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Consolidated Statements of Income - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Interest and dividend income:      
Loans, including fees $ 136,029 $ 95,054 $ 79,155
Tax-exempt investment securities 126 140 146
Taxable investment securities 4,553 2,767 1,467
Other interest-earning assets 10,469 3,790 704
Total interest income 151,177 101,751 81,472
Interest expense:      
Deposits 62,165 11,984 4,043
Other borrowings 508 135 292
Total interest expense 62,673 12,119 4,335
Net interest income 88,504 89,632 77,137
Provision (reversal) for credit losses (132) [1] 3,602 [2] (4,596) [2]
Net interest income after provision (reversal) for loan losses 88,636 86,030 81,733
Noninterest income:      
Service charges and fees on deposits 2,650 2,642 2,369
Loan servicing income 3,330 2,969 2,770
Bank-owned life insurance income 753 706 108
Gain on sale of loans 3,570 7,990 12,932
Other income 1,555 1,508 1,429
Total noninterest income 10,683 14,499 18,434
Noninterest expense:      
Salaries and employee benefits 34,572 33,056 27,974
Occupancy and equipment 7,924 6,481 5,575
Professional fees 3,087 2,239 2,159
Marketing and business promotion 2,327 2,150 1,656
Data processing 1,552 1,706 1,572
Director fees and expenses 756 706 594
Regulatory assessments 1,103 597 537
Other expenses 4,736 4,191 3,141
Total noninterest expense 56,057 51,126 43,208
Income before income taxes 43,262 49,403 56,959
Income tax expense 12,557 14,416 16,856
Net income $ 30,705 $ 34,987 $ 40,103
Earnings per common share, basic (in dollars per share) $ 2.14 $ 2.35 $ 2.66
Earnings per common share, diluted (in dollars per share) $ 2.12 $ 2.31 $ 2.62
Weighted-average common shares outstanding, basic (in shares) 14,301,691 14,822,018 15,017,637
Weighted-average common shares outstanding, diluted (in shares) 14,417,938 15,065,175 15,253,820
Revenue, Product and Service [Extensible Enumeration] Service charges and fees on deposits Service charges and fees on deposits Service charges and fees on deposits
Service charges and fees on deposits      
Noninterest income:      
Service charges and fees on deposits $ 1,475 $ 1,326 $ 1,195
[1] Provision (reversal) for credit losses for the year ended December 31, 2023 is presented under ASC 326, while prior period comparisons continue to be presented under legacy ASC 450 and ASC 310.
[2] Provision (reversal) for credit losses for the year ended December 31, 2023 is presented under ASC 326, while prior period comparisons continue to be presented under legacy ASC 450 and ASC 310.