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Consolidated Statements of Income (Unaudited) - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Interest income        
Loans, including fees $ 62,006,000 $ 36,003,000 $ 119,159,000 $ 69,254,000
Securities, taxable 2,207,000 1,898,000 4,338,000 3,563,000
Securities, tax-exempt 904,000 631,000 1,780,000 1,231,000
Interest-earning deposits 801,000 1,018,000 1,125,000 1,384,000
Total interest income 65,918,000 39,550,000 126,402,000 75,432,000
Interest expense        
Deposits 12,379,000 1,873,000 20,286,000 3,698,000
Short-term borrowings 914,000 49,000 1,373,000 99,000
Federal Home Loan Bank advances 3,051,000 1,911,000 4,845,000 3,774,000
Subordinated debt and other borrowings 2,023,000 1,391,000 3,963,000 2,650,000
Total interest expense 18,367,000 5,224,000 30,467,000 10,221,000
Net interest income 47,551,000 34,326,000 95,935,000 65,211,000
Provision for credit losses 2,000,000 500,000 2,600,000 600,000
Net interest income after provision for credit losses 45,551,000 33,826,000 93,335,000 64,611,000
Noninterest income:        
Mortgage banking income 1,835,000 1,947,000 3,050,000 5,228,000
Interest rate swap fees 748,000 430,000 1,785,000 1,781,000
Payroll services income 572,000 464,000 1,317,000 1,102,000
Earnings on bank owned life insurance 402,000 785,000 802,000 1,072,000
Other income 598,000 486,000 1,117,000 910,000
Total noninterest income 7,645,000 7,741,000 14,597,000 17,018,000
Noninterest expense        
Salaries and benefits 16,461,000 15,676,000 33,143,000 31,186,000
Occupancy 2,098,000 2,084,000 4,387,000 4,168,000
Furniture and equipment depreciation, rent and maintenance 878,000 935,000 1,700,000 1,869,000
Data processing costs 2,881,000 3,091,000 6,043,000 6,064,000
Charitable foundation contribution 2,000 500,000 12,000 506,000
Other expense 5,509,000 4,656,000 11,144,000 8,891,000
Total noninterest expenses 27,829,000 26,942,000 56,429,000 52,684,000
Income before federal income tax expense 25,367,000 14,625,000 51,503,000 28,945,000
Federal income tax expense 5,010,000 2,888,000 10,171,000 5,716,000
Net income $ 20,357,000 $ 11,737,000 $ 41,332,000 $ 23,229,000
Basic earnings per share (in dollars per share) $ 1.27 $ 0.74 $ 2.58 $ 1.47
Diluted earnings per share (in dollars per share) $ 1.27 $ 0.74 $ 2.58 $ 1.47
Average basic shares outstanding (in shares) 16,003,372 15,848,681 15,999,775 15,844,763
Average diluted shares outstanding (in shares) 16,003,372 15,848,681 15,999,775 15,844,763
Service Charges on Deposit and Sweep Accounts [Member]        
Noninterest income:        
Noninterest revenue $ 1,064,000 $ 1,495,000 $ 2,041,000 $ 2,910,000
Credit and Debit Card [Member]        
Noninterest income:        
Noninterest revenue $ 2,426,000 $ 2,134,000 $ 4,485,000 $ 4,015,000