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Consolidated Statements of Income - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
INTEREST INCOME        
Interest and fees on loans $ 40,030 $ 31,789 $ 118,046 $ 79,074
Interest on deposits with banks 6,404 114 15,099 654
Interest on investment securities 1,056 897 4,133 2,383
Interest on tax-exempt loans and securities 835 1,103 2,841 3,144
Total interest income 48,325 33,903 140,119 85,255
INTEREST EXPENSE        
Interest on deposits 17,460 2,974 44,063 4,291
Interest on short-term borrowings 0 312 888 326
Interest on subordinated debt 809 771 2,409 2,284
Interest on senior term loan 191 0 583 0
Total interest expense 18,460 4,057 47,943 6,901
NET INTEREST INCOME 29,865 29,846 92,176 78,354
Provision (release of allowance) for credit losses (159) 5,120 182 11,500
Net interest income after provision (release of allowance) for credit losses 30,024 24,726 91,994 66,854
NONINTEREST INCOME        
Payment card and service charge income 2,852 3,313 9,965 9,970
Insurance and investment services income 81 195 251 667
Gain (loss) on sale of available-for-sale securities, net 0 0 (1,536) 650
Gain (loss) on sale of equity securities, net 25 (156) (269) (56)
Gain (loss) on sale of loans, net 330 1,298 (1,015) 3,786
Holding gain (loss) on equity securities 219 (61) 71 (146)
Compliance and consulting income 1,314 966 3,326 3,380
Equity method investments income (loss) (750) (1,021) (70) 666
Loss on divestiture activity 0 0 (986) 0
Equity method investments gain 0 0 0 1,874
Other operating income 1,720 933 5,540 3,339
Total noninterest income 5,791 5,467 15,277 24,130
NONINTEREST EXPENSES        
Salaries and employee benefits 16,016 15,905 48,508 48,217
Occupancy expense 921 1,130 2,803 3,009
Equipment depreciation and maintenance 1,439 1,502 4,347 3,966
Data processing and communications 1,257 1,039 3,523 3,110
Professional fees 5,682 3,911 12,581 11,654
Insurance, tax and assessment expense 1,397 622 3,432 1,772
Travel, entertainment, dues and subscriptions 1,362 1,708 5,421 5,421
Other operating expenses 2,651 2,359 8,709 6,256
Total noninterest expense 30,725 28,176 89,324 83,405
Income from continuing operations before income taxes 5,090 2,017 17,947 7,579
Income taxes 1,218 184 3,639 1,563
Net income (loss) from continuing operations 3,872 1,833 14,308 6,016
Income from discontinued operations before income taxes 0 935 11,831 2,599
Income taxes from discontinued operations 0 213 3,049 598
Net income from discontinued operations 0 722 8,782 2,001
Net income 3,872 2,555 23,090 8,017
Net (income) loss attributable to noncontrolling interest (5) 163 231 521
Net income attributable to parent $ 3,867 $ 2,718 $ 23,321 $ 8,538
Earnings per share from continuing operations - basic (in dollars per share) $ 0.30 $ 0.16 $ 1.15 $ 0.54
Earnings per share from discontinued operations - basic (in dollars per share) 0 0.06 0.69 0.16
Earnings per common shareholder - basic (in dollars per share) 0.30 0.22 1.84 0.70
Earnings per share from continuing operations - diluted (in dollars per share) 0.29 0.16 1.12 0.51
Earnings per share from discontinued operations - diluted (in dollars per share) 0 0.05 0.67 0.15
Earnings per common shareholder - diluted (in dollars per share) $ 0.29 $ 0.21 $ 1.79 $ 0.66
Weighted-average shares outstanding - basic (in shares) 12,722,010 12,238,505 12,678,708 12,170,028
Weighted-average shares outstanding - diluted (in shares) 13,116,629 12,854,951 13,012,834 12,852,574