First Savings Financial Group, Inc. Reports Financial Results for the Second Fiscal Quarter Ended March 31, 2021

First Savings Financial Group, Inc. Reports Financial Results for the Second Fiscal Quarter Ended March 31, 2021




First Savings Financial Group, Inc. Reports Financial Results for the Second Fiscal Quarter Ended March 31, 2021

JEFFERSONVILLE, Ind., April 26, 2021 (GLOBE NEWSWIRE) — First Savings Financial Group, Inc. (NASDAQ: FSFG – news) (the “Company”), the holding company for First Savings Bank (the “Bank”), today reported net income of $10.5 million, or $4.39 per diluted share, for the quarter ended March 31, 2021 compared to a net loss of $627,000, or a net loss of $0.26 per diluted share, for the quarter ended March 31, 2020.

Commenting on the Company’s performance, Larry W. Myers, President and CEO stated: “We continued to be very pleased with the performance of our staff and the fundamentals of our organization, both of which continue to deliver meaningful value to our shareholders. We continue to experience strong earnings, loan and deposit growth; resiliency of asset quality; stability of the net interest margin; and substantial increases to stockholders’ equity. The core bank and ancillary business lines continue to perform exceptionally well despite recent market headwinds that are adversely affecting loan origination volumes. I continue to have confidence in the Company’s ability to thrive during challenging environments and I appreciate the dedication of our staff to ensure such.”

COVID-19 Pandemic Loan Information

We assisted customers that experienced COVID-19 pandemic related hardships by approving payment extensions or loan forbearance agreements, and by waiving or refunding certain fees. During the onset of the COVID-19 pandemic in early 2020, we proactively contacted all commercial borrowers and offered uniform payment extensions or loan forbearance agreements, while requests from consumer borrowers were reviewed and approved on a case-by-case basis. Payment extensions or loan forbearance agreements were generally for periods of three months and included deferment of both principal and interest. Following the expiration of the initial payment extensions or loan forbearance agreements, we entertained requests for extended periods on a case-by-case basis, which generally included deferment of only the principal portion of payments for a period of up to three months. The table below summarizes payment extensions or loan forbearance agreements that were in effect at April 19, 2021.

   

Number of Loans

Outstanding Principal Balance

 
  (Dollars in thousands)      
  Residential real estate 2 $ 113  
  Commercial real estate 3   9,889  
  Commercial business 1   120  
  SBA commercial real estate 1   1,117  
  SBA commercial business 4   2,269  
  Consumer 1   6  
         
     Total 12 $ 13,514  

As a result of the COVID-19 pandemic, the leisure and hospitality industries carry a higher degree of credit risk. Based on our evaluation of the allowance for loan losses at March 31, 2021, management believes adequate reserves are in place to cover estimated losses at that date. However, as the pandemic continues, additional losses could be recognized and additional provisions for loan losses may be required.

At March 31, 2021, the outstanding principal balance of loans secured by restaurant related collateral was $168.6 million, of which $75.3 million is fully guaranteed by the SBA (including $74.9 million of PPP loans) and $82.2 million is secured by commercial real estate where the collateral property is leased to national-brand, investment-grade tenants. The commercial business loan included in the preceding table is secured by restaurant related collateral. None of the SBA commercial loans included in the preceding table are secured by restaurant related collateral.

At March 31, 2021, the outstanding principal balances of loans secured by hotel real estate was $17.6 million, of which $3.9 million is fully guaranteed by the SBA (including $878,000 of PPP loans). The three commercial real estate and the SBA commercial real estate loans included in the preceding table totaling $9.9 million and $1.1 million, respectively, are secured by hotel real estate.

Under the Coronavirus Aid, Relief, and Economic Security (“CARES”) Act, which was signed into law on March 27, 2020, the SBA made six months of principal and interest payments for loans of existing SBA clients that were in “regular servicing status” (not delinquent) at March 27, 2020 and for loans of new SBA clients originated between March 27, 2020 and September 27, 2020. The CARES Act provided financial support for many of the SBA clients, which resulted in relatively few SBA clients requiring payment extensions or loan forbearance agreements. Following the expiration of the SBA-provided loan payments under the CARES Act for most of the SBA clients, the five SBA clients included in the preceding table, which operate in COVID-sensitive industries, were granted payment extensions or loan forbearance agreements. The Coronavirus Response and Relief Supplemental Appropriations Act (“CRRSAA”), which was signed into law on December 27, 2020, provides additional SBA-provided loan payments to eligible SBA clients beginning in February 2021, including the aforementioned five SBA clients following the expiration of their payment extensions or loan forbearance agreements.

The Company participated in the first round of the SBA’s Paycheck Protection Program (“PPP”), which was originally authorized by the CARES Act, and the second round of the PPP, which was authorized by the CRRSAA. At March 31, 2021, the outstanding principal balance of PPP loans was $159.3 million and net deferred loan fees related to PPP loans was approximately $2.1 million, which will be recognized over the life of the loans and as borrowers are granted forgiveness. As of March 31, 2021, the Company had processed and received forgiveness for 378 PPP loans totaling $49.2 million.

