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CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - 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 $ 44,641 $ 36,497 $ 85,113 $ 71,881
Interest on investments:        
Taxable 3,535 3,020 7,142 5,649
Tax-exempt 18 36 39 79
Interest on loans held for sale 12 36 23 91
Interest on interest-earning deposits 314 97 343 225
Total interest income 48,520 39,686 92,660 77,925
INTEREST EXPENSE        
Interest on savings and interest-bearing deposit accounts 2,914 1,689 4,696 3,478
Interest on certificates of deposit 651 1,027 1,257 2,497
Interest on borrowed funds 10 182 74 391
Interest on finance lease liability 64 76 132 155
Interest on subordinated debt 1,363 2,147 2,727 4,292
Subtotal - interest expense 5,002 5,121 8,886 10,813
Interest on interest-bearing demand - brokered 364 456 737 949
Interest on certificates of deposits - brokered 261 264 522 525
Total interest expense 5,627 5,841 10,145 12,287
NET INTEREST INCOME BEFORE PROVISION FOR CREDIT LOSSES 42,893 33,845 82,515 65,638
Provision for credit losses [1] 1,449 900 3,824 1,125
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES 41,444 32,945 78,691 64,513
OTHER INCOME        
Wealth management fee income 13,891 13,034 28,725 25,165
Service charges and fees 1,063 896 2,015 1,742
Bank owned life insurance 310 466 623 1,077
Gain on loans held for sale at fair value (mortgage banking) 151 409 398 1,434
Gain on loans held for sale at lower of cost or fair value   1,125   1,407
Gain on sale of SBA loans 2,675 932 5,519 2,381
Corporate advisory fee income 33 121 1,594 1,219
Loss on swap termination   (842)   (842)
Other income 860 1,495 2,114 2,138
Loss on securities sale, net     (6,609)  
Fair value adjustment for CRA equity security (475) 42 (1,157) (223)
Total noninterest other income 18,508 17,678 33,222 35,498
OPERATING EXPENSES        
Compensation and employee benefits 21,882 19,910 44,331 41,900
Premises and equipment 4,640 4,074 9,287 8,187
FDIC insurance expense 503 529 974 1,114
Swap valuation allowance     673  
Other operating expense 5,634 6,171 11,563 11,077
Total operating expenses 32,659 30,684 66,828 62,278
INCOME BEFORE INCOME TAX EXPENSE 27,293 19,939 45,085 37,733
Income tax expense 7,193 5,521 11,544 10,137
NET INCOME $ 20,100 $ 14,418 $ 33,541 $ 27,596
EARNINGS PER SHARE        
Basic $ 1.10 $ 0.76 $ 1.83 $ 1.46
Diluted $ 1.08 $ 0.74 $ 1.79 $ 1.42
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING        
Basic 18,325,605 18,963,237 18,332,272 18,956,807
Diluted 18,637,340 19,439,439 18,782,559 19,473,150
[1] Commencing on January 1, 2022, the allowance calculation is based on the current expected credit loss methodology. Prior to January 1, 2022, the calculation was based on the incurred loss methodology.