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Consolidated Statements of Income - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Interest and dividend income        
Loans, including fees $ 61,518 $ 52,748 $ 120,347 $ 101,129
Securities, taxable 10,176 5,813 20,053 11,760
Securities, nontaxable 401 568 792 1,237
Federal funds sold and other 3,037 2,127 5,707 3,253
Total interest and dividend income 75,132 61,256 146,899 117,379
Interest expense        
Deposits 22,662 17,204 45,517 31,025
Federal funds purchased and retail repurchase agreements 306 192 632 387
Federal Home Loan Bank advances 3,789 953 4,933 1,971
Federal Reserve Bank borrowings   1,528 1,361 1,663
Subordinated debt 1,899 1,950 3,798 3,794
Total interest expense 28,656 21,827 56,241 38,840
Net interest income 46,476 39,429 90,658 78,539
Provision (reversal) for credit losses 265 298 1,265 (68)
Net interest income after provision (reversal) for credit losses 46,211 39,131 89,393 78,607
Non-interest income        
Increase in value of bank-owned life insurance 911 757 1,739 2,340
Net gain on acquisition and branch sales 60   1,300  
Net gain (loss) from securities transactions (27) (1,322) 16 (1,290)
Other 2,607 1,996 7,023 3,794
Total non-interest income 8,958 6,950 20,689 15,550
Non-interest expense        
Salaries and employee benefits 17,827 15,237 35,924 31,929
Net occupancy and equipment 3,787 2,940 7,322 5,819
Data processing 5,036 4,493 9,864 8,409
Professional fees 1,778 1,645 3,170 3,029
Advertising and business development 1,291 1,249 2,529 2,408
Telecommunications 572 516 1,227 1,001
FDIC insurance 590 515 1,161 875
Courier and postage 620 463 1,226 921
Free nationwide ATM cost 531 524 1,025 1,049
Amortization of core deposit intangibles 1,218 918 2,117 1,836
Loan expense 195 136 304 253
Other real estate owned 17 71 (67) 190
Merger expenses 2,287   3,843  
Other 3,122 4,423 6,378 8,640
Total non-interest expense 38,871 33,130 76,023 66,359
Income (loss) before income taxes 16,298 12,951 34,059 27,798
Provision (benefit) for income taxes 4,582 1,495 8,275 4,019
Net income (loss) and net income (loss) allocable to common stockholders $ 11,716 $ 11,456 $ 25,784 $ 23,779
Basic earnings (loss) per share $ 0.77 $ 0.74 $ 1.68 $ 1.52
Diluted earnings (loss) per share $ 0.76 $ 0.74 $ 1.67 $ 1.51
Service Charges and Fees [Member]        
Non-interest income        
Non-interest income $ 2,541 $ 2,653 $ 5,110 $ 5,198
Debit Card Income [Member]        
Non-interest income        
Non-interest income 2,621 2,653 5,068 5,207
Mortgage Banking [Member]        
Non-interest income        
Non-interest income $ 245 $ 213 $ 433 $ 301