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Condensed Consolidated Statements of Income (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Interest Income        
Loans $ 57,094 $ 46,906 $ 112,529 $ 90,749
Securities – taxable 6,476 3,835 12,170 7,441
Securities – non-taxable 970 860 1,939 1,658
Other earning assets 6,421 6,521 12,488 10,307
Total interest income 70,961 58,122 139,126 110,155
Interest Expense        
Deposits 44,495 34,676 86,624 61,946
Other borrowed funds 5,139 5,301 10,441 10,490
Total interest expense 49,634 39,977 97,065 72,436
Net Interest Income 21,327 18,145 42,061 37,719
Provision for credit losses 3,920 753 6,502 10,126
Benefit for credit losses - debt securities held to maturity (2) 0 (64) 0
Provision for credit losses - off-balance sheet commitments 113 945 41 987
Net Interest Income After Provision for Credit Losses 17,296 16,447 35,582 26,606
Noninterest Income        
Gain on sale of loans 8,292 4,868 14,828 8,929
Other 1,854 293 2,556 663
Total noninterest income 11,033 5,871 19,380 11,317
Noninterest Expense        
Salaries and employee benefits 12,462 10,706 24,258 22,500
Marketing, advertising and promotion 609 705 1,345 1,549
Consulting and professional services 1,022 711 1,875 1,637
Data processing 606 520 1,170 1,179
Loan expenses 1,597 1,072 3,042 3,049
Premises and equipment 3,154 2,661 5,980 5,438
Deposit insurance premium 1,172 936 2,317 1,479
Other 1,714 1,359 3,372 2,793
Total noninterest expense 22,336 18,670 43,359 39,624
Income (Loss) Before Income Taxes 5,993 3,648 11,603 (1,701)
Income Tax Provision (Benefit) 218 (234) 647 (2,566)
Net Income $ 5,775 $ 3,882 $ 10,956 $ 865
Income Per Share of Common Stock        
Basic (in dollars per share) $ 0.67 $ 0.44 $ 1.26 $ 0.10
Diluted (in dollars per share) $ 0.67 $ 0.44 $ 1.25 $ 0.10
Weighted-Average Number of Common Shares Outstanding        
Basic (in shares) 8,594,315 8,903,213 8,684,093 8,963,308
Diluted (in shares) 8,656,215 8,908,180 8,750,017 8,980,262
Dividends Declared Per Share (in dollars per share) $ 0.06 $ 0.06 $ 0.12 $ 0.12
Service charges and fees        
Noninterest Income        
Noninterest income $ 246 $ 218 $ 466 $ 427
Loan servicing revenue        
Noninterest Income        
Noninterest income 1,470 850 2,793 1,635
Loan servicing asset revaluation        
Noninterest Income        
Noninterest income (829) (358) (1,263) (413)
Mortgage banking activities        
Noninterest Income        
Noninterest income $ 0 $ 0 $ 0 $ 76