v3.22.0.1
CONSOLIDATED STATEMENTS OF INCOME - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Interest income:      
Interest and fees on loans $ 118,922 $ 119,904 $ 87,546
Interest and dividends on investment securities 6,350 2,340 4,624
Other interest income 252 1,301 3,090
Total interest income 125,524 123,545 95,260
Interest expense:      
Interest on deposits 7,726 14,570 15,540
Interest on FHLB advances and other borrowings 3,682 3,040 1,830
Total interest expense 11,408 17,610 17,370
Net interest income 114,116 105,935 77,890
Provision for loan losses 3,711 11,257 2,856
Net interest income after provision for loan losses 110,405 94,678 75,034
Noninterest income:      
Service charges and fees 6,264 5,660 3,710
SBA loans servicing fees 1,235 1,192 929
Mortgage referral fees 1,353 1,334 713
Gain on sales of loans, net 1,066 5,496 4,014
Gain on sales of investment securities 5 1,031 4,582
Swap Fees 2,701 1,746  
Swap Referral Fees 1,301 1,950  
Other noninterest income 146 467 619
Total noninterest income 14,071 18,876 14,567
Noninterest expense:      
Salaries and employee benefits 41,688 41,756 36,175
Occupancy and equipment expenses 9,869 10,047 6,884
Professional services 2,993 2,687 4,054
Data processing and network 4,077 3,973 3,036
Regulatory assessments and insurance 1,901 1,847 422
Amortization of intangibles 3,067 3,663 3,630
Advertising 367 679 623
Marketing 309 276 538
Telephone expense 2,250 2,013 993
Conversion expense   1,841 1,992
Other operating expenses 5,230 6,002 4,697
Total noninterest expense 71,751 74,784 63,044
Income before income tax expense 52,725 38,770 26,557
Income tax expense 10,673 7,459 5,421
Net income $ 42,052 $ 31,311 $ 21,136
Earnings per common share:      
Basic $ 2.45 $ 1.78 $ 1.44
Diluted $ 2.38 $ 1.77 $ 1.40
Weighted average common shares outstanding:      
Basic 17,180,097 17,567,117 14,697,342
Diluted 17,641,384 17,649,463 15,112,827

Source