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Condensed Consolidated Statements of Income - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Interest Income    
Loans receivable $ 66,954 $ 55,364
Investment securities – taxable 7,362 8,725
Investment securities – tax exempt 6,451 7,556
Other 4,497 153
Total interest income 85,264 71,798
Interest Expense    
Deposits 27,990 14,819
Borrowed funds 11,930 9,771
Subordinated notes 831 880
Junior subordinated debentures issued to capital trusts 1,225 1,091
Total interest expense 41,976 26,561
Net Interest Income 43,288 45,237
Credit loss expense 805 242
Net Interest Income after Credit Loss Expense 42,483 44,995
Non–interest Income    
Service charges on deposit accounts 3,214 3,028
Wire transfer fees 101 109
Interchange fees 3,109 2,867
Fiduciary activities 1,315 1,275
Gain (loss) on sale of investment securities 0 (500)
Gain on sale of mortgage loans 626 785
Mortgage servicing income, net 439 713
Increase in cash value of bank owned life insurance 298 981
Other income 827 362
Total non–interest income 9,929 9,620
Non–interest Expense    
Salaries and employee benefits 20,268 18,712
Net occupancy expenses 3,546 3,563
Data processing 2,464 2,669
Professional fees 607 533
Outside services and consultants 3,359 2,717
Loan expense 719 1,118
FDIC insurance expense 1,320 540
Core deposit intangible amortization 872 903
Other losses 16 221
Other expense 3,936 3,548
Total non–interest expense 37,107 34,524
Income Before Income Taxes 15,305 20,091
Income tax expense 1,314 1,863
Net Income $ 13,991 $ 18,228
Basic earnings per share (in USD per share) $ 0.32 $ 0.42
Diluted earnings per share (in USD per share) $ 0.32 $ 0.42