Results of Operations for the Three Months Ended March 31, 2021 and 2020

Net interest income increased $4.0 million, or 37.2%, to $14.8 million for the quarter ended March 31, 2021 as compared to the same quarter in 2020. The increase in net interest income was due to a $3.3 million increase in interest income and a $723,000 decrease in interest expense. Interest income increased due to an increase in the average balance of interest-earning assets of $435.6 million, from $1.20 billion for 2020 to $1.64 billion for 2021, partially offset by a decrease in the weighted-average tax-equivalent yield, from 4.61% for 2020 to 4.19% for 2021. The decrease in the weighted-average tax-equivalent yield for 2021 is primarily due to lower market interest rates on loans and investment securities in 2021, as well as the Company’s participation in the PPP. Interest expense decreased due to a decrease in the average cost of interest-bearing liabilities, from 1.13% for 2020 to 0.63% for 2021, partially offset by an increase in the average balance of interest-bearing liabilities of $328.4 million, from $984.2 million for 2020 to $1.31 billion for 2021. The decrease in the average cost of interest-bearing liabilities for 2021 was due primarily to decreasing market interest rates on deposits and Federal Home Loan Bank (“FHLB”) borrowings, as well as the Company’s participation in the Federal Reserve Bank’s PPP Liquidity Facility (“PPPLF”). PPPLF borrowings carry a fixed interest rate of 0.35% and are secured by the Company’s PPP loans.

The Company recognized $287,000 in provision for loan losses for the quarter ended March 31, 2021 compared to $1.7 million for 2020. The Company recognized net recoveries of $8,000 for the quarter ended March 31, 2021 compared to net charge-offs of $544,000 for 2020. The lower provision for loan losses in 2021 is primarily due to changes in qualitative factors within the allowance for losses calculation related to economic uncertainties surrounding COVID-19 made in 2020 and lesser net charge-offs in 2021.

Noninterest income increased $27.8 million for the quarter ended March 31, 2021 as compared to 2020. The increase was primarily due to increases in mortgage banking income of $24.0 million and net gains on sales of SBA loans of $2.0 million. The increase in mortgage banking income was due to production from the secondary-market residential mortgage lending segment. The increase in net gain on sales of SBA loans was primarily due to increases in production and sales volume from the SBA lending segment, as well as higher premiums in the secondary market. Additional details regarding the financial performance of the mortgage banking and SBA lending segments are included in the “Segmented Statements of Income Information” table at the end of this release.

Noninterest expense increased $17.2 million for the quarter ended March 31, 2021 as compared to 2020. The increase was primarily due to an increase in compensation and benefits of $14.6 million and an increase in professional fees of $1.1 million. The increase in compensation and benefits expense is attributable to the addition of new employees primarily to support the growth of the Company’s mortgage banking and SBA lending activities, routine salary and benefits adjustments, and increased incentive compensation primarily as a result of the performance of the Company’s mortgage banking segment. The increase in professional fees was primarily due to the mortgage banking segment and represented various outsourced services.

The Company recognized income tax expense of $3.7 million for the quarter ended March 31, 2021 compared to an income tax benefit of $774,000 for 2020. The tax benefit for 2020 was primarily the result of a pretax operating loss for the quarter. The effective tax rate for 2021 was 26.1%.

Results of Operations for the Six Months Ended March 31, 2021 and 2020

The Company reported net income of $20.4 million, or $8.55 per diluted share, for the six months ended March 31, 2021 compared to net income of $2.8 million, or $1.18 per diluted share, for the six months ended ended March 31, 2020, resulting in an increase of 625% on a per share basis.

Net interest income increased $7.0 million, or 32.3%, to $28.5 million for the six months ended March 31, 2021 as compared to the same period in 2020. The increase in net interest income was due to a $5.7 million increase in interest income and a $1.3 million decrease in interest expense. Interest income increased due to an increase in the average balance of interest-earning assets of $447.8 million, from $1.18 billion for 2020 to $1.63 billion for 2021, partially offset by a decrease in the weighted-average tax-equivalent yield, from 4.74% for 2020 to 4.11% for 2021. The decrease in the weighted-average tax-equivalent yield for 2021 is primarily due to lower market interest rates on loans and investment securities in 2021, as well as the Company’s participation in the PPP. Interest expense decreased due to a decrease in the average cost of interest-bearing liabilities, from 1.18% for 2020 to 0.66% for 2021, partially offset by an increase in the average balance of interest-bearing liabilities of $352.2 million, from $959.5 million for 2020 to $1.31 billion for 2021. The decrease in the average cost of interest-bearing liabilities for 2021 was due primarily to decreasing market interest rates on deposits and FHLB borrowings, as well as the Company’s participation in the PPPLF.

