Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2023

Schedule of Computation of Basic and Diluted Earnings Per Share

The following table shows computation of basic and diluted earnings per share.


	Three Months Ended				Six Months Ended
	June 30				June 30
	2023		2022		2023		2022
Basic earnings per share
Net income	$	18,763	$	24,859	$	36,991	$	48,422
Weighted average common shares outstanding	43,639,987		43,572,796		43,611,926		43,563,804
Basic earnings per share	$	0.43	$	0.57	$	0.85	$	1.11

Diluted earnings per share
Net income	$	18,763	$	24,859	$	36,991	$	48,422
Weighted average common shares outstanding	43,639,987		43,572,796		43,611,926		43,563,804
Effect of dilutive securities:
Restricted stock	102,046		77,296		136,693		107,122
Stock options	555		34,599		8,702		40,896
Weighted average common shares outstanding	43,742,588		43,684,691		43,757,321		43,711,822
Diluted earnings per share	$	0.43	$	0.57	$	0.85	$	1.11

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 Statements of Income
Three Months Ended June 30, 2022

	As Reported		Indirect Loan Dealer Reserve Adjustment		As Revised
Interest income
Loans receivable	$	41,549	$	(964)	$	40,585
Total interest income	57,572		(964)		56,608
Net interest income	53,008		(964)		52,044
Net interest income after credit loss expense (recovery)	52,768		(964)		51,804
Non–interest expense
Loan expense	2,497		(964)		1,533
Total non–interest expense	36,368		(964)		35,404
Net income	24,859		—		24,859


Consolidated Statements of Income
Six Months Ended June 30, 2022

	As Reported		Indirect Loan Dealer Reserve Adjustment		As Revised
Interest income
Loans receivable	$	79,428	$	(2,304)	$	77,124
Total interest income	109,654		(2,304)		107,350
Net interest income	101,179		(2,304)		98,875
Net interest income after credit loss expense (recovery)	102,325		(2,304)		100,021
Non–interest expense
Loan expense	5,042		(2,304)		2,738
Total non–interest expense	72,978		(2,304)		70,674
Net income	48,422		—		48,422

Additional immaterial reclassifications made to the 2022 condensed consolidated financial statements to be comparable to 2023 are not included within the revision to the consolidated statement of cash flows noted below.


Consolidated Statements of Cash Flows
Six Months Ended June 30, 2022

	As Reported		Indirect Loan Dealer Reserve Adjustment		Transfer of AFS Securities to HTM Securities		As Revised
Operating Activities
Net change in other assets	$	(11,986)	$	4,153	$	—	$	(7,833)
Net cash provided by operating activities	51,381		4,153		—		55,534
Investing activities
Net change in loans	(294,325)		(4,153)		—		(298,478)
Net cash used in investing activities	(809,869)		(4,153)		—		(814,022)
Net Change in Cash and Cash Equivalents	(484,660)		—		—		(484,660)
Additional Supplemental Information
Transfer of available for sale securities to held to maturity securities	—		—		120,881		120,881