Summary of Significant Accounting Policies (Tables)
|
9 Months Ended |
Sep. 30, 2022 |
|---|
| Accounting Policies [Abstract] |
|
| Summary of Unrealized Portion Related to Equity Securities |
The table below presents the unrealized portion related to the equity securities held.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
|
Nine Months Ended September 30, |
|
(Dollars in thousands) |
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
Net losses recognized during the period on equity securities |
|
$ |
(77 |
) |
|
$ |
— |
|
|
$ |
(229 |
) |
|
$ |
(31 |
) |
Less: Net gains (losses) recognized during the period on equity
securities sold during the period |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Unrealized losses recognized during the reporting period on
equity securities still held at the reporting date |
|
$ |
(77 |
) |
|
$ |
— |
|
|
$ |
(229 |
) |
|
$ |
(31 |
) |
|
| Schedule of Intangible Assets |
The table below shows the details of the intangible assets as of the dates presented.
|
|
|
|
|
|
|
|
|
|
(Dollars in thousands) |
|
September 30, 2022 |
|
|
December 31, 2021 |
|
Brand-related intellectual property |
|
$ |
17,050 |
|
|
$ |
17,874 |
|
Home improvement contractor relationships |
|
|
5,348 |
|
|
|
5,606 |
|
Total intangible assets |
|
$ |
22,398 |
|
|
$ |
23,480 |
|
|
| Summary of the Calculation of Basic and Diluted EPS |
The table below shows the calculation of basic and diluted EPS.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
|
Nine Months Ended September 30, |
|
(Dollars in thousands, except share and per share data) |
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
Net income available to common stockholders |
|
$ |
7,636 |
|
|
$ |
15,940 |
|
|
$ |
30,777 |
|
|
$ |
34,638 |
|
Weighted average common shares outstanding applicable
to basic EPS |
|
|
23,154,775 |
|
|
|
24,634,845 |
|
|
|
24,020,058 |
|
|
|
24,583,573 |
|
Effect of dilutive stock options |
|
|
48,552 |
|
|
|
98,906 |
|
|
|
74,097 |
|
|
|
82,522 |
|
Effect of restricted stock grants |
|
|
307,318 |
|
|
|
256,475 |
|
|
|
238,621 |
|
|
|
279,612 |
|
Adjusted weighted average common shares outstanding
applicable to diluted EPS |
|
|
23,510,645 |
|
|
|
24,990,226 |
|
|
|
24,332,776 |
|
|
|
24,945,707 |
|
Basic net income per share |
|
$ |
0.33 |
|
|
$ |
0.65 |
|
|
$ |
1.28 |
|
|
$ |
1.41 |
|
Diluted net income per share |
|
|
0.32 |
|
|
|
0.64 |
|
|
|
1.26 |
|
|
|
1.39 |
|
|
| Summary of Bank's Actual Capital Amounts and Ratios, and the Regulatory Minimum Ratios |
The Bank’s actual capital amounts and ratios, and the regulatory minimum ratios are presented in the following table.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Regulatory |
|
|
|
|
|
|
|
(Dollars in thousands) |
|
Minimum |
|
|
Well-Capitalized |
|
|
September 30, 2022 |
|
|
December 31, 2021 |
|
Common equity tier 1 capital |
|
|
|
|
|
|
|
$ |
228,838 |
|
|
$ |
193,459 |
|
Tier 1 capital |
|
|
|
|
|
|
|
|
297,626 |
|
|
|
262,247 |
|
Total capital |
|
|
|
|
|
|
|
|
320,957 |
|
|
|
281,211 |
|
Average assets |
|
|
|
|
|
|
|
|
1,834,814 |
|
|
|
1,495,726 |
|
Risk-weighted assets |
|
|
|
|
|
|
|
|
1,829,047 |
|
|
|
1,482,678 |
|
Leverage ratio (1) |
|
|
4.0 |
% |
|
|
5.0 |
% |
|
|
16.2 |
% |
|
|
17.5 |
% |
Common equity tier 1 capital ratio (2) |
|
|
7.0 |
|
|
|
6.5 |
|
|
|
12.5 |
|
|
|
13.1 |
|
Tier 1 capital ratio (3) |
|
|
8.5 |
|
|
|
8.0 |
|
|
|
16.3 |
|
|
|
17.7 |
|
Total capital ratio (3) |
|
|
10.5 |
|
|
|
10.0 |
|
|
|
17.6 |
|
|
|
19.0 |
|
(1)Calculated by dividing Tier 1 capital by average assets. (2)Calculated by subtracting preferred stock or non-controlling interest from Tier 1 capital and dividing by risk-weighted assets. (3)Calculated by dividing Tier 1 or total capital by risk-weighted assets.
|