The Company recognized $955,000 in provision for loan losses for the six months ended March 31, 2021 compared to $2.2 million for the same period in 2020. Nonperforming loans, which consist of nonaccrual loans and loans over 90 days past due and still accruing interest, decreased $2.2 million, from $13.6 million at September 30, 2020 to $11.4 million at March 31, 2021. The Company recognized net charge-offs of $562,000 for the six months ended March 31, 2021, of which $496,000 was related to unguaranteed portions of SBA loans, compared to net charge-offs of $559,000 for the same period in 2020. The lower provision for loan losses in 2021 is primarily due to changes in qualitative factors within the allowance for losses calculation related to economic uncertainties surrounding COVID-19 made in 2020.

Noninterest income increased $55.8 million for the six months ended March 31, 2021 as compared to the same period in 2020. The increase was primarily due to increases in mortgage banking income of $50.4 million, net gains on sales of SBA loans of $2.5 million and other income of $2.5 million. The increase in mortgage banking income was due to production from the secondary-market residential mortgage lending segment. The increase in net gain on sales of SBA loans was primarily due to increases in production and sales volume from the SBA lending segment, as well as higher premiums in the secondary market. The increase in other income was primarily due to service fee income from the mortgage banking segment. Additional details regarding the financial performance of the mortgage banking and SBA lending segments are included in the “Segmented Statements of Income Information” table at the end of this release.

Noninterest expense increased $37.3 million for the six months ended March 31, 2021 as compared to the same period in 2020. The increase was primarily due to an increase in compensation and benefits of $30.6 million and an increase in other operating expense of $2.3 million. The increase in compensation and benefits expense is attributable to the addition of new employees primarily to support the growth of the Company’s mortgage banking and SBA lending activities, routine salary and benefits adjustments, and increased incentive compensation primarily as a result of the performance of the Company’s mortgage banking segment. The increase in other operating expense was primarily due to the mortgage banking segment.

The Company recognized income tax expense of $8.2 million for the six months ended March 31, 2021 compared to an income tax benefit of $136,000 for the same period in 2020. The tax benefit for 2020 was the result of the Company’s tax-exempt income and investments in tax credit bonds. The effective tax rate for 2021 was 28.3%.

Comparison of Financial Condition at March 31, 2021 and September 30, 2020

Total assets decreased $14.0 million, from $1.76 billion at September 30, 2020 to $1.75 billion at March 31, 2021. Net loans increased $38.3 million during the six months ended March 31, 2021, primarily due to continued growth in the single tenant net lease commercial real estate loan portfolio. Residential mortgage and SBA loans held for sale decreased by $73.0 million and $5.4 million, respectively, due to loan sales outpacing originations during the period. Total liabilities decreased $29.5 million primarily due to decreases of $46.3 million and $21.6 million in PPPLF and FHLB borrowings, respectively, partially offset by a $47.4 million increase in total deposits.

Common stockholders’ equity increased $15.7 million, from $157.3 million at September 30, 2020 to $173.0 million at March 31, 2021, due primarily to increases in retained net income of $19.6 million, partially offset by decreases in net unrealized gains on available for sale securities included in accumulated other comprehensive income of $2.0 million and additional paid in capital of $1.8 million, which was due to the acquisition of the minority interests in Q2 Business Capital, LLC on December 31, 2020. At March 31, 2021 and September 30, 2020, the Bank was considered “well-capitalized” under applicable regulatory capital guidelines.

First Savings Bank has fifteen offices in the Indiana communities of Clarksville, Jeffersonville, Charlestown, Sellersburg, New Albany, Georgetown, Corydon, Lanesville, Elizabeth, English, Marengo, Salem, Odon and Montgomery. Access to First Savings Bank accounts, including online banking and electronic bill payments, is available anywhere with Internet access through the Bank’s website at www.fsbbank.net.

This release may contain forward-looking statements within the meaning of the federal securities laws. These statements are not historical facts; rather, they are statements based on the Company’s current expectations regarding its business strategies and their intended results and its future performance. Forward-looking statements are preceded by terms such as “expects,” “believes,” “anticipates,” “intends” and similar expressions.

Forward-looking statements are not guarantees of future performance. Numerous risks and uncertainties could cause or contribute to the Company’s actual results, performance and achievements to be materially different from those expressed or implied by the forward-looking statements. Factors that may cause or contribute to these differences include, without limitation, changes in general economic conditions, including the duration, extent and severity of the COVID-19 pandemic, including its effect on our customers, service providers and on the economy and financial markets in general, changes in market interest rates and changes in monetary and fiscal policies of the federal government; legislative and regulatory changes; and other factors disclosed periodically in the Company’s filings with the Securities and Exchange Commission.

Because of the risks and uncertainties inherent in forward-looking statements, readers are cautioned not to place undue reliance on them, whether included in this report or made elsewhere from time to time by the Company or on its behalf. Except as may be required by applicable law or regulation, the Company assumes no obligation to update any forward-looking statements.

