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Consolidated Statements of Income (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
INTEREST INCOME        
Loans, including fees $ 58,792 $ 38,484 $ 156,751 $ 107,764
Investment securities:        
Taxable 4,106 3,382 11,942 8,168
Tax-exempt 382 392 1,162 1,107
Other interest-bearing balances 86 12 222 33
Federal funds sold 51 736 145 1,786
Total Interest Income 63,417 43,006 170,222 118,858
INTEREST EXPENSE        
Deposits 23,559 2,836 53,487 7,149
Short-term borrowings 1,584 0 4,581 0
Long-term and subordinated debt 794 761 2,181 2,453
Total Interest Expense 25,937 3,597 60,249 9,602
Net Interest Income 37,480 39,409 109,973 109,256
Provision for credit losses - loans 1,427 1,550 3,074 3,775
Net Interest Income After Provision for Credit Losses - Loans 36,053 37,859 106,899 105,481
NONINTEREST INCOME        
Net gain on sales of SBA loans 85 152 213 262
Earnings from cash surrender value of life insurance 278 250 824 758
Other 1,743 1,518 4,352 4,366
Total Noninterest Income 5,346 5,963 14,891 16,943
NONINTEREST EXPENSE        
Salaries and employee benefits 15,259 13,583 44,130 39,167
Software licensing and utilization 2,085 1,804 6,101 5,731
Occupancy, net 1,761 1,634 5,397 5,088
Equipment 1,292 1,121 3,791 3,244
Shares tax 808 920 2,458 2,626
Legal and professional fees 890 528 2,292 1,861
ATM/card processing 641 518 1,666 1,605
Intangible amortization 484 514 1,289 1,516
FDIC Assessment 1,746 254 2,770 1,351
Loss on sale of foreclosed assets, net (18) (57) (144) (88)
Merger and acquisition 352 0 5,568 0
Post-acquisition restructuring 0 0 2,952 329
Other 4,589 3,896 13,218 11,945
Total Noninterest Expense 29,889 24,715 91,488 74,375
INCOME BEFORE PROVISION FOR INCOME TAXES 11,510 19,107 30,302 48,049
Provision for income taxes 2,274 3,626 5,003 8,962
NET INCOME AVAILABLE TO COMMON SHAREHOLDERS $ 9,236 $ 15,481 $ 25,299 $ 39,087
PER COMMON SHARE DATA:        
Basic Earnings Per Common Share (in dollars per share) $ 0.56 $ 0.97 $ 1.56 $ 2.45
Diluted earnings per common share (in dollars per share) $ 0.56 $ 0.97 $ 1.56 $ 2.45
Weighted average common shares outstanding (basic) 16,571,825 15,877,592 16,233,006 15,922,945
Weighted average common shares outstanding (diluted) 16,594,999 15,887,871 16,264,722 15,945,274
Fiduciary and wealth management        
NONINTEREST INCOME        
Non-interest Income $ 1,296 $ 1,729 $ 3,736 $ 3,986
ATM debit card interchange        
NONINTEREST INCOME        
Non-interest Income 986 1,078 3,040 3,263
Service charges on deposits        
NONINTEREST INCOME        
Non-interest Income 509 483 1,458 1,617
Mortgage banking        
NONINTEREST INCOME        
Non-interest Income 382 536 1,053 1,370
Mortgage hedging        
NONINTEREST INCOME        
Non-interest Income $ 67 $ 217 $ 215 $ 1,321