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CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
INTEREST INCOME    
Interest and fees on loans $ 72,531 $ 64,472
Interest on investments:    
Taxable 5,136 4,471
Tax-exempt   8
Interest on loans held for sale 5 2
Interest on interest-earning deposits 1,522 1,538
Total interest income 79,194 70,491 CloseClose
INTEREST EXPENSE    
Interest on savings and interest-bearing deposit accounts 33,047 21,383
Interest on certificates of deposit 4,855 1,729
Interest on borrowed funds 3,467 1,296
Interest on finance lease liability 38 53
Interest on subordinated debt 1,684 1,639
Subtotal - interest expense 43,091 26,100
Interest on interest-bearing demand - brokered 126 208
Interest on certificates of deposits - brokered 1,602 205
Total interest expense 44,819 26,513
NET INTEREST INCOME BEFORE PROVISION FOR CREDIT LOSSES 34,375 43,978
Provision for credit losses 627 1,513 Close
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES 33,748 42,465
OTHER INCOME    
Wealth management fee income 14,407 13,762
Service charges and fees 1,322 1,258
Bank owned life insurance 503 297
Gain on loans held for sale at fair value (mortgage banking) 56 21
Gain on sale of SBA loans 400 865
Corporate advisory fee income 818 80
Other income 1,306 1,567
Fair value adjustment for CRA equity security (111) 209
Total other income 18,701 18,059
OPERATING EXPENSES    
Compensation and employee benefits 28,476 24,586
Premises and equipment 5,081 4,374
FDIC insurance expense 945 711
Other operating expense 5,539 5,903
Total operating expenses 40,041 35,574 CloseClose
INCOME BEFORE INCOME TAX EXPENSE 12,408 24,950 CloseClose
Income tax expense 3,777 6,595 CloseClose
NET INCOME $ 8,631 $ 18,355 CloseClose
EARNINGS PER SHARE    
Basic $ 0.49 $ 1.03
Diluted $ 0.48 $ 1.01
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING    
Basic 17,711,639 17,841,203
Diluted 17,805,347 18,263,310