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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 and dividend income:        
Interest and fees on loans $ 50,810,000 $ 40,157,000 $ 100,752,000 $ 78,043,000
Interest on interest-earning deposits 2,112,000 111,000 2,903,000 282,000
Interest on investment securities 3,574,000 1,419,000 6,110,000 2,426,000
Dividend income on FHLB stock 259,000 222,000 524,000 449,000
Interest on federal funds sold and other 247,000 429,000 464,000 704,000
Total interest income 57,002,000 42,338,000 110,753,000 81,904,000
Interest expense:        
Interest on savings deposits, now and money market accounts 2,778,000 844,000 5,074,000 1,562,000
Interest on time deposits 19,169,000 1,506,000 32,575,000 3,080,000
Interest on subordinated debentures and long-term debt 2,550,000 2,379,000 5,089,000 4,727,000
Interest on other borrowed funds 579,000 519,000 1,988,000 954,000
Total interest expense 25,076,000 5,248,000 44,726,000 10,323,000
Net interest income 31,926,000 37,090,000 66,027,000 71,581,000
Provision for credit losses 380,000 915,000 2,394,000 1,281,000
Net interest income after provision for credit losses 31,546,000 36,175,000 63,633,000 70,300,000
Noninterest income:        
Service charges, fees and other 1,528,000 1,480,000 2,785,000 2,725,000
Gain on sale of loans 18,000 344,000 47,000 1,518,000
Loan servicing fees, net of amortization 606,000 472,000 1,337,000 904,000
Unrealized (loss) gain on derivatives (3,000) 39,000 7,000 (194,000)
Increase in cash surrender value of life insurance 344,000 330,000 679,000 654,000
Gain on sale of fixed assets 0 757,000 0 757,000
Noninterest Income 2,493,000 3,422,000 4,855,000 6,364,000
Noninterest expense:        
Salaries and employee benefits 9,327,000 9,628,000 19,191,000 18,997,000
Occupancy and equipment expenses 2,430,000 2,174,000 4,828,000 4,380,000
Data processing 1,356,000 1,293,000 2,655,000 2,551,000
Legal and professional 2,872,000 2,254,000 5,885,000 3,260,000
Office expenses 350,000 358,000 725,000 651,000
Marketing and business promotion 252,000 501,000 552,000 808,000
Insurance and regulatory assessments 809,000 478,000 1,313,000 919,000
Core deposit premium 235,000 277,000 472,000 556,000
Other expenses 886,000 649,000 1,807,000 1,549,000
Noninterest Expense 18,517,000 17,612,000 37,428,000 33,671,000
Income before income taxes 15,522,000 21,985,000 31,060,000 42,993,000
Income tax expense 4,573,000 6,508,000 9,141,000 12,899,000
Net income $ 10,949,000 $ 15,477,000 $ 21,919,000 $ 30,094,000
Net income per share        
Basic (in dollars per share) $ 0.58 $ 0.81 $ 1.15 $ 1.56
Diluted (in dollars per share) $ 0.58 $ 0.80 $ 1.15 $ 1.54
Weighted-average common shares outstanding        
Basic (in shares) 18,993,483 19,066,621 18,989,686 19,221,155
Diluted (in shares) 18,995,100 19,324,253 19,022,242 19,560,476