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Condensed Consolidated Statements of Income - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Interest Income        
Loans $ 63,979,000 $ 42,365,000 $ 117,543,000 $ 76,820,000
Mortgage loans in process of securitization 2,534,000 1,967,000 5,330,000 3,012,000
Investment securities:        
Available for sale - taxable 972,000 1,477,000 2,294,000 3,028,000
Available for sale - tax exempt 38,000 53,000 75,000 149,000
Federal Home Loan Bank stock 447,000 257,000 686,000 480,000
Other 234,000 2,642,000 2,693,000 4,946,000
Total interest income 68,204,000 48,761,000 128,621,000 88,435,000
Interest Expense        
Deposits 15,398,000 19,344,000 36,028,000 33,571,000
Borrowed funds 1,572,000 1,495,000 3,006,000 2,811,000
Total interest expense 16,970,000 20,839,000 39,034,000 36,382,000
Net Interest Income 51,234,000 27,922,000 89,587,000 52,053,000
Provision for loan losses 1,745,000 105,000 4,743,000 754,000
Net Interest Income After Provision for Loan Losses 49,489,000 27,817,000 84,844,000 51,299,000
Noninterest Income        
Gain on sale of loans 17,084,000 9,104,000 38,250,000 11,747,000
Loan servicing fees, net 1,597,000 (1,561,000) (4,227,000) (1,908,000)
Mortgage warehouse fees 5,475,000 1,138,000 8,221,000 1,891,000
Gains/(losses) on sale of investments available for sale (includes $0, $(3), $0, and $124, respectively, related to accumulated other comprehensive earnings reclassifications)   (3,000)   124,000
Other income 2,032,000 1,192,000 3,846,000 1,680,000
Total noninterest income 26,188,000 9,870,000 46,090,000 13,534,000
Noninterest Expense        
Salaries and employee benefits 11,828,000 9,965,000 26,068,000 18,532,000
Loan expenses 2,039,000 1,345,000 3,203,000 2,279,000
Occupancy and equipment 1,383,000 946,000 2,875,000 1,822,000
Professional fees 726,000 453,000 1,295,000 992,000
Deposit insurance expense 1,851,000 218,000 3,637,000 495,000
Technology expense 716,000 629,000 1,326,000 1,101,000
Other expense 1,739,000 2,364,000 4,171,000 3,734,000
Total noninterest expense 20,282,000 15,920,000 42,575,000 28,955,000
Income Before Income Taxes 55,395,000 21,767,000 88,359,000 35,878,000
Provision for income taxes (includes $0, $1, $0 and $(31), respectively, related to income tax (expense)/benefit for reclassification items) 14,233,000 5,328,000 22,614,000 8,869,000
Net Income 41,162,000 16,439,000 65,745,000 27,009,000
Dividends on preferred stock (3,619,000) (1,743,000) (7,237,000) (2,576,000)
Net Income Allocated to Common Shareholders $ 37,543,000 $ 14,696,000 $ 58,508,000 $ 24,433,000
Basic Earnings Per Share (in dollar per share) $ 1.31 $ 0.51 $ 2.04 $ 0.85
Diluted Earnings Per Share (in dollar per share) $ 1.31 $ 0.51 $ 2.03 $ 0.85
Weighted-Average Shares Outstanding Basic (in Shares) 28,743,894 28,705,313 28,739,263 28,703,790
Weighted-Average Shares Outstanding Diluted (in Shares) 28,762,349 28,746,297 28,760,880 28,741,877