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CONSOLIDATED STATEMENTS OF INCOME - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Interest income:      
Loans, including fees $ 106,316 $ 95,722 $ 76,099
Investment securities 6,993 6,085 3,893
Fed funds sold and interest-bearing balances in banks 11,589 4,025 665
FHLB dividends 862 684 494
FRB dividends 577 549 458
Total interest and dividend income 126,337 107,065 81,609
Interest expense:      
Deposits 24,040 6,273 4,875
Subordinated debt 3,582 3,582 3,582
Junior subordinated deferrable interest debentures 841 496 345
Total interest expense 28,463 10,351 8,802
Net interest income 97,874 96,714 72,807
Provision for credit losses 2,015 4,441 466
Net interest income after provision for credit losses 95,859 92,273 72,341
Noninterest income:      
Gain on sale of loans 508 2,747 4,795
Loss on equity securities (1,141) (4,573) 0
Loan servicing and other loan fees 1,879 2,176 1,833
Income (loss) on investment in Small Business Investment Company ("SBIC") fund 1,097 (70) 1,274
Bargain purchase gain   1,665  
Other income and fees 1,064 1,048 963
Total noninterest income 6,977 6,100 11,268
Noninterest expense:      
Salaries and employee benefits 41,001 40,480 33,761
Occupancy and equipment 8,158 8,384 7,384
Data processing 6,622 6,969 5,565
Other expense 8,897 10,102 8,419
Total noninterest expense 64,678 65,935 55,129
Income before provision for income taxes 38,158 32,438 28,480
Provision for income taxes 10,733 8,708 7,789
Net income $ 27,425 $ 23,730 $ 20,691
Earnings per common share:      
Basic earnings per common share (in dollars per share) $ 2.27 $ 1.81 $ 1.90
Weighted average common shares outstanding (in shares) 12,074,198 13,124,179 10,882,344
Diluted earnings per common share (in dollars per share) $ 2.27 $ 1.81 $ 1.90
Weighted average common shares outstanding (in shares) 12,074,198 13,124,179 10,882,344
Service charges and other fees      
Noninterest income:      
Service charges and other fees $ 3,570 $ 3,107 $ 2,403