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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

3 Months Ended

Mar. 31, 2022

Schedule of Impact to Financial Statements Upon Adoption of ASC 326

The following table illustrates the impact to our financial statements as of January 1, 2022 upon adoption of ASC 326:

	January 1, 2022
(In thousands)	Impact to Consolidated Statement of Condition from ASC-326 Adoption			Tax Effect			Impact to Retained Earnings from ASC-326 Adoption
Allowance for credit losses on loans	$	(5,536	)	$	1,490		$	4,046
Allowance for credit losses on off-balance sheet commitments		188			(51	)		137
Total impact from ASC 326 adoption	$	(5,348	)	$	1,439		$	(3,909	)

Schedule of Changes in Options Outstanding

For the Company’s stock option plans, changes in options outstanding during the three months ended March 31, 2022, were as follows:

						Weighted
				Weighted		Average	Aggregate
				Average		Remaining	Intrinsic
	Number of			Exercise		Contractual	Value
	Options			Price		Term	(In thousands)
Balance, January 1, 2022		31,340		$	14.59
Exercised during 2022		(9,260	)		13.03
Expired during 2022		—			—
Forfeited during 2022		(480	)		10.72
Balance, March 31, 2022		21,600		$	15.35	0.94 years	$	419
Vested and expected to vest		21,600		$	15.35	0.94 years	$	419
Exercisable at March 31, 2022		21,600		$	15.35	0.94 years	$	419

Schedule of Changes in Non-Vested Performance-Based Shares

Changes in non-vested shares dependent on performance criteria for the three months ended March 31, 2022 were as follows:

				Weighted
				Average
	Number of			Grant Date
	Shares			Fair Value
Balance, January 1, 2022		225,435		$	20.29
Granted during 2022		71,482			35.93
Vested during 2022		(53,729	)		26.34
Forfeited during 2022		(5,284	)		17.92
Balance, March 31, 2022		237,904		$	23.68

Schedule of Changes in Service-Based Restricted Stock Awards/Units

Changes in service-based restricted stock awards/units for the three months ended March 31, 2022 were as follows:

				Weighted
				Average
	Number of			Grant Date
	Shares			Fair Value
Balance, January 1, 2022		701,145		$	21.93
Granted during 2022		233,910			36.86
Vested during 2022		(252,955	)		21.46
Forfeited during 2022		(16,434	)		19.80
Balance, March 31, 2022		665,666		$	27.41

Schedule of Calculation of Basic and Diluted Earnings per Share

For the three months ended March 31, 2022, restricted stock units totaling 299,433 were not included in the computation of diluted earnings per share because they were anti-dilutive. For the three months ended March 31, 2021, restricted stock units totaling 239,472 were not included in the computation of diluted earnings per share because they were anti-dilutive. Anti-dilutive shares are common stock equivalents with weighted average exercise prices in excess of the average market value for the periods presented.

	Three Months Ended
	March 31,
(Dollars in thousands, except per share data)	2022		2021
Net income available to common shareholders	$	13,441	$	13,178

Basic weighted average shares outstanding		18,339,013		18,950,305
Plus: common stock equivalents		607,670		581,384
Diluted weighted average shares outstanding		18,946,683		19,531,689
Net income per share
Basic	$	0.73	$	0.70
Diluted		0.71		0.67