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CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
INTEREST INCOME:        
Interest and fees on loans $ 36,197 $ 17,382 $ 54,497 $ 34,159
Interest on deposits in other banks 1,076 1,374 1,507 1,449
Interest and dividends on investment securities:        
Taxable 5,328 5,826 10,828 11,712
Exempt from Federal income taxes 1,396 1,405 2,792 2,810
Total interest income 43,997 25,987 69,624 50,130
INTEREST EXPENSE:        
Interest on deposits 12,266 4,871 17,285 5,876
Interest on borrowings 1,758 0 2,379 661
Interest on senior debt and subordinated debentures 916 911 1,831 1,807
Total interest expense 14,940 5,782 21,495 8,344
Net interest income before provision for credit losses 29,057 20,205 48,129 41,786
PROVISION (CREDIT) FOR CREDIT LOSSES 9,831 (343) 10,407 290
Net interest income after provision for credit losses 19,226 20,548 37,722 41,496
NON-INTEREST INCOME:        
Service charges 480 367 864 755
Net realized losses on sales and calls of investment securities (1,974) (39) (2,346) (257)
Other income 2,894 1,266 4,519 2,671
Total non-interest income 1,400 1,594 3,037 3,169
NON-INTEREST EXPENSES:        
Salaries and employee benefits 13,451 7,976 22,090 16,010
Occupancy and equipment 2,423 1,264 3,966 2,521
Other Noninterest Expense 12,629 4,565 17,780 8,479
Total non-interest expenses 28,503 13,805 43,836 27,010
(Loss) income before (benefit) provision for income taxes (7,877) 8,337 (3,077) 17,655
(Benefit) provision for income taxes (1,587) 2,055 (463) 4,403
Net (loss) income $ (6,290) $ 6,282 $ (2,614) $ 13,252
Earnings per common share:        
Basic (loss) earnings per common share (in dollars per share) $ (0.33) $ 0.54 $ (0.17) $ 1.13
Weighted average common shares used in basic computation (in shares) 18,814,020 11,723,127 15,282,274 11,713,524
Diluted earnings per common share (in dollars per share) $ (0.33) $ 0.54 $ (0.17) $ 1.13
Weighted average common shares used in diluted computation (in shares) 18,937,036 11,740,390 15,369,528 11,738,037
Cash dividends per common share (in dollars per share) $ 0.12 $ 0.12 $ 0.24 $ 0.24