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Consolidated Statements of Income (Unaudited) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Interest income        
Loans, including fees $ 65,073,000 $ 43,807,000 $ 184,232,000 $ 113,061,000
Securities, taxable 2,109,000 2,005,000 5,971,000 5,568,000
Securities, tax-exempt 1,164,000 697,000 3,421,000 1,928,000
Interest-earning deposits 2,807,000 1,620,000 3,932,000 3,004,000
Total interest income 71,153,000 48,129,000 197,556,000 123,561,000
Interest expense        
Deposits 16,143,000 2,299,000 36,429,000 5,997,000
Short-term borrowings 693,000 53,000 2,066,000 153,000
Federal Home Loan Bank advances 3,270,000 1,755,000 8,115,000 5,530,000
Subordinated debt and other borrowings 2,086,000 1,646,000 6,049,000 4,294,000
Total interest expense 22,192,000 5,753,000 52,659,000 15,974,000
Net interest income 48,961,000 42,376,000 144,897,000 107,587,000
Provision for credit losses 3,300,000 2,900,000 5,900,000 3,500,000
Net interest income after provision for credit losses 45,661,000 39,476,000 138,997,000 104,087,000
Noninterest income:        
Mortgage banking income 2,779,000 1,764,000 5,829,000 6,991,000
Interest rate swap fees 937,000 566,000 2,722,000 2,347,000
Payroll services income 591,000 533,000 1,908,000 1,635,000
Earnings on bank owned life insurance 422,000 238,000 1,224,000 1,310,000
Gain on sale of other real estate owned 391,000 27,000 391,000 47,000
Other income 524,000 487,000 1,640,000 1,399,000
Total noninterest income 9,246,000 7,280,000 23,842,000 24,319,000
Noninterest expense        
Salaries and benefits 17,258,000 16,656,000 50,401,000 47,842,000
Occupancy 2,241,000 2,001,000 6,629,000 6,168,000
Furniture and equipment depreciation, rent and maintenance 894,000 953,000 2,594,000 2,822,000
Data processing costs 3,038,000 3,139,000 9,081,000 9,203,000
Charitable foundation contribution 404,000 4,000 416,000 509,000
Other expense 5,085,000 4,030,000 16,228,000 12,943,000
Total noninterest expense 28,920,000 26,783,000 85,349,000 79,487,000
Income before federal income tax expense 25,987,000 19,973,000 77,490,000 48,919,000
Federal income tax expense 5,132,000 3,943,000 15,303,000 9,659,000
Net income $ 20,855,000 $ 16,030,000 $ 62,187,000 $ 39,260,000
Basic earnings per share (in dollars per share) $ 1.3 $ 1.01 $ 3.89 $ 2.48
Diluted earnings per share (in dollars per share) $ 1.3 $ 1.01 $ 3.89 $ 2.48
Average basic shares outstanding (in shares) 16,018,419 15,861,551 16,006,058 15,850,422
Average diluted shares outstanding (in shares) 16,018,419 15,861,551 16,006,058 15,850,439
Service Charges on Deposit and Sweep Accounts [Member]        
Noninterest income:        
Noninterest revenue $ 1,370,000 $ 1,579,000 $ 3,411,000 $ 4,489,000
Credit and Debit Card [Member]        
Noninterest income:        
Noninterest revenue $ 2,232,000 $ 2,086,000 $ 6,717,000 $ 6,101,000