Contact:
Tony A. Schoen, CPA
Chief Financial Officer
812-283-0724

FIRST SAVINGS FINANCIAL GROUP, INC.
CONSOLIDATED FINANCIAL HIGHLIGHTS
(Unaudited)
                   
  Three Months Ended   Six Months Ended    
  March 31,   March 31,    
OPERATING DATA:   2021       2020       2021       2020      
(In thousands, except share and per share data)                  
                   
Total interest income $ 16,840     $ 13,554     $ 32,866     $ 27,215      
Total interest expense   2,060       2,783       4,347       5,658      
                   
Net interest income   14,780       10,771       28,519       21,557      
Provision for loan losses   287       1,705       955       2,210      
                   
Net interest income after provision for loan losses   14,493       9,066       27,564       19,347      
                   
Total noninterest income   38,973       11,133       85,156       29,365      
Total noninterest expense   39,284       22,075       83,686       46,347      
                   
Income (loss) before income taxes   14,182       (1,876 )     29,034       2,365      
Income tax expense (benefit)   3,695       (774 )     8,222       (136 )    
                   
Net income (loss)   10,487       (1,102 )     20,812       2,501      
                   
Less: Net income (loss) attributable to noncontrolling interests         (475 )     402       (311 )    
                   
Net income (loss) attributable to the Company $ 10,487     $ (627 )   $ 20,410     $ 2,812      
                   
Net income (loss) per share, basic $ 4.43     $ (0.27 )   $ 8.62     $ 1.20      
Weighted average shares outstanding, basic   2,369,642       2,355,750       2,368,338       2,348,145      
                   
Net income (loss) per share, diluted $ 4.39     $ (0.26 )   $ 8.55     $ 1.18      
Weighted average shares outstanding, diluted   2,388,063       2,379,901       2,386,375       2,381,356      
                   
                   
Performance ratios (three-month and six-month data annualized)                  
Return on average assets   2.34 %     (0.19 %)     2.29 %     0.44 %    
Return on average equity   24.97 %     (3.51 %)     25.20 %     4.03 %    
Return on average common stockholders’ equity   24.97 %     (2.00 %)     24.75 %     4.54 %    
Net interest margin (tax equivalent basis)   3.69 %     3.68 %     3.58 %     3.78 %    
Efficiency ratio   73.08 %     100.78 %     73.62 %     91.02 %    
                   
                   
  March 31,   September 30,   Increase        
FINANCIAL CONDITION DATA:   2021       2020     (Decrease)        
(In thousands, except per share data)                  
                   
Total assets $ 1,750,609     $ 1,764,625     $ (14,016 )        
Cash and cash equivalents   30,837       33,726       (2,889 )        
Investment securities   207,331       204,067       3,264          
Loans held for sale   207,141       285,525       (78,384 )        
Gross loans (1)   1,145,767       1,107,089       38,678          
Allowance for loan losses   17,419       17,026       393          
Interest earning assets   1,582,349       1,620,831       (38,482 )        
Goodwill   9,848       9,848                
Core deposit intangibles   1,095       1,202       (107 )        
Loan servicing rights   49,367       25,451       23,916          
Noninterest-bearing deposits   284,742       242,673       42,069          
Interest-bearing deposits (2)   810,754       805,403       5,351          
Federal Home Loan Bank borrowings   289,237       310,858       (21,621 )        
Federal Reserve PPPLF borrowings   128,494       174,834       (46,340 )        
Total liabilities   1,577,569       1,607,060       (29,491 )        
Stockholders’ equity, net of noncontrolling interests   173,040       157,272       15,768          
                   
Book value per share $ 72.86     $ 66.21     $ 6.65          
Tangible book value per share (3)   68.25       61.56       6.69          
                   
Non-performing assets:                  
Nonaccrual loans – SBA guaranteed $ 3,709     $ 3,709     $          
Nonaccrual loans – unguaranteed   7,697       9,906       (2,209 )        
Total nonaccrual loans $ 11,406     $ 13,615     $ (2,209 )        
Accruing loans past due 90 days                        
Total non-performing loans   11,406       13,615       (2,209 )        
Foreclosed real estate   315             315          
Troubled debt restructurings classified as performing loans   2,019       3,069       (1,050 )        
Total non-performing assets $ 13,740     $ 16,684     $ (2,944 )        
                   
Asset quality ratios:                  
Allowance for loan losses as a percent of total gross loans   1.52 %     1.54 %     (0.02 %)        
Allowance for loan losses as a percent of total gross loans, excluding PPP loans (4)   1.77 %     1.84 %     (0.07 %)        
Allowance for loan losses as a percent of nonperforming loans   152.72 %     125.05 %     27.66 %        
Nonperforming loans as a percent of total gross loans   1.00 %     1.23 %     (0.23 %)        
Nonperforming assets as a percent of total assets   0.78 %     0.95 %     (0.16 %)        
                   
(1) Includes $159.3 million and $180.6 million of PPP loans at March 31, 2021 and September 30, 2020, respectively.            
                   
