment securities 1,229 838 3,077 1,486
Interest on tax-exempt loans and securities 939 1,102 2,006 2,041
Total interest income 47,031 28,090 91,794 51,352
INTEREST EXPENSE        
Interest on deposits 16,450 661 26,603 1,317
Interest on short-term borrowings 0 9 888 14
Interest on subordinated debt 801 760 1,600 1,513
Interest on senior term loan 198 0 392 0
Total interest expense 17,449 1,430 29,483 2,844
NET INTEREST INCOME 29,582 26,660 62,311 48,508
Provision (release of allowance) for credit losses (4,235) 5,100 341 6,380
Net interest income after provision (release of allowance) for credit losses 33,817 21,560 61,970 42,128
NONINTEREST INCOME        
Payment card and service charge income 3,503 4,015 7,113 6,657
Insurance and investment services income 78 218 170 472
Gain (loss) on sale of available-for-sale securities, net 0 0 (1,536) 650
Gain (loss) on sale of equity securities, net (294) 100 (294) 100
Loss on derivatives, net 0 0 (100) 0
Gain (loss) on sale of loans, net (989) 1,405 (1,345) 2,488
Holding gain (loss) on equity securities 160 (26) (148) (85)
Compliance and consulting income 996 1,180 2,012 2,414
Equity method investments income 1,873 549 680 1,687
Loss on divestiture activity (986) 0 (986) 0
Equity method investments gain 0 71 0 1,874
Other operating income 2,078 1,872 3,920 2,406
Total noninterest income 6,419 9,384 9,486 18,663
NONINTEREST EXPENSES        
Salaries and employee benefits 15,746 16,585 32,492 32,312
Occupancy expense 1,090 907 1,882 1,879
Equipment depreciation and maintenance 1,451 1,252 2,908 2,464
Data processing and communications 1,118 1,055 2,266 2,071
Professional fees 3,948 3,726 6,899 7,743
Insurance, tax and assessment expense 1,131 614 2,035 1,150
Travel, entertainment, dues and subscriptions 2,137 2,045 4,059 3,713
Other operating expenses 3,661 1,788 6,058 3,897
Total noninterest expense 30,282 27,972 58,599 55,229
Income before income taxes 9,954 2,972 12,857 5,562
Income taxes 1,956 699 2,421 1,379
Net income (loss) from continuing operations 7,998 2,273 10,436 4,183
Income from discontinued operations before income taxes 0 678 11,831 1,664
Income taxes 0 160 3,049 385
Net income from discontinued operations 0 518 8,782 1,279
Net income (loss) 7,998 2,791 19,218 5,462
Net loss attributable to noncontrolling interest 114 165 236 358
Net income attributable to parent $ 8,112 $ 2,956 $ 19,454 $ 5,820
Earnings per share from continuing operations - basic (in dollars per share) $ 0.64 $ 0.20 $ 0.84 $ 0.37
Earnings per share from discontinued operations - basic (in dollars per share) 0 0.04 0.69 0.11
Earnings per common shareholder - basic (in dollars per share) 0.64 0.24 1.54 0.48
Earnings per share from continuing operations - diluted (in dollars per share) 0.63 0.19 0.82 0.35
Earnings per share from discontinued operations - diluted (in dollars per share) 0 0.04 0.68 0.10
Earnings per common shareholder - diluted (in dollars per share) $ 0.63 $ 0.23 $ 1.50 $ 0.45
Weighted average shares outstanding - basic (in shares) 12,689,669 12,176,805 12,656,698 12,135,223
Weighted average shares outstanding - diluted (in shares) 12,915,294 12,895,581 12,959,725 12,870,892