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Consolidated Statements of Income - USD ($)
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Interest Income    
Loans $ 53,564,000 $ 34,455,000
Investment securities:    
Trading 2,796,000 1,045,000
Available for sale - taxable 1,322,000 1,551,000
Available for sale - tax exempt 37,000 96,000
Federal Home Loan Bank stock 239,000 223,000
Other 2,459,000 2,304,000
Total interest income 60,417,000 39,674,000
Interest Expense    
Deposits 20,630,000 14,227,000
Borrowed funds 1,434,000 1,316,000
Total interest expense 22,064,000 15,543,000
Net interest income 38,353,000 24,131,000
Provision for loan losses 2,998,000 649,000
Net Interest Income After Provision for Loan Losses 35,355,000 23,482,000
Noninterest Income    
Gain on sale of loans 21,166,000 2,643,000
Loan servicing fees, net (5,824,000) (347,000)
Mortgage warehouse fees 2,746,000 753,000
Gains on sale of investments available for sale (includes $0 and $127, respectively, related to accumulated other comprehensive earnings reclassifications)   127,000
Other income 1,814,000 488,000
Total noninterest income 19,902,000 3,664,000
Noninterest Expense    
Salaries and employee benefits 14,240,000 8,567,000
Loan expenses 1,164,000 934,000
Occupancy and equipment 1,492,000 876,000
Professional fees 569,000 539,000
Deposit insurance expense 1,786,000 277,000
Technology expense 610,000 472,000
Other expense 2,432,000 1,370,000
Total noninterest expense 22,293,000 13,035,000
Income Before Income Taxes 32,964,000 14,111,000
Provision for income taxes (includes $0 and $32, respectively, related to income tax expense for reclassification items) 8,381,000 3,541,000
Net Income 24,583,000 10,570,000
Dividends on preferred stock (3,618,000) (833,000)
Net Income Allocated to Common Shareholders $ 20,965,000 $ 9,737,000
Basic Earnings Per Share (in dollar per share) $ 0.73 $ 0.34
Diluted Earnings Per Share (in dollar per share) $ 0.73 $ 0.34
Weighted-Average Shares Outstanding Basic (in Shares) 28,734,632 28,702,250
Weighted-Average Shares Outstanding Diluted (in Shares) 28,759,412 28,737,439