(2) Includes $77.0 million and $132.1 million of brokered certificates of deposit at March 31, 2021 and September 30, 2020, respectively.        
                   
(3) See reconciliation of GAAP and Non-GAAP financial measures for additional information relating to calculation of this item.        
                   
(4) Denominator excludes PPP loans, which are fully guaranteed by the SBA. This ratio is non-GAAP, but is believed by management to be meaningful because it provides a comparable ratio
      after eliminating PPP loans.                  
                   
                   
RECONCILIATION OF GAAP AND NON-GAAP FINANCIAL MEASURES (UNAUDITED):                
The following non-GAAP financial measures used by the Company provide information useful to investors in understanding the Company’s        
performance. The Company believes the financial measures presented below are important because of their widespread use by investors as a means to    
evaluate capital adequacy and earnings. The following table summarizes the non-GAAP financial measures derived from amounts reported in the    
Company’s consolidated financial statements and reconciles those non-GAAP financial measures with the comparable GAAP financial measures.    
                   
                   
  March 31,   September 30,   Increase        
Tangible Book Value Per Share   2021       2020     (Decrease)        
(In thousands, except share and per share data)                  
                   
Stockholders’ equity, net of noncontrolling interests (GAAP) $ 173,040     $ 157,272     $ 15,768          
Less: goodwill and core deposit intangibles   (10,943 )     (11,050 )     107          
Tangible equity (non-GAAP) $ 162,097     $ 146,222     $ 109,789          
                   
Outstanding common shares   2,375,027       2,375,324       (297 )        
                   
Tangible book value per share (non-GAAP) $ 68.25     $ 61.56     $ 6.69          
                   
Book value per share (GAAP) $ 72.86     $ 66.21     $ 6.65          
                   
                   
SUMMARIZED FINANCIAL INFORMATION (UNAUDITED): As of
Summarized Consolidated Balance Sheets March 31,   December 31,   September 30,   June 30,   March 31,
(In thousands, except per share data)   2021       2020       2020       2020       2020  
Total cash and cash equivalents $ 30,837     $ 35,392     $ 33,726     $ 27,544     $ 22,603  
Total investment securities   207,331       205,661       204,067       205,960       186,873  
Total loans held for sale   207,141       357,242       285,525       210,077       163,927  
Total loans, net of allowance for loan losses   1,128,348       1,114,708       1,090,063       1,081,381       877,276  
PPP loans   159,320       178,499       180,561       180,536        
Loan servicing rights   49,367       35,232       25,451       13,563       6,946  
Total assets   1,750,609       1,872,911       1,764,625       1,661,281       1,368,252  
                   
Total deposits $ 1,095,496     $ 1,121,320     $ 1,048,076     $ 982,870     $ 937,306  
Federal Home Loan Bank borrowings   289,237       340,092       310,858       298,622       270,000  
Federal Reserve PPPLF borrowings   128,494       172,772       174,834       174,834        
                   
Stockholders’ equity, net of noncontrolling interests $ 173,040     $ 165,745     $ 157,272     $ 142,362     $ 116,659  
Noncontrolling interests in subsidiary               293       (214 )     (414 )
Total equity   173,040       165,745       157,565       142,148       116,245  
                   
Outstanding common shares   2,375,027       2,374,927       2,375,324       2,375,324       2,375,324  
                   
  Three Months Ended
Summarized Consolidated Statements of Income March 31,   December 31,   September 30,   June 30,   March 31,
(In thousands, except per share data)   2021       2020       2020       2020       2020  
Total interest income $ 16,840     $ 16,026     $ 15,765     $ 14,719     $ 13,554  
Total interest expense   2,060       2,287       2,337       2,543       2,783  
Net interest income   14,780       13,739       13,428       12,176       10,771  
Provision for loan losses   287       668       2,772       2,980       1,705  
Net interest income after provision for loan losses   14,493       13,071       10,656       9,196       9,066  
                   
Total noninterest income   38,973       46,183       57,024       46,962       11,133  
Total noninterest expense   39,284       44,402       44,452       35,009       22,075  
Income (loss) before income taxes   14,182       14,852       23,228       21,149       (1,876 )
Income tax expense (benefit)   3,695       4,527       7,257       5,540       (774 )
Net income (loss)   10,487       10,325       15,971       15,609       (1,102 )
Less: net income (loss) attributable to noncontrolling interests         402       834       204       (475 )
Net income (loss) attributable to the Company $ 10,487     $ 9,923     $ 15,137     $ 15,405     $ (627 )
                   
Net income (loss) per share, basic $ 4.43     $ 4.19     $ 6.40     $ 6.51     $ (0.27 )
Weighted average shares outstanding, basic   2,369,642       2,367,061       2,365,217       2,365,217       2,355,750  
                   
Net income (loss) per share, diluted $ 4.39     $ 4.16     $ 6.39     $ 6.51     $ (0.26 )
Weighted average shares outstanding, diluted   2,388,063       2,384,702       2,370,694       2,366,787       2,379,901  
                   
