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Consolidated Statements of Operations - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
INTEREST AND DIVIDEND INCOME        
Loans receivable, including fees $ 36,856 $ 13,068 $ 109,093 $ 37,330
Investment securities and certificates of deposit:        
Taxable 1,683 833 4,666 2,309
Exempt from federal income tax 359 300 1,069 895
Other 1,296 577 3,590 1,561
Total interest and dividend income 40,194 14,778 118,418 42,095
INTEREST EXPENSE        
Deposits 13,292 5,434 38,210 15,193
Other borrowings 949 550 2,967 1,196
Subordinated debt 972 442 2,892 1,311
Total interest expense 15,213 6,426 44,069 17,700
NET INTEREST INCOME BEFORE PROVISION FOR (CREDIT TO) CREDIT LOSSES 24,981 8,352 74,349 24,395
Provision for (credit to) credit losses 84 (349) 125 (549)
NET INTEREST INCOME AFTER PROVISION FOR (CREDIT TO) CREDIT LOSSES 24,897 8,701 74,224 24,944
NONINTEREST INCOME        
Service charges on deposit accounts 1,052 198 2,697 593
Bank-owned life insurance 430 177 1,199 488
Net realized gains (losses) on the sales of debt securities 0 0 4 (2,370)
Gain on sale of loans 138 0 200 296
Other 1,060 505 2,167 905
Total noninterest income 2,680 880 6,267 (88)
NONINTEREST EXPENSE        
Salaries and employee benefits 9,855 4,193 30,914 12,350
Occupancy 1,440 701 4,577 2,104
Equipment and data processing 1,640 934 5,290 2,519
Professional fees 763 363 2,299 1,162
FDIC insurance and supervisory fees 812 276 1,709 619
Bank shares tax 752 278 2,103 834
Intangible amortization 1,205 59 3,615 179
Merger & restructuring expenses 171 777 858 1,679
Advertising 163 77 505 268
Other 1,651 336 4,731 1,833
Total noninterest expense 18,452 7,994 56,601 23,547
Income before income tax expense 9,125 1,587 23,890 1,309
Income tax expense 2,030 347 5,265 276
NET INCOME $ 7,095 $ 1,240 $ 18,625 $ 1,033
EARNINGS PER SHARE, BASIC $ 0.19 $ 0.08 $ 0.5 $ 0.06
EARNINGS PER SHARE, DILUTED $ 0.19 $ 0.08 $ 0.5 $ 0.06
WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING,        
BASIC 36,983,637 16,235,144 36,972,127 15,984,151
DILUTED 37,090,111 16,235,144 37,061,512 15,984,151