XML 14 R4.htm IDEA: XBRL DOCUMENT v3.25.3
Consolidated Statements of Income - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
INTEREST AND DIVIDEND INCOME        
Interest and fees on loans $ 77,365,000 $ 70,518,000 $ 223,524,000 $ 199,788,000
Interest on securities 2,253,000 1,768,000 6,850,000 4,736,000
Interest and dividends on cash equivalents and other 2,070,000 3,717,000 8,012,000 10,792,000
Total interest and dividend income 81,688,000 76,003,000 238,386,000 215,316,000
INTEREST EXPENSE        
Interest on deposits 31,273,000 33,612,000 95,201,000 93,408,000
Interest on borrowings 2,240,000 1,067,000 4,478,000 3,230,000
Total interest expense 33,513,000 34,679,000 99,679,000 96,638,000
NET INTEREST INCOME 48,175,000 41,324,000 138,707,000 118,678,000
PROVISION FOR CREDIT LOSSES        
Provision for credit losses - loans 1,041,000 4,997,000 6,232,000 13,316,000
Provision for (release of) credit losses - unfunded commitments 355,000 (2,374,000) (517,000) (2,597,000)
Total provision for credit losses 1,396,000 2,623,000 5,715,000 10,719,000
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES 46,779,000 38,701,000 132,992,000 107,959,000
NONINTEREST INCOME        
Customer service fees 2,498,000 1,963,000 7,610,000 5,717,000
Increase in cash surrender value of BOLI 631,000 414,000 2,449,000 1,219,000
Mortgage banking income 193,000 367,000 510,000 905,000
Swap contract income 208,000 375,000 820,000 1,128,000
Loss on sale of available-for-sale securities, net   (1,868,000)   (1,868,000)
Other income 21,000 14,000 202,000 649,000
Total noninterest income 3,551,000 1,265,000 11,591,000 7,750,000
NONINTEREST EXPENSE        
Salaries and employee benefits 18,641,000 17,202,000 56,358,000 51,509,000
Director and professional service fees 2,920,000 1,995,000 8,010,000 6,174,000
Occupancy and equipment expenses 1,559,000 1,394,000 4,604,000 4,192,000
Data processing expenses 2,911,000 2,226,000 8,169,000 6,547,000
Marketing and charitable contribution expenses 949,000 842,000 2,750,000 2,680,000
FDIC and state insurance assessments 928,000 812,000 2,624,000 1,806,000
Merger and acquisition expenses 994,000   1,525,000  
General and administrative expenses 1,466,000 115,000 4,293,000 3,459,000
Total noninterest expense 30,368,000 24,586,000 88,333,000 76,367,000
INCOME BEFORE TAXES 19,962,000 15,380,000 56,250,000 39,342,000
INCOME TAX EXPENSE 4,600,000 6,997,000 13,654,000 12,805,000
NET INCOME $ 15,362,000 $ 8,383,000 $ 42,596,000 $ 26,537,000
Weighted average common shares outstanding, basic 35,372,205 39,289,271 37,100,616 39,423,214
Weighted average common shares outstanding, diluted 35,579,456 39,289,271 37,289,349 39,423,214
Earnings per share, basic $ 0.43 $ 0.21 $ 1.15 $ 0.67
Earnings per share, diluted $ 0.43 $ 0.21 $ 1.14 $ 0.67