                   
SUMMARIZED FINANCIAL INFORMATION (UNAUDITED) (CONTINUED): Three Months Ended
  March 31,   December 31,   September 30,   June 30,   March 31,
Consolidated Performance Ratios (Annualized)   2021       2020       2020       2020       2020  
Return on average assets   2.34 %     2.23 %     3.44 %     4.02 %     (0.19 %)
Return on average equity   24.97 %     25.43 %     43.46 %     48.75 %     (3.51 %)
Return on average common stockholders’ equity   24.97 %     24.52 %     41.08 %     47.91 %     (2.00 %)
Net interest margin (tax equivalent basis)   3.69 %     3.46 %     3.40 %     3.52 %     3.68 %
Efficiency ratio   73.08 %     74.10 %     63.10 %     59.20 %     100.78 %
                   
                   
  As of or for the Three Months Ended
  March 31,   December 31,   September 30,   June 30,   March 31,
Consolidated Asset Quality Ratios   2021       2020       2020       2020       2020  
Nonperforming loans as a percentage of total loans   1.00 %     1.10 %     1.23 %     1.26 %     1.55 %
Nonperforming assets as a percentage of total assets   0.78 %     0.78 %     0.95 %     1.17 %     1.45 %
Allowance for loan losses as a percentage of total loans   1.52 %     1.51 %     1.54 %     1.34 %     1.32 %
Allowance for loan losses as a percentage of nonperforming loans   152.72 %     138.02 %     125.05 %     106.01 %     84.67 %
Net charge-offs (recoveries) to average outstanding loans   0.00 %     0.04 %     0.03 %     0.00 %     0.06 %
                   
                   
SUMMARIZED FINANCIAL INFORMATION (UNAUDITED) (CONTINUED): Three Months Ended
Segmented Statements of Income Information March 31,   December 31,   September 30,   June 30,   March 31,
(In thousands, except per share data)   2021       2020       2020       2020       2020  
Core Banking Segment:                  
Net interest income $ 11,114     $ 10,861     $ 10,512     $ 9,645     $ 9,035  
Provision for loan losses   106       702       2,232       1,668       216  
Net interest income after provision for loan losses   11,008       10,159       8,280       7,977       8,819  
Noninterest income   1,490       1,552       1,779       1,324       1,411  
Noninterest expense   8,991       8,112       7,920       7,633       6,720  
Income before income taxes   3,507       3,599       2,139       1,668       3,510  
Income tax expense   507       570       482       276       591  
Net income attributable to the Company $ 3,000     $ 3,029     $ 1,657     $ 1,392     $ 2,919  
                   
SBA Lending Segment (Q2):                  
Net interest income (5) $ 3,227     $ 2,147     $ 1,959     $ 1,584     $ 1,151  
Provision (credit) for loan losses   181       (34 )     540       1,312       1,489  
Net interest income (loss) after provision for loan losses   3,046       2,181       1,419       272       (338 )
Noninterest income   3,407       1,385       2,828       1,785       1,209  
Noninterest expense   2,449       2,746       2,545       1,642       1,841  
Income (loss) before income taxes   4,004       820       1,702       415       (970 )
Income tax expense (benefit)   1,005       105       217       53       (124 )
Net income (loss)   2,999       715       1,485       362       (846 )
Less: net income (loss) attributable to noncontrolling interests         402       834       204       (475 )
Net income (loss) attributable to the Company (6) $ 2,999     $ 313     $ 651     $ 158     $ (371 )
                   
Mortgage Banking Segment:                  
Net interest income $ 439     $ 731     $ 957     $ 947     $ 585  
Provision for loan losses                            
Net interest income after provision for loan losses   439       731       957       947       585  
Noninterest income   34,076       43,246       52,417       43,853       8,513  
Noninterest expense   27,844       33,544       33,987       25,734       13,514  
Income (loss) before income taxes   6,671       10,433       19,387       19,066       (4,416 )
Income tax expense (benefit)   2,183       3,852       6,558       5,211       (1,241 )
Net income (loss) attributable to the Company $ 4,488     $ 6,581     $ 12,829     $ 13,855     $ (3,175 )
                   
Net Income (Loss) Per Share by Segment                  
Net income per share, basic – Core Banking $ 1.27     $ 1.28     $ 0.70     $ 0.59     $ 1.24  
Net income (loss) per share, basic – SBA Lending (Q2) (7)   1.27       0.13       0.28       0.07       (0.16 )
Net income (loss) per share, basic – Mortgage Banking   1.89       2.78       5.42       5.85       (1.35 )
  Total net income (loss) per share, basic (7) $ 4.43     $ 4.19     $ 6.40     $ 6.51     $ (0.27 )
                   
Net Income (Loss) Per Diluted Share by Segment                  
Net income per share, diluted – Core Banking $ 1.26     $ 1.27     $ 0.70     $ 0.59     $ 1.23  
Net income (loss) per share, diluted – SBA Lending (Q2) (8)   1.26       0.13       0.27       0.07       (0.16 )
Net income (loss) per share, diluted – Mortgage Banking   1.87       2.76       5.42       5.85       (1.33 )
  Total net income (loss) per share, diluted (8) $ 4.39     $ 4.16     $ 6.39     $ 6.51     $ (0.26 )
                   
