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Consolidated Statements of Income (Unaudited) - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Interest income:        
Loans, including fees $ 73,103,000 $ 59,295,000 $ 143,774,000 $ 113,206,000
Investment securities available-for-sale 4,491,000 2,029,000 7,584,000 3,577,000
Federal funds sold and other 3,631,000 1,389,000 8,743,000 3,309,000
Total interest income 81,225,000 62,713,000 160,101,000 120,092,000
Interest expense:        
Deposit accounts 40,410,000 24,936,000 79,108,000 47,028,000
FHLB advances and other borrowings 1,957,000 3,681,000 4,056,000 6,138,000
Total interest expense 42,367,000 28,617,000 83,164,000 53,166,000
Net interest income 38,858,000 34,096,000 76,937,000 66,926,000
Provision for credit losses 1,900,000 1,400,000 3,460,000 2,600,000
Net interest income after credit loss expense 36,958,000 32,696,000 73,477,000 64,326,000
Noninterest income:        
Service charges and fees 1,515,000 720,000 3,020,000 1,499,000
Earnings on bank-owned life insurance 587,000 526,000 1,169,000 1,001,000
Gain on sale of investment securities available-for-sale 123,000   280,000 97,000
Gain on sale of SBA loans     30,000  
Derivative fees 28,000 247,000 94,000 246,000
Other 635,000 787,000 638,000 1,339,000
Total noninterest income 2,888,000 2,280,000 5,231,000 4,182,000
Noninterest expense:        
Salaries and employee benefits 15,917,000 15,033,000 32,419,000 28,745,000
Occupancy and equipment expense 3,146,000 2,852,000 6,191,000 5,485,000
Legal and professional 1,621,000 1,547,000 3,006,000 3,477,000
Data processing and network expense 1,046,000 1,261,000 2,464,000 2,464,000
Regulatory assessments 1,005,000 458,000 1,985,000 1,124,000
Advertising and marketing 406,000 812,000 761,000 1,498,000
Software purchases and maintenance 828,000 455,000 1,645,000 807,000
Loan operations 262,000 302,000 488,000 267,000
Telephone and communications 141,000 129,000 275,000 268,000
Other 1,257,000 986,000 2,309,000 1,744,000
Total noninterest expense 25,629,000 23,835,000 51,543,000 45,879,000
Net income before income tax expense 14,217,000 11,141,000 27,165,000 22,629,000
Income tax expense 3,421,000 2,250,000 6,002,000 4,495,000
Net income 10,796,000 8,891,000 21,163,000 18,134,000
Preferred stock dividends declared 1,184,000 1,184,000 2,355,000 2,355,000
Net income available to common shareholders $ 9,612,000 $ 7,707,000 $ 18,808,000 $ 15,779,000
Earnings per common share:        
Basic earnings per share $ 0.7 $ 0.57 $ 1.38 $ 1.16
Diluted earnings per share $ 0.63 $ 0.53 $ 1.25 $ 1.08