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CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Interest and dividend income:        
Loans, including fees $ 33,583 $ 20,546 $ 65,663 $ 39,833
Loans accounted for under the fair value option 351 346 778 346
Investment securities 627 418 1,256 755
Interest-bearing deposits in other financial institutions 1,666 549 3,069 781
Dividends, restricted stock 145 14 318 35
Total interest and dividend income 36,372 21,873 71,084 41,750
Interest expense:        
Deposits 15,864 1,103 28,956 2,046
Other borrowed funds 2,073 390 4,120 828
Total interest expense 17,937 1,493 33,076 2,874
Net interest income 18,435 20,380 38,008 38,876
Less: Provision for credit losses(1) 1,843 519 [1] 1,533 729 [1]
Net interest income, after provision for credit losses 16,592 19,861 36,475 38,147
Non-interest income:        
Trust and investment management fees 4,602 4,781 9,237 9,947
Net gain on mortgage loans 774 924 1,793 3,227
Net loss on loans held for sale 0 0 (178) 0
Bank fees 591 590 1,183 1,260
Risk management and insurance fees 103 83 230 192
Income on company-owned life insurance 91 87 181 173
Net gain on equity interests 0 0 0 1
Net loss on loans accounted for under the fair value option (1,124) (155) (1,667) (155)
Unrealized (loss)/gain recognized on equity securities (11) 299 (1) 267
Other (1,064) 89 (1,010) 174
Total non-interest income 3,962 6,698 9,768 15,086
Total income before non-interest expense 20,554 26,559 46,243 53,233
Non-interest expense:        
Salaries and employee benefits 11,148 12,945 24,246 25,003
Occupancy and equipment 1,939 1,892 3,853 3,774
Professional services 1,858 2,027 3,781 3,553
Technology and information systems 831 1,076 1,663 2,122
Data processing 1,052 987 2,191 2,174
Marketing 379 428 770 985
Amortization of other intangible assets 62 77 126 154
Net gain on assets held for sale 0 (2) 0 (3)
Other 1,250 1,153 2,417 2,179
Total non-interest expense 18,519 20,583 39,047 39,941
Income before income taxes 2,035 5,976 7,196 13,292
Income tax expense 529 1,494 1,870 3,286
Net income available to common shareholders $ 1,506 $ 4,482 $ 5,326 $ 10,006
Earnings per common share:        
Basic (in USD per share) $ 0.16 $ 0.47 $ 0.56 $ 1.06
Diluted (in USD per share) $ 0.16 $ 0.46 $ 0.55 $ 1.03
[1] Provision for credit loss amounts for periods prior to the ASC 326 adoption date of January 1, 2023 are reported in accordance with previously applicable GAAP.