(5) Includes net interest income derived from PPP loans of:   1,887       928       861       571        
                   
(6) Includes net income attributable to the Company derived from PPP loans (tax effected) of:   1,415       810       751       498        
                   
(7) Includes basic net income per share derived from PPP loans (tax effected) of:   0.60       0.34       0.32       0.21        
                   
(8) Includes diluted net income per share derived from PPP loans (tax effected) of:   0.59       0.34       0.32       0.21        
                   
                   
SUMMARIZED FINANCIAL INFORMATION (UNAUDITED) (CONTINUED): Three Months Ended
Noninterest Expense Detail by Segment March 31,   December 31,   September 30,   June 30,   March 31,
(In thousands)   2021       2020       2020       2020       2020  
Core Banking Segment:                  
Compensation $ 4,895     $ 4,127     $ 4,250     $ 4,219     $ 3,535  
Occupancy   1,387       1,392       1,512       1,239       1,133  
Advertising   248       177       225       195       151  
Other   2,461       2,416       1,933       1,980       1,901  
Total Noninterest Expense $ 8,991     $ 8,112     $ 7,920     $ 7,633     $ 6,720  
                   
SBA Lending Segment (Q2):                  
Compensation $ 1,929     $ 2,280     $ 1,939     $ 1,314     $ 1,569  
Occupancy   129       93       116       118       99  
Advertising   8       10       6             9  
Other   383       363       484       210       164  
Total Noninterest Expense $ 2,449     $ 2,746     $ 2,545     $ 1,642     $ 1,841  
                   
Mortgage Banking Segment:                  
Compensation $ 22,657     $ 27,455     $ 27,092     $ 21,363     $ 9,803  
Occupancy   998       1,100       1,207       855       757  
Advertising   1,796       2,124       2,011       1,666       1,617  
Other   2,393       2,865       3,677       1,850       1,337  
Total Noninterest Expense $ 27,844     $ 33,544     $ 33,987     $ 25,734     $ 13,514  
                   
                   
SUMMARIZED FINANCIAL INFORMATION (UNAUDITED) (CONTINUED): Three Months Ended
  March 31,   December 31,   September 30,   June 30,   March 31,
Mortgage Banking Noninterest Expense Fixed vs. Variable   2021       2020       2020       2020       2020  
(In thousands)                  
Noninterest Expense – Fixed Expenses $ 11,713     $ 13,296     $ 11,838     $ 8,394     $ 6,740  
Noninterest Expense – Variable Expenses (9)   16,131       20,248       22,149       17,340       6,774  
Total Noninterest Expense $ 27,844     $ 33,544     $ 33,987     $ 25,734     $ 13,514  
                   
                   
  Three Months Ended
SBA Lending (Q2) Data March 31,   December 31,   September 30,   June 30,   March 31,
(In thousands, except percentage data)   2021       2020       2020       2020       2020  
Final funded loans guaranteed portion sold, SBA $ 29,883     $ 14,116     $ 25,623     $ 16,605     $ 16,180  
                   
Gross gain on sales of loans, SBA $ 3,858     $ 1,698     $ 3,094     $ 1,771     $ 1,597  
Weighted average gross gain on sales of loans, SBA   12.91 %     12.03 %     12.08 %     10.67 %     9.87 %
                   
Net gain on sales of loans, SBA (10) $ 3,239     $ 1,267     $ 2,366     $ 1,317     $ 1,229  
Weighted average net gain on sales of loans, SBA   10.84 %     8.98 %     9.23 %     7.93 %     7.60 %
                   
                   
  Three Months Ended
Mortgage Banking Data March 31,   December 31,   September 30,   June 30,   March 31,
(In thousands, except percentage data)   2021       2020       2020       2020       2020  
                   
Mortgage originations for sale in the secondary market $ 1,344,873     $ 1,430,628     $ 1,526,809     $ 1,003,518     $ 532,996  
                   
Mortgage sales $ 1,476,198     $ 1,349,044     $ 1,471,501     $ 954,568     $ 488,457  
                   
Gross gain on sales of loans, mortgage banking $ 27,606     $ 47,224     $ 53,633     $ 31,067     $ 14,912  
Weighted average gross gain on sales of loans, mortgage banking   1.87 %     3.50 %     3.64 %     3.25 %     3.05 %
                   
Mortgage banking income (11) $ 32,398     $ 42,300     $ 52,035     $ 43,713     $ 8,411  
                   
(9) Variable expenses include incentive compensation and advertising expenses.           
                   
(10) Net of commissions, referral fees, SBA repair fees and discounts on unguaranteed portions held-for-investment, and inclusive of gains on servicing assets.    
                   
