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Consolidated Statement of Income - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
INTEREST INCOME      
Loans, including fees $ 218,060 $ 150,256 $ 118,776
Investment securities:      
Taxable 16,005 11,952 2,602
Tax-exempt 1,540 1,497 1,122
Other interest-bearing balances 361 69 13
Federal funds sold 373 1,826 809
Total Interest Income 236,339 165,600 123,322
INTEREST EXPENSE      
Deposits 79,295 14,144 11,327
Short-term borrowings 7,087 441 539
Long-term and subordinated debt 2,984 3,182 2,888
Total Interest Expense 89,366 17,767 14,754
Net Interest Income 146,973 147,833 108,568
Provision for credit losses - loans 3,295 4,300 2,945
Net Interest Income After Provision for Credit Losses - Loans 143,678 143,533 105,623
NONINTEREST INCOME      
Net gain on sales of SBA loans 571 262 969
Earnings from cash surrender value of life insurance 1,112 1,013 358
Net gain on sales of investment activities 0 0 79
Other 5,627 7,793 3,576
Noninterest Income 20,008 23,657 21,533
NONINTEREST EXPENSE      
Salaries and employee benefits 59,345 52,601 41,711
Software licensing and utilization 7,927 7,524 6,332
Occupancy, net 7,349 6,900 5,527
Equipment 5,121 4,493 3,101
Shares tax 2,713 2,786 800
Legal and professional fees 2,945 2,761 1,979
ATM/card processing 2,108 2,139 1,053
Intangible amortization 1,780 2,012 1,180
FDIC Assessment 3,500 1,594 1,888
Gain on sale of foreclosed assets, net (144) (133) (25)
Merger and acquisition 5,544 294 3,067
Post-acquisition restructuring 2,952 329 9,880
Other 17,852 16,543 14,612
Total Noninterest Expense 118,992 99,843 91,105
INCOME BEFORE PROVISION FOR INCOME TAXES 44,694 67,347 36,051
Provision for income taxes 7,297 12,541 6,732
NET INCOME AVAILABLE TO COMMON SHAREHOLDERS $ 37,397 $ 54,806 $ 29,319
PER COMMON SHARE DATA:      
Basic Earnings Per Common Share (in dollars per share) $ 2.29 $ 3.44 $ 2.71
Diluted earnings per common share (in dollars per share) $ 2.29 $ 3.44 $ 2.71
Weighted average shares outstanding (basic) (in shares) 16,319,006 15,912,877 10,806,009
Weighted average shares outstanding (diluted) (in shares) 16,350,963 15,934,635 10,819,579
Fiduciary and wealth management      
NONINTEREST INCOME      
Non-interest Income $ 5,059 $ 5,071 $ 2,494
ATM debit card interchange      
NONINTEREST INCOME      
Non-interest Income 4,019 4,362 2,688
Service charges on deposits      
NONINTEREST INCOME      
Non-interest Income 1,943 2,078 991
Mortgage banking      
NONINTEREST INCOME      
Non-interest Income 1,353 1,607 10,314
Mortgage hedging      
NONINTEREST INCOME      
Non-interest Income $ 324 $ 1,471 $ 64