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CONSOLIDATED STATEMENTS OF INCOME - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Interest income:        
Loans, including fees $ 45,781 $ 44,853 $ 135,851 $ 132,993
Securities, taxable 4,676 6,797 16,342 20,835
Securities, exempt from Federal tax 223 232 674 718
Other investments, interest-bearing deposits in other financial institutions and Federal funds sold 10,758 8,909 25,199 20,860
Total interest income 61,438 60,791 178,066 175,406
Interest expense:        
Deposits 20,985 14,880 56,989 31,504
Short-term borrowings       1,365
Subordinated debt 538 539 1,614 1,614
Total interest expense 21,523 15,419 58,603 34,483
Net interest income before provision for credit losses on loans 39,915 45,372 119,463 140,923
Provision for credit losses on loans 153 168 808 460
Net interest income after provision for credit losses on loans 39,762 45,204 118,655 140,463
Noninterest income:        
Service charges and fees on deposit accounts 908 859 2,676 3,503
Increase in cash surrender value of life insurance 530 517 1,569 1,512
Servicing income 108 62 288 297
Gain on sales of SBA loans 94 207 348 482
Termination fees 46 118 159 129
Gain on proceeds from company-owned life insurance   100 219 100
Other 554 353 1,304 1,033
Total noninterest income 2,240 2,216 6,563 7,056
Noninterest expense:        
Salaries and employee benefits 15,673 14,147 46,976 42,943
Occupancy and equipment 2,599 2,301 7,731 7,123
Professional fees 1,306 717 3,705 3,265
Other 7,977 8,006 24,867 22,232
Total noninterest expense 27,555 25,171 83,279 75,563
Income before income taxes 14,447 22,249 41,939 71,956
Income tax expense 3,940 6,454 12,032 20,841
Net income $ 10,507 $ 15,795 $ 29,907 $ 51,115
Earnings per common share:        
Basic (in dollars per share) $ 0.17 $ 0.26 $ 0.49 $ 0.84
Diluted (in dollars per share) $ 0.17 $ 0.26 $ 0.49 $ 0.83