(11) Net of lender credits and other investor expenses, and inclusive of loan fees, gains on mortgage servicing rights, fair value adjustments and gains (losses) on derivative instruments.
                   
                   
SUMMARIZED FINANCIAL INFORMATION (UNAUDITED) (CONTINUED): Three Months Ended
Summarized Consolidated Average Balance Sheets March 31,   December 31,   September 30,   June 30,   March 31,
(In thousands)   2021       2020       2020       2020       2020  
Interest-earning assets                  
Average balances:                  
   Interest-bearing deposits with banks $ 48,035     $ 34,412     $ 58,775     $ 25,985     $ 48,306  
   Loans, excluding PPP   1,217,398       1,205,278       1,172,547       1,076,376       970,083  
   PPP loans   164,533       179,316       180,561       114,721        
   Investment securities – taxable   42,424       42,462       44,026       43,569       46,216  
   Investment securities – nontaxable   146,145       146,374       145,042       143,702       122,770  
   FRB and FHLB stock   19,294       17,992       17,293       16,804       14,878  
     Total interest-earning assets $ 1,637,829     $ 1,625,834     $ 1,618,244     $ 1,421,157     $ 1,202,253  
                   
Interest income (tax equivalent basis):                  
   Interest-bearing deposits with banks $ 18     $ 18     $ 22     $ 37     $ 153  
   Loans, excluding PPP   13,033       13,171       12,924       12,164       11,736  
   PPP loans   2,031       1,085       1,019       671        
   Investment securities – taxable   432       471       483       502       504  
   Investment securities – nontaxable   1,487       1,508       1,507       1,514       1,300  
   FRB and FHLB stock   167       108       144       168       151  
     Total interest income (tax equivalent basis) $ 17,168     $ 16,361     $ 16,099     $ 15,056     $ 13,844  
                   
Weighted average yield (tax equivalent basis, annualized):                  
   Interest-bearing deposits with banks   0.15 %     0.21 %     0.15 %     0.57 %     1.27 %
   Loans, excluding PPP   4.28 %     4.37 %     4.41 %     4.52 %     4.84 %
   PPP loans   4.94 %     2.42 %     2.26 %     2.34 %     0.00 %
   Investment securities – taxable   4.07 %     4.44 %     4.39 %     4.61 %     4.36 %
   Investment securities – nontaxable   4.07 %     4.12 %     4.16 %     4.21 %     4.24 %
   FRB and FHLB stock   3.46 %     2.40 %     3.33 %     4.00 %     4.06 %
     Total interest-earning assets   4.19 %     4.03 %     3.98 %     4.24 %     4.61 %
                   
Interest-bearing liabilities                  
Average balances:                  
   Interest-bearing deposits $ 840,556     $ 811,016     $ 842,363     $ 770,402     $ 716,051  
   Fed funds purchased                     1,978       143  
   Federal Home Loan Bank borrowings   293,819       306,299       292,876       292,168       248,205  
   Federal Reserve PPPLF borrowings   158,354       173,701       174,835       74,218        
   Subordinated debt and other borrowings   19,786       19,803       19,786       19,769       19,752  
     Total interest-bearing liabilities $ 1,312,515     $ 1,310,819     $ 1,329,860     $ 1,158,535     $ 984,151  
                   
Interest expense:                  
   Interest-bearing deposits $ 771     $ 936     $ 974     $ 1,311     $ 1,625  
   Fed funds purchased                     2        
   Federal Home Loan Bank borrowings   833       861       853       846       838  
   Federal Reserve PPPLF borrowings   137       153       154       66        
   Subordinated debt and other borrowings   319       337       356       318       320  
     Total interest expense $ 2,060     $ 2,287     $ 2,337     $ 2,543     $ 2,783  
                   
Weighted average cost (annualized):                  
   Interest-bearing deposits   0.37 %     0.46 %     0.46 %     0.68 %     0.91 %
   Repurchase agreements   0.00 %     0.00 %     0.00 %     0.00 %     0.00 %
   Fed funds purchased   0.00 %     0.00 %     0.00 %     0.40 %     0.00 %
   Federal Home Loan Bank borrowings   1.13 %     1.12 %     1.16 %     1.16 %     1.35 %
   Federal Reserve PPPLF borrowings   0.35 %     0.35 %     0.35 %     0.36 %     0.00 %
   Subordinated debt and other borrowings   6.45 %     6.81 %     7.20 %     6.43 %     6.48 %
     Total interest-bearing liabilities   0.63 %     0.70 %     0.70 %     0.88 %     1.13 %
                   
Interest rate spread (tax equivalent basis, annualized)   3.56 %     3.33 %     3.28 %     3.36 %     3.48 %
                   
Net interest margin (tax equivalent basis, annualized)   3.69 %     3.46 %     3.40 %     3.52 %     3.68 %
                   
Net interest margin, excluding PPP and PPPLF (non-GAAP), (tax equivalent basis, annualized)   3.59 %     3.63 %     3.59 %     3.65 %     3.68 %