XML 14 R4.htm IDEA: XBRL DOCUMENT v3.23.3
Consolidated Statements of Operations (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Interest and dividend income        
Loans, including fees $ 39,732 $ 27,176 $ 114,108 $ 70,065
Taxable securities 2,999 2,936 8,817 6,431
Tax-exempt securities 2,336 1,998 6,917 5,669
Deposits in other banks 719 423 818 1,098
Total interest and dividend income 45,786 32,533 130,660 83,263
Interest expense        
Deposits 9,584 936 20,350 2,351
Federal Home Loan Bank advances 3,261 181 10,668 564
Subordinated debentures 1,239 975 3,606 2,701
Securities sold under agreements to repurchase and other 198 2 592 8
Total interest expense 14,282 2,094 35,216 5,624
Net interest income 31,504 30,439 95,444 77,639
Provision for credit losses 630 300 2,111 1,000
Net interest income after provision for loan losses 30,874 30,139 93,333 76,639
Noninterest income        
Service charges 1,853 1,885 5,457 5,004
Net gain on sale of securities   4   10
Net gain (loss) on equity securities 69 (133) (169) (44)
Net gain on sale of loans and leases 787 637 2,033 2,146
ATM/Interchange fees 1,424 1,394 4,227 3,990
Wealth management fees 1,197 1,208 3,570 3,713
Lease revenue and residual income 1,913   6,160  
Bank owned life insurance 266 255 830 732
Tax refund processing fees     2,375 2,375
Swap fees 21   198  
Other 595 484 3,661 1,086
Total noninterest income 8,125 5,734 28,342 19,012
Noninterest expense        
Compensation expense 14,054 12,484 44,137 36,654
Net occupancy expense 1,368 1,252 4,096 3,428
Equipment expense 2,687 637 8,214 1,694
Contracted data processing 651 846 1,730 1,899
FDIC assessment 438 170 1,215 568
State franchise tax 590 629 1,770 1,848
Professional services 1,010 1,335 3,804 3,593
Amortization of intangible assets 398 456 1,195 890
ATM/Interchange expense 619 604 1,814 1,659
Marketing 497 372 1,542 1,069
Software maintenance expense 1,052 942 2,989 2,440
Other operating expenses 3,388 2,828 9,792 7,450
Total noninterest expense 26,752 22,555 82,298 63,192
Income before taxes 12,247 13,318 39,377 32,459
Income tax expense 1,860 2,206 6,068 5,180
Net Income $ 10,387 $ 11,112 $ 33,309 $ 27,279
Earnings per common share, basic $ 0.66 $ 0.72 $ 2.12 $ 1.82
Earnings per common share, diluted $ 0.66 $ 0.72 $ 2.12 $ 1.82