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Consolidated Statements of Income - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Interest and Dividend Income        
Interest and fees on loans and loans held for sale $ 29,097 $ 22,130 $ 79,104 $ 60,205
Interest on investment securities available for sale 4,012 2,922 11,942 5,983
Dividends on marketable equity securities 199 161 542 386
Interest on investment securities held to maturity 473 413 1,420 1,038
Dividends on Federal Home Loan Bank stock 43 34 114 90
Interest on deposits in other banks 584 1,899 2,901 2,907
Total Interest and Dividend Income 34,408 27,559 96,023 70,609
Interest Expense        
Interest expense on deposits 7,138 1,064 17,835 2,238
Interest expense on borrowings 825 88 1,381 260
Interest expense on junior subordinated debentures 95 96 283 284
Total Interest Expense 8,058 1,248 19,499 2,782
Net Interest Income 26,350 26,311 76,524 67,827
Provision (benefit) for credit losses 1,190 (353) 2,957 (40)
Net Interest Income After Provision (Benefit) for Credit Losses 25,160 26,664 73,567 67,867
Other Operating Income        
Mortgage banking income 4,405 5,734 10,326 18,616
Purchased receivable income 1,180 561 3,175 1,529
Unrealized gain (loss) on marketable equity securities 12 33 (445) (1,199)
Keyman life insurance proceeds 0 0 0 2,002
Other income 833 920 2,406 2,423
Total Other Operating Income 8,002 8,672 19,890 27,302
Other Operating Expense        
Salaries and other personnel expense 15,657 14,510 46,324 44,017
Data processing expense 2,589 2,315 7,321 6,618
Occupancy expense 1,857 1,710 5,611 5,184
Professional and outside services 803 894 2,326 2,324
Insurance expense 640 545 1,844 1,627
Marketing expense 499 524 1,996 1,763
Intangible asset amortization expense 4 7 11 19
OREO expense, net rental income and gains on sale (784) 109 (766) 116
Other operating expense 1,631 1,672 5,521 4,957
Total Other Operating Expense 22,896 22,286 70,188 66,625
Income Before Provision for Income Taxes 10,266 13,050 23,269 28,544
Provision for income taxes 1,892 2,925 4,488 6,398
Net Income $ 8,374 $ 10,125 $ 18,781 $ 22,146
Earnings Per Share, Basic (in USD per share) $ 1.50 $ 1.77 $ 3.34 $ 3.82
Earnings Per Share, Diluted (in USD per share) $ 1.48 $ 1.76 $ 3.30 $ 3.79
Weighted Average Common Shares Outstanding, Basic (in shares) 5,569,238 5,681,089 5,630,948 5,790,000
Weighted Average Common Shares Outstanding, Diluted (in shares) 5,624,906 5,740,494 5,688,687 5,848,625
Bankcard fees        
Other Operating Income        
Bankcard fees and Service charges on deposit accounts $ 1,022 $ 992 $ 2,916 $ 2,723
Service charges on deposit accounts        
Other Operating Income        
Bankcard fees and Service charges on deposit accounts $ 550 $ 432 $ 1,512 $ 1,208