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Consolidated Statements of Operations - 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 receivable, including fees $ 36,112 $ 12,499 $ 72,237 $ 24,261
Investment securities and certificates of deposit:        
Taxable 1,592 822 2,983 1,475
Exempt from federal income tax 350 297 711 597
Other 1,395 708 2,293 983
Total interest and dividend income 39,449 14,326 78,224 27,316
INTEREST EXPENSE        
Deposits 13,071 5,242 24,918 9,759
Other borrowings 932 558 2,018 645
Subordinated debt 962 437 1,920 869
Total interest expense 14,965 6,237 28,856 11,273
NET INTEREST INCOME BEFORE PROVISION FOR (CREDIT TO) CREDIT LOSSES 24,484 8,089 49,368 16,043
Provision for (credit to) credit losses (493) 40 (200)
NET INTEREST INCOME AFTER PROVISION FOR (CREDIT TO) CREDIT LOSSES 24,484 8,582 49,328 16,243
NONINTEREST INCOME        
Service charges on deposit accounts 865 197 1,645 396
Bank-owned life insurance 386 170 769 310
Net realized gains (losses) on the sales of debt securities 4 0 4 (2,370)
Gain on sale of loans 12 296 62 296
Other 591 223 1,107 401
Total noninterest income 1,858 886 3,587 (967)
NONINTEREST EXPENSE        
Salaries and employee benefits 9,941 4,037 21,059 8,157
Occupancy 1,559 696 3,137 1,403
Equipment and data processing 1,824 893 3,650 1,586
Professional fees 788 418 1,536 799
FDIC insurance 545 184 897 343
Bank shares tax 760 278 1,351 556
Intangible amortization 1,204 59 2,411 120
Merger & restructuring expenses 631 315 687 902
Advertising 241 104 475 191
Other 1,407 832 2,947 1,496
Total noninterest expense 18,900 7,816 38,150 15,553
Income (loss) before income tax expense (benefit) 7,442 1,652 14,765 (277)
Income tax expense (benefit) 1,638 305 3,235 (70)
NET INCOME (LOSS) $ 5,804 $ 1,347 $ 11,530 $ (207)
EARNINGS (LOSS) PER SHARE, BASIC $ 0.16 $ 0.08 $ 0.31 $ (0.01)
EARNINGS (LOSS) PER SHARE, DILUTED $ 0.16 $ 0.08 $ 0.31 $ (0.01)
WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING,        
BASIC 36,970,768 16,228,069 36,966,371 15,856,574
DILUTED 37,040,748 16,228,069 37,042,896 15,856,574