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Consolidated Statements of Income (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
INTEREST INCOME        
Loans, including fees $ 52,094 $ 34,264 $ 97,959 $ 69,280
Investment securities:        
Taxable 3,962 2,833 7,836 4,786
Tax-exempt 391 379 780 715
Other interest-bearing balances 83 8 136 21
Federal funds sold 49 736 94 1,050
Total Interest Income 56,579 38,220 106,805 75,852
INTEREST EXPENSE        
Deposits 17,927 2,019 29,928 4,313
Short-term borrowings 1,507 0 2,997 0
Long-term and subordinated debt 701 768 1,387 1,692
Total Interest Expense 20,135 2,787 34,312 6,005
Net Interest Income 36,444 35,433 72,493 69,847
Provisions 1,157 1,725 1,647 2,225
Net Interest Income After Provision for Credit Losses - Loans 35,287 33,708 70,846 67,622
NONINTEREST INCOME        
Net gain on sales of SBA loans 128 119 128 110
Earnings from cash surrender value of life insurance 292 262 546 508
Other 1,669 1,223 2,609 2,848
Total Noninterest Income 5,220 5,230 9,545 10,980
NONINTEREST EXPENSE        
Salaries and employee benefits 15,027 12,340 28,871 25,584
Software licensing and utilization 2,070 1,821 4,016 3,927
Occupancy, net 1,750 1,655 3,636 3,454
Equipment 1,248 1,112 2,499 2,123
Shares tax 751 480 1,650 1,706
Legal and professional fees 602 694 1,402 1,333
ATM/card processing 532 571 1,025 1,087
Intangible amortization 461 521 805 1,002
FDIC Assessment 684 506 1,024 1,097
Gain on sale of foreclosed assets, net (126) (15) (126) (31)
Merger and acquisition 4,992 0 5,216 0
Post-acquisition restructuring 2,952 0 2,952 329
Other 4,586 4,230 8,629 8,049
Total Noninterest Expense 35,529 23,915 61,599 49,660
INCOME BEFORE PROVISION FOR INCOME TAXES 4,978 15,023 18,792 28,942
Provision for income taxes 142 2,771 2,729 5,336
NET INCOME AVAILABLE TO COMMON SHAREHOLDERS $ 4,836 $ 12,252 $ 16,063 $ 23,606
PER COMMON SHARE DATA:        
Basic Earnings Per Common Share (in dollars per share) $ 0.29 $ 0.77 $ 1.00 $ 1.48
Diluted earnings per common share (in dollars per share) $ 0.29 $ 0.77 $ 1.00 $ 1.48
Weighted average common shares outstanding (basic) 16,233,473 15,934,083 16,060,789 15,945,997
Weighted average common shares outstanding (diluted) 16,255,278 15,948,485 16,096,270 15,959,466
Fiduciary and wealth management        
NONINTEREST INCOME        
Non-interest Income $ 1,204 $ 1,205 $ 2,440 $ 2,257
ATM debit card interchange        
NONINTEREST INCOME        
Non-interest Income 998 1,128 2,054 2,185
Service charges on deposits        
NONINTEREST INCOME        
Non-interest Income 514 450 949 1,134
Mortgage banking        
NONINTEREST INCOME        
Non-interest Income 287 305 671 834
Mortgage hedging        
NONINTEREST INCOME        
Non-interest Income $ 128 $ 538 $ 148 $ 1,104