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CONDENSED 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:        
Loans, including fees $ 34,141 $ 24,988 $ 99,804 $ 64,821
Loans accounted for under the fair value option 300 513 1,078 859
Investment securities 607 653 1,863 1,408
Interest-bearing deposits in other financial institutions 1,292 533 4,361 1,314
Dividends, restricted stock 141 108 459 143
Total interest and dividend income 36,481 26,795 107,565 68,545
Interest expense:        
Deposits 17,467 2,706 46,423 4,752
Other borrowed funds 2,248 1,027 6,368 1,855
Total interest expense 19,715 3,733 52,791 6,607
Net interest income 16,766 23,062 54,774 61,938
Less: Provision for credit losses(1) 329 1,756 [1] 1,862 2,485 [1]
Net interest income, after provision for credit losses 16,437 21,306 52,912 59,453
Non-interest income:        
Trust and investment management fees 4,846 4,639 14,083 14,586
Net gain on mortgage loans 654 728 2,447 3,955
Net loss on loans held for sale 0 0 (178) 0
Bank fees 427 587 1,610 1,847
Risk management and insurance fees 145 115 375 307
Income on company-owned life insurance 96 88 277 261
Net gain on equity interests 0 6 0 7
Net loss on loans accounted for under the fair value option (252) (134) (1,919) (289)
Unrealized (loss)/gain recognized on equity securities (19) 75 (20) 342
Other 202 85 (808) 259
Total non-interest income 6,099 6,189 15,867 21,275
Total income before non-interest expense 22,536 27,495 68,779 80,728
Non-interest expense:        
Salaries and employee benefits 10,968 11,566 35,214 36,569
Occupancy and equipment 1,807 1,836 5,660 5,610
Professional services 1,867 2,316 5,648 5,869
Technology and information systems 906 1,172 2,569 3,294
Data processing 1,159 888 3,350 3,062
Marketing 355 403 1,125 1,388
Amortization of other intangible assets 62 77 188 231
Net gain on assets held for sale 0 (1) 0 (4)
Net gain on sale of other real estate owned 0 (41) 0 (41)
Other 1,190 1,044 3,607 3,223
Total non-interest expense 18,314 19,260 57,361 59,201
Income before income taxes 4,222 8,235 11,418 21,527
Income tax expense 1,104 2,014 2,974 5,300
Net income available to common shareholders $ 3,118 $ 6,221 $ 8,444 $ 16,227
Earnings per common share:        
Basic (in USD per share) $ 0.33 $ 0.66 $ 0.89 $ 1.72
Diluted (in USD per share) $ 0.32 $ 0.64 $ 0.87 $ 1.67
[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.