XML 54 R38.htm IDEA: XBRL DOCUMENT v3.22.4
Nature of Operations and Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Summary of Computation of Basic and Diluted Earnings Per Share The following table shows computation of basic and diluted earnings per share.
Years Ended December 31
202220212020
Basic earnings per share
Net income$93,408 $87,091 $68,499 
Weighted average common shares outstanding43,568,823 43,802,733 44,044,737 
Basic earnings per share$2.14 $1.99 $1.56 
Diluted earnings per share
Net income available to common shareholders$93,408 $87,091 $68,499 
Weighted average common shares outstanding43,568,823 43,802,733 44,044,737 
Effect of dilutive securities:
Restricted stock92,381 107,988 41,817 
Stock options37,911 44,559 36,522 
Weighted average common shares outstanding43,699,115 43,955,280 44,123,076 
Diluted earnings per share$2.14 $1.98 $1.55 
Schedule of Impact of ASC 326
The following table illustrates the impact of ASC 326.
January 1, 2020
As Reported Under ASC 326Pre–ASC 326 AdoptionImpact of ASC 326 Adoption
Loans
Commercial$25,614 $11,996 $13,618 
Real estate4,971 923 4,048 
Mortgage warehouse1,077 1,077 — 
Consumer8,582 3,671 4,911 
Allowance for credit losses on loans$40,244 $17,667 $22,577 
Schedule of Error Corrections and Prior Period Adjustments
The following tables present the revisions to the line items of our previously issued financial statements to reflect the correction of the errors:
Consolidated Balance Sheets
December 31, 2021
As ReportedSold Commercial Loan Participation AdjustmentIndirect Loan Dealer Reserve AdjustmentAs Revised
Loans, net of allowance for credit losses$3,553,345 $36,986 $13,917 $3,604,248 
Other assets80,753 — (13,917)66,836 
Total assets7,374,903 36,986 — 7,411,889 
Borrowings675,753 36,986 — 712,739 
Total liabilities6,651,694 36,986 — 6,688,680 
Total liabilities and stockholders' equity7,374,903 36,986 — 7,411,889 
Consolidated Statements of Income
Year Ended December 31, 2021
As ReportedIndirect Loan Dealer Reserve AdjustmentAs Revised
Interest Income
Loans receivable$161,617 $(5,885)$155,732 
Total interest income199,995 (5,885)194,110 
Net Interest Income181,690 (5,885)175,805 
Net Interest Income after Credit Loss Expense183,774 (5,885)177,889 
Non–interest Expense
Loan expense11,377 (5,885)5,492 
Total non–interest expense139,279 (5,885)133,394 
Net Income Available to Common Shareholders87,091 — 87,091 
Consolidated Statements of Income
Year Ended December 31, 2020
As ReportedIndirect Loan Dealer Reserve AdjustmentAs Revised
Interest Income
Loans receivable$179,672 $(5,410)$174,262 
Total interest income205,378 (5,410)199,968 
Net Interest Income170,940 (5,410)165,530 
Net Interest Income after Credit Loss Expense150,189 (5,410)144,779 
Non–interest Expense
Loan expense10,628 (5,410)5,218 
Total non–interest expense131,441 (5,410)126,031 
Net Income Available to Common Shareholders68,499 — 68,499 
Consolidated Statements of Cash Flows
Year Ended December 31, 2021
As ReportedSold Commercial Loan Participation AdjustmentIndirect Loan Dealer Reserve AdjustmentRepurchase of Outstanding Stock AdjustmentAs Revised
Operating Activities
Net change in other assets$10,964 $— $618 $— $11,582 
Net cash provided by operating activities105,348 — 618 — 105,966 
Investing Activities
Net change in loans469,412 11,234 (618)— 480,028 
Repurchase of outstanding stock(7,607)— — 7,607 — 
Net cash used in investing activities(363,076)11,234 (618)7,607 (344,853)
Financing Activities
Proceeds from borrowings201,137 (11,234)— — 189,903 
Repurchase of outstanding stock— — — (7,607)(7,607)
Net cash provided by (used in) financing activities601,525 (11,234)— (7,607)582,684 
Net Change in Cash and Cash Equivalents343,797 — — — 343,797 
Consolidated Statements of Cash Flows
Year Ended December 31, 2020
As ReportedSold Commercial Loan Participation AdjustmentIndirect Loan Dealer Reserve AdjustmentRepurchase of Outstanding Stock AdjustmentAs Revised
Operating Activities
Net change in other assets$(13,987)$— $77 $— $(13,910)
Net cash provided by operating activities78,765 — 77 — 78,842 
Investing Activities
Net change in loans(234,166)(5,695)(77)— (239,938)
Repurchase of outstanding stock(19,636)— — 19,636 — 
Net cash used in investing activities(492,322)(5,695)(77)19,636 (478,458)
Financing Activities
Proceeds from borrowings(74,725)5,695 — — (69,030)
Repurchase of outstanding stock— — — (19,636)(19,636)
Net cash provided by (used in) financing activities564,437 5,695 — (19,636)550,496 
Net Change in Cash and Cash Equivalents150,880 — — — 150,880 
Note 4 – Securities
As of December 31, 2021Amortized Cost
As ReportedAdjustmentAs Revised
Federal agency mortgage–backed pools$225,329 $31,856 $257,185 
Private labeled mortgage–backed pools31,856 (31,856)— 
Total available for sale investment securities$257,185 $— $257,185 
Federal agency mortgage–backed pools$188,426 $59,511 $247,937 
Private labeled mortgage–backed pools99,958 (59,511)40,447 
Total held to maturity investment securities$288,384 $— $288,384 
Gross Unrealized Gains
As ReportedAdjustmentAs Revised
Federal agency mortgage–backed pools$1,777 $137 $1,914 
Private labeled mortgage–backed pools137 (137)— 
Total available for sale investment securities$1,914 $— $1,914 
Federal agency mortgage–backed pools$151 $58 $209 
Private labeled mortgage–backed pools58 (58)— 
Total held to maturity investment securities$209 $— $209 
Gross Unrealized Losses
As ReportedAdjustmentAs Revised
Federal agency mortgage–backed pools$(1,032)$(376)$(1,408)
Private labeled mortgage–backed pools(376)376 — 
Total available for sale investment securities$(1,408)$— $(1,408)
Federal agency mortgage–backed pools$(2,612)$(1,398)$(4,010)
Private labeled mortgage–backed pools(1,840)1,398 (442)
Total held to maturity investment securities$(4,452)$— $(4,452)
Fair Value
As ReportedAdjustmentAs Revised
Federal agency mortgage–backed pools$226,074 $31,617 $257,691 
Private labeled mortgage–backed pools31,617 (31,617)— 
Total available for sale investment securities$257,691 $— $257,691 
Federal agency mortgage–backed pools$185,965 $58,171 $244,136 
Private labeled mortgage–backed pools98,176 (58,171)40,005 
Total held to maturity investment securities$284,141 $— $284,141