XML 14 R4.htm IDEA: XBRL DOCUMENT v3.23.3
Consolidated Statements of Income (Unaudited) - USD ($)
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 $ 47,617,000 $ 43,588,000 $ 148,369,000 $ 121,631,000
Interest on interest-earning deposits 3,193,000 373,000 6,096,000 655,000
Interest on investment securities 4,211,000 1,784,000 10,321,000 4,210,000
Dividend income on FHLB stock 290,000 224,000 814,000 673,000
Interest on federal funds sold and other 252,000 445,000 716,000 1,149,000
Total interest income 55,563,000 46,414,000 166,316,000 128,318,000
Interest expense:        
Interest on savings deposits, now and money market accounts 3,106,000 1,529,000 8,180,000 3,091,000
Interest on time deposits 21,849,000 2,460,000 54,424,000 5,540,000
Interest on subordinated debentures and long-term debt 2,579,000 2,427,000 7,668,000 7,154,000
Interest on other borrowed funds 440,000 1,020,000 2,428,000 1,974,000
Total interest expense 27,974,000 7,436,000 72,700,000 17,759,000
Net interest income 27,589,000 38,978,000 93,616,000 110,559,000
Provision for credit losses 1,399,000 1,766,000 3,793,000 3,048,000
Net interest income after provision for credit losses 26,190,000 37,212,000 89,823,000 107,511,000
Noninterest income:        
Service charges, fees and other 1,357,000 1,214,000 4,150,000 3,745,000
Gain on sale of loans 212,000 265,000 258,000 1,783,000
Loan servicing fees, net of amortization 623,000 724,000 1,959,000 1,628,000
Increase in cash surrender value of life insurance 356,000 332,000 1,036,000 986,000
Gain on sale of OREO 190,000 0 190,000 0
Gain on sale of fixed assets 32,000 0 32,000 757,000
Noninterest Income 2,770,000 2,535,000 7,625,000 8,899,000
Noninterest expense:        
Salaries and employee benefits 9,744,000 9,561,000 28,935,000 28,558,000
Occupancy and equipment expenses 2,414,000 2,349,000 7,242,000 6,728,000
Data processing 1,315,000 1,306,000 3,969,000 3,857,000
Legal and professional 1,022,000 1,077,000 6,907,000 4,337,000
Office expenses 437,000 382,000 1,163,000 1,033,000
Marketing and business promotion 340,000 364,000 892,000 1,172,000
Insurance and regulatory assessments 730,000 441,000 2,043,000 1,360,000
Core deposit premium 236,000 277,000 708,000 833,000
Other expenses 638,000 940,000 2,445,000 2,489,000
Noninterest Expense 16,876,000 16,697,000 54,304,000 50,367,000
Income before income taxes 12,084,000 23,050,000 43,144,000 66,043,000
Income tax expense 3,611,000 6,398,000 12,752,000 19,297,000
Net income $ 8,473,000 $ 16,652,000 $ 30,392,000 $ 46,746,000
Net income per share        
Basic (in dollars per share) $ 0.45 $ 0.88 $ 1.6 $ 2.44
Diluted (in dollars per share) $ 0.45 $ 0.87 $ 1.6 $ 2.41
Weighted-average common shares outstanding        
Basic (in shares) 18,995,303 18,988,443 18,991,579 19,142,732
Diluted (in shares) 18,997,304 19,130,447 19,013,838 19,415,558