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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - 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 $ 51,505 $ 46,242 $ 151,008 $ 128,703
Securities:        
Taxable 5,300 5,422 16,096 16,027
Non-taxable 803 833 2,419 3,057
Federal funds sold and interest-bearing deposits in banks 4,032 4,031 10,052 7,010
Total interest income 61,640 56,528 179,575 154,797
Interest expense:        
Deposits 22,653 18,965 65,945 44,768
Notes payable & other borrowings 0 0 0 5
Subordinated debt 835 1,012 2,505 3,037
Junior subordinated deferrable interest debentures 858 862 2,575 2,402
Total interest expense 24,346 20,839 71,025 50,212
Net interest income 37,294 35,689 108,550 104,585
Provision for credit losses 495 (700) 3,100 4,010
Net interest income, after provision for credit losses 36,799 36,389 105,450 100,575
Noninterest income:        
Service charges on deposit accounts 2,023 1,840 5,785 5,286
Income from insurance activities 28 30 92 1,478
Net gain on sales of loans 2,715 2,631 8,157 9,077
Bank card services and interchange fees 3,302 3,157 10,415 10,156
Other mortgage banking income (loss) (825) 1,971 1,075 3,069
Investment commissions 391 430 1,275 1,239
Fiduciary fees 613 582 2,087 1,779
Gain on sale of subsidiary 0 290 0 33,778
Other 2,388 1,346 5,867 4,218
Total noninterest income 10,635 12,277 34,753 70,080
Noninterest expense:        
Salaries and employee benefits 18,767 18,709 56,954 61,400
Occupancy and equipment, net 4,255 4,111 12,204 12,246
Professional services 1,807 1,560 5,028 4,924
Marketing and development 1,015 853 2,629 2,573
IT and data services 1,092 818 3,168 2,570
Bank card expenses 1,500 1,451 4,413 4,119
Appraisal expenses 246 283 702 862
Realized loss on sale of securities 0 0 0 3,409
Other 4,446 3,704 12,532 12,246
Total noninterest expense 33,128 31,489 97,630 104,349
Income before income taxes 14,306 17,177 42,573 66,306
Income tax expense 3,094 3,683 9,353 13,885
Net income $ 11,212 $ 13,494 $ 33,220 $ 52,421
Earnings per share:        
Basic (in dollars per share) $ 0.68 $ 0.8 $ 2.02 $ 3.09
Diluted (in dollars per share) $ 0.66 $ 0.78 $ 1.96 $ 3.01
Net income $ 11,212 $ 13,494 $ 33,220 $ 52,421
Other comprehensive income (loss):        
Unrealized gains (losses) on securities available for sale 25,268 (30,907) 14,997 (29,393)
Less: Change in fair value on hedged state and municipal securities (4,196) 2,091 (3,274) 1,320
Reclassification adjustment for loss on sale of securities 0 0 0 3,409
Tax effect (4,425) 6,051 (2,462) 5,179
Other comprehensive income (loss) 16,647 (22,765) 9,261 (19,485)
Comprehensive income (loss) $ 27,859 $ (9,271) $ 42,481 $ 32,936