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CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
INTEREST INCOME        
Interest and fees on loans $ 37,040 $ 37,704 $ 108,921 $ 119,330
Interest on investments:        
Taxable 2,824 2,182 8,473 6,749
Tax-exempt 28 51 107 166
Interest on loans held for sale 33 78 124 153
Interest on interest-earning deposits 142 159 367 820
Total interest income 40,067 40,174 117,992 127,218
INTEREST EXPENSE        
Interest on savings and interest-bearing deposit accounts 1,880 2,066 5,358 11,640
Interest on certificates of deposit 836 2,529 3,333 9,370
Interest on borrowed funds 57 1,221 448 3,360
Interest on finance lease liability 74 84 229 261
Interest on subordinated debt 1,358 1,222 5,650 3,667
Subtotal - interest expense 4,205 7,122 15,018 28,298
Interest on interest-bearing demand - brokered 385 636 1,334 2,259
Interest on certificates of deposits - brokered 266 267 791 794
Total interest expense 4,856 8,025 17,143 31,351
NET INTEREST INCOME BEFORE PROVISION FOR LOAN AND LEASE LOSSES 35,211 32,149 100,849 95,867
Provision for loan and lease losses 1,600 5,150 2,725 30,050
NET INTEREST INCOME AFTER PROVISION FOR LOAN AND LEASE LOSSES 33,611 26,999 98,124 65,817
OTHER INCOME        
Wealth management fee income 13,860 10,119 39,025 30,070
Service charges and fees 959 785 2,701 2,296
Bank owned life insurance 311 314 1,388 960
Gain on loans held for sale at fair value (mortgage banking) 408 954 1,842 1,796
Gain on loans held for sale at lower of cost or fair value   7,429 1,407 7,426
Fee income related to loan level, back-to-back swaps       1,620
Gain on sale of SBA loans 1,569 79 3,950 1,391
Corporate advisory fee income 84 75 1,303 215
Loss on swap termination     (842)  
Other income 660 456 2,798 1,257
Securities gains/(losses), net (70)   (293) 323
Total other income 17,781 20,211 53,279 47,354
OPERATING EXPENSES        
Compensation and employee benefits 19,859 19,202 61,759 57,614
Premises and equipment 4,459 4,109 12,646 12,188
FDIC insurance expense 555 605 1,669 1,310
Swap valuation allowance 1,350   1,350  
Other operating expense 5,962 4,545 17,039 14,598
Total operating expenses 32,185 28,461 94,463 85,710
INCOME BEFORE INCOME TAX EXPENSE 19,207 18,749 56,940 27,461
Income tax expense 5,036 5,202 15,173 4,299
NET INCOME $ 14,171 $ 13,547 $ 41,767 $ 23,162
EARNINGS PER SHARE        
Basic $ 0.76 $ 0.72 $ 2.21 $ 1.23
Diluted $ 0.74 $ 0.71 $ 2.15 $ 1.22
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING        
Basic 18,763,316 18,908,337 18,891,601 18,879,688
Diluted 19,273,831 19,132,650 19,390,